The NAR Code of Ethics is a set of guiding principles for professionals in the real estate industry. Simply put, the Code of Ethics tells us the professional responsibilities of a REALTORS®.
Before we begin, let’s clear out a common confusion between real estate agents and REALTORS®.
To earn the title of a REALTOR®, a real estate licensee must join the National Association of REALTORS® (NAR) and follow the NAR’s Code of Ethics. In addition, you’ll have to pay an annual fee of $150.
What is the NAR Code of Ethics?
In 1913, the National Association of REALTORS® adopted the Code of Ethics. It is an accurately framed ethical framework that tells us the professional responsibilities of a REALTOR®. These norms were adopted by a group of professionals who wanted to differentiate themselves from other real estate licensees.
The NAR Code of Ethics is divided into 4 major sections: Preamble, Duties to the clients, Duties to the Public, and Duties to REALTORS®. It consists of seventeen articles with the respective standard of practice.
The standard of practice, support, interpretation, and amplify the article. A member of the National Association of REALTORS® can only be found in violation of the terms of an article.
The National Association of REALTORS® is the largest trade organization in the United States. They represent a total of 1.5 million REALTORS®. For information, there are approximately 2 million real estate licensees across the country.
In short, a real estate licensee can only become a professional REALTOR® if he/she promises to follow the NAR Code of Ethics with extreme honesty and efficiency. We must not hesitate while ask for a copy of the NAR Code of Ethics and standard of practices by a REALTORS®.
Why does the NAR Code of Ethics exist?
In 1908, the founders of the National Association of REALTORS® formed a community to bring professionalism to their ranks and differentiate themselves from sharks and curb stoners who called themselves real estate professionals.
Earlier, buyers and sellers had to find themselves because there were no laws or regulations. In the meantime, they faced various consequences such as rampant land speculation, consumer exploitation, disorder, and so on.
Real Estate transactions must be organized and regulated. High standards need to be enforced. So, these visionaries framed the first draft of the NAR Code of Ethics in 1913.
The NAR Code of Ethics is a Gift of Vision, the vision of professionals who want to evolve the real estate business to another height. They believed that the search for the best utilization of land requires the best measure of professional responsibility.
The code must deal with social, political, economic, and legal coherency to stay relevant and useful over the centuries. The writers and followers of the Code of Ethics realized that these rules must be comprehensive, result-driven, and effective to run real estate transactions.
The NAR Code of Ethics must be referred to as –
- The Criterion for Excellence
- Standard of Performance
- Practical Guide for Clients
- A Living Document
Note- The Code of Ethics, the standard of practices, and case interpretation are consistently reviewed and analyzed.
Over the past century, many amendments have been implemented to ensure that the Code of Ethics remains meaningful and relevant.
The “NAR CODE OF ETHICS”, is termed as a Golden Thread that binds the REALTORS® family.
It is also called a “Gift of Vision” by Bill North (former executive Vice-President)
To whom does the NAR Code Of Ethics apply?
The NAR Code of Ethics Preamble states, “pledge to observe [the code’s] spirit in all of their activities whether conducted personally, through associates or others, or via technological means and to conduct their business following the tenets.”
The NAR Code of Ethics applies to REALTORS® dealing with-
Their Clients and Customers – Their prime duty is to be honest, truthful, faithful, and efficient in protecting their client’s best interests. All the parties involved in the transaction must be treated equally.
Their Public– REALTORS® must stay professional and be competent enough to meet the standards against discriminatory housing practices.
Other REALTORS®– REALTORS® must not make false or reckless statements about their fellow professionals.
Why do REALTORS® embrace and enforce the code?
To make themselves different from other real estate licensees.
For nearly a century, the real estate code of ethics has existed in some form or another. Paige Carter said, “Truth is real estate professionals basically operate based on their character and sense of right.”
Apart from the learned professionals of law, medicine, and engineering, the REALTORS® was the first business group to adopt a Code of Ethics. It was a rare moment, with highly sensible real estate professionals pledging to business integrity and fair dealing.
The Code of Ethics involved voluntarily accepting liabilities and responsibilities, duties and costs, limitations, and obligations. The REALTORS® did not commit to these principles in fear of government sanctions but to provide proficiency in conducting real estate business.
Core Elements of NAR Code of Ethics
The NAR Code of Ethics reflects the original principles of honesty, competency, and efficiency.
The core elements of the NAR Code of Ethics are –
- Be absolutely honest
- Be completely truthful
- Stay faithful and efficient
- Obtain sole agency in writing
- Respect the listing of other agents
- Co-operate with him to sell
- Advice an owner to renew a selling contract with an agent
- Always speak kindly of competitors
- Always be loyal, frank, square, and earnest
- Advertise nothing but facts and give an honest opinion concerning. A competitor’s buyer, even though such an opinion may result in a competitor’s sale.
Structure of the NAR Code of Ethics
Here are the 4 major sections that represent the structure of the NAR Code of Ethics
A) Preamble –
REALTORS® should understand that the nation’s and citizens’ best interests require the most efficient and effective use of land, as well as the largest possible distribution of land ownership.
Such interests impose obligations beyond those of ordinary commerce. REALTORS® should dedicate themselves to the best interests of their clients.
The Preamble to the Code is an aspirational foundation for REALTORS®’ ethical principles. The essential values of honesty, integrity, fairness, and moral conduct in business relationships are all included.
Golden Rule – “Whatsoever ye would that others should do to you, do ye even so to them.”
Which states that for living one’s life in such a way, others should be treated fairly and with respect.
The Code is subjective because it establishes the ideals we seek to achieve. As a result, disciplinary action against a REALTOR® cannot be based on it. Only the Code’s Articles serve as the foundation for REALTOR® membership discipline.
REALTORS® accept these obligations and pledge to praise their spirit towards their every action. Either conducted personally, through associates, via technological means, or others.
To conduct their business, they must abide by the tenets mentioned below-
B) Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other clients as an agent, REALTORS® pledges themselves to protect and promote their client’s interests. Also, They must remain obligated to treat all parties honestly, even in a non-agency capacity.
| Sr. No. | Standards Of Practice |
|---|---|
| 1 | Whenever a realtor is acting as a principal in the real estate transaction, then they must be obliged to the duties imposed by the Code of Ethics. |
| 2 | The Code of Ethics imposes obligations on all real estate-related operations and transactions, whether they are performed in person, electronically, or in any other way. |
| 3 | In order to secure a listing, REALTORS® should not intentionally mislead the owner about market value |
| 4 | When applying to be a buyer/tenant representative, REALTORS® must not mislead buyers or renters about potential savings or other benefits. |
| 5 | REALTORS® may represent both the seller/landlord and the buyer/tenant in the same transaction only if both parties have received full disclosure and given their informed consent. |
| 6 | REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. |
| 7 | When working as listing brokers, REALTORS® must continue to submit all offers and counter-offers to the seller/landlord until the sale or lease is completed. |
| 8 | REALTORS® operating as agents or brokers for buyers/tenants must present all offers and counter-offers to buyers/tenants until they are accepted. |
| 9 | REALTORS® have a legal obligation to maintain confidential information provided by their clients during any agency relationship or non-agency relationship recognized by law. This obligation continues after the agency relationship or non-agency connection is terminated. |
| 10 | REALTORS® must adhere to the rules and conditions of their real estate licence as well as the terms and conditions of their property management agreement. |
| 11 | REALTORS® who are employed to maintain or manage a client’s property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. |
| 12 | When entering into listing contracts, REALTORS® must advise sellers/landlords of company policies, facts, and any potential for listing brokers to act as disclosed dual agents. |
| 13 | When entering into buyer/tenant agreements, REALTORS® must advise potential clients of REALTOR®’s company policies, amount of compensation, potential for additional or offsetting compensation, etc. |
| 14 | Fees for preparing appraisals or other valuations shall not be contingent upon the amount of the appraisal or valuation. |
| 15 | REALTORS® must reveal the presence of offers on the property in answer to questions from purchasers or cooperating brokers, with the sellers' agreement. |
| 16 | REALTORS® are prohibited from accessing, using, allowing, enabling anyone to access or use, listed or managed property on terms or conditions that are not allowed by the owner or seller. |
Article 2
REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | REALTORS® are only required to find and disclose unfavourable aspects that are reasonably obvious to someone with experience in the areas that their real estate licencing authority requires. |
| 2 | Unless it is the name of an obviously nominal consideration, REALTORS® shall not be parties to the naming of a false consideration in any document. |
| 3 | Factors defined as “non-material” by law or regulation or which are expressly referenced in law or regulation as not being subject to disclosure are considered not “pertinent”. |
Article 3
REALTORS® must work cooperatively with other brokers unless it is in the client’s best interests.
| Sr. No. | Standard of Practice |
|---|---|
| 1 | The terms and conditions of cooperative offers are established by REALTORS® acting as exclusive agents or brokers for sellers/landlords. |
| 2 | Any change in compensation offered for cooperative services must be communicated to the other REALTOR® prior to the time that REALTOR® submits an offer to purchase/lease the property. |
| 3 | Standard of Practice 3-2 does not preclude the listing broker and cooperating broker from entering into an agreement to change cooperative compensation. |
| 4 | When working as listing brokers, REALTORS® are required to declare the existence of dual or variable rate compensation arrangements. |
| 5 | It is the obligation of subagents to promptly disclose all pertinent facts to the principal’s agent prior to as well as after a purchase or lease agreement is executed. |
| 6 | REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. |
| 7 | REALTORS® must reveal their REALTOR® status and whether their interest is personal or on behalf of a client when requesting information from another REALTOR® about property under a management or listing arrangement. |
| 8 | REALTORS® shall not misrepresent the availability of access to show or inspect a listed property. |
| 9 | REALTORS® shall not provide access to listed property on terms other than those established by the owner or the listing broker. |
| 10 | When it is in the best interests of sellers/landlords, the responsibility to cooperate defined in Article 3 refers to the requirement to share information about listed property with other brokers and to make property available to other brokers for showing to possible purchasers/tenants. |
| 11 | REALTORS® may not refuse to cooperate on the basis of a broker’s race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. |
Article 4
REALTORS® must make their real position or interest public when purchasing or selling on their account, for their families, or for their firms.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract. |
Article 5
REALTORS® may not provide professional services relating to a property or its value in which they have a current or future interest unless that interest is disclosed to all parties involved.
Article 6
REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client without the client’s knowledge and consent
| Sr. No. | Standards of Practice |
|---|---|
| 1 | REALTORS® shall not recommend or suggest to a client or a customer the use of services of another organization or business entity in which they have a direct interest without disclosing such interest at the time of the recommendation or suggestion. |
Article 7
REALTORS® may not take payment from more than one party in a transaction, even if the law permits, unless all parties have been notified and the REALTOR® clients have informed consent.
Article 8
REALTORS® must store cash coming into their possession in trust for other people, such as escrows, trust funds, clients’ monies, and other similar items, in a separate account at an approved financial institution, distinct from their finances.
Article 9
For the protection of all parties, REALTORS® shall ensure that all agreements are in writing and in clear and comprehensible language whenever possible.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | For the protection of all parties, REALTORS® shall use reasonable care to ensure that documents pertaining to the purchase, sale, or lease of real estate are kept current through the use of written extensions or amendments. |
| 2 | REALTORS® must make reasonable efforts to explain the nature and disclose the precise terms when supporting or enabling a client or customer in forming a contractual relationship electronically. |
C) Duties to the Public
Article 10
REALTORS® shall not deny equal professional services to anyone for race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | When involved in the sale or lease of a residence, REALTORS® shall not volunteer information regarding the racial, religious or ethnic composition of any neighborhood nor shall they engage in any activity which may result in panic selling. |
| 2 | When not involved in the sale or lease of a residence, REALTORS® may provide demographic information related to a property. |
| 3 | REALTORS® are prohibited from printing, displaying, or distributing any statement or advertisement in connection with the sale or rental of a property that expresses any preference, limitation, or discrimination based on race, colour, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. |
| 4 | Employees and independent contractors providing real estate related services and the administrative and clerical staff directly supporting those individuals. |
| 5 | REALTORS® must not use harassing speech, hate speech, epithets, or slurs based on race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. |
Article 11
REALTORS® are knowledgeable and competent in the fields of practice in which they engage or seek advice from a qualified professional, or they tell their clients if they lack expertise.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | When REALTORS® prepares opinions of real property value or price they must be knowledgeable, have access and be familiar with the information. |
| 2 | In real estate disciplines other than assessment, the Code of Ethics responsibilities must be understood and applied in accordance with the norms of competence. |
| 3 | When REALTORS® provide fee-based consultative services to customers that include advise or counsel, the guidance must be objective. |
| 4 | Article 11 specifies the competency required for services contracted between REALTORS® and their clients or customers, as well as the duties expressly imposed by the Code of Ethics and those imposed by law or regulation. |
Article 12
In their real estate communications, REALTORS® must be honest and accurate, and in their advertising, marketing, and other representations, they must give a true picture.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | REALTORS® may not represent to a client or customer that their brokerage services are free or available at no cost to them. |
| 2 | Even if receipt of the benefit is dependant on listing, selling, purchasing, or leasing through the REALTOR® making the offer, offering rewards, prizes, merchandise discounts, or other inducements to list, sell, purchase, or lease is not unethical in and of itself. |
| 3 | REALTORS® shall not offer for sale/lease or advertise property without authority. |
| 4 | REALTORS® shall not market real estate services or listed property in any medium without disclosing the name of the REALTOR's firm who is advertising them. |
| 5 | REALTORS®, when advertising unlisted real property for sale/ lease in which they have an ownership interest, shall disclose their status as both owners/landlords and as REALTORS® or real estate licensees. |
| 6 | Only REALTORS® who were involved in the transaction as the listing broker or collaborating broker are allowed to claim that the property was "sold." |
| 7 | Information published, provided, or displayed on REALTORS® websites is part of the obligation to present a true picture in public representations. |
| 8 | Websites for REALTOR® firms must display the firm's name and state(s) of licensure in a reasonable and visible manner. |
| 9 | The responsibility of REALTORS® to offer a true picture in their listings public announcements and representations. |
| 10 | REALTORS® intending to share or sell consumer information gathered via the Internet shall disclose that possibility in a reasonable and readily apparent manner. |
| 11 | REALTORS® must not: 1) use URLs or domain names that give a false impression, or 2) register URLs or domain names that, if utilised, would give a false impression. |
| 12 | The obligation to present a true picture in advertising, marketing, and representations allows REALTORS® to use and display only professional designations, certifications, and other credentials to which they are legitimately entitled. |
Article 13
A REALTOR® should not engage in the unlawful practice of law. If it is in the interests of any party to the transaction, they must recommend seeking legal counsel.
Article 14
If you are accused of unethical behavior, you may be required to present evidence or participate in any other way you desire. REALTORS® must present all relevant facts to the Member Board’s proper tribunals.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | REALTORS® shall not be subject to disciplinary proceedings in more than one Board of REALTORS. |
| 2 | REALTORS® are prohibited from disclosing or spreading the allegations in any way that is not allowed. |
| 3 | REALTORS® are not permitted to obstruct the Board's investigative or professional standards proceedings by filing a lawsuit. |
| 4 | REALTORS® must not file several ethical complaints based on the same event or transaction in order to obstruct the Board's investigation or disciplinary processes. |
D) Duties to the REALTORS®
Article 15
REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | REALTORS® shall not knowingly or recklessly file false or unfounded ethics complaints. |
| 2 | The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses, and their business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. |
| 3 | The duty to publish a clarification about or to remove statements made by others on electronic media controlled by the REALTOR® once the REALTOR® knows the statement is false or misleading includes the duty to publish a clarification about or to remove statements made by others on electronic media controlled by the REALTOR® once the REALTOR® knows the statement is false or misleading. |
Article 16
REALTORS® must not engage in any practice or take any action that is in conflict with other REALTORS exclusive ®’s representation or exclusive brokerage relationship agreements with their clients.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | Article 16 is not intended to prohibit aggressive or innovative business practices |
| 2 | Article 16 does not preclude REALTORS® from making general announcements to prospects describing their services and the terms of their availability even though some recipients may have entered into agency agreements or other exclusive relationships with another REALTOR®. |
| 3 | Article 16 does not prohibit REALTORS® from contacting a client of another broker with the intent of providing or entering into a contract to provide a different type of real estate service than the one already being offered. |
| 4 | REALTORS® shall not solicit a listing which is currently listed exclusively with another broker. |
| 5 | REALTORS® shall not solicit buyer/tenant agreements from buyers/ tenants who are subject to exclusive buyer/tenant agreements. |
| 6 | When a client of another REALTOR® contacts them about forming an exclusive relationship to provide the same type of service, and the REALTORS® have not initiated such discussions directly or indirectly, they may discuss the terms on which they might enter into a future agreement or, alternatively, they may enter into an agreement that becomes effective upon the expiration of any existing exclusive agreement. |
| 7 | The fact that a prospect used a REALTOR® as an exclusive agent in one or more previous transactions does not bar other REALTORS® from pursuing the prospect's business in the future. |
| 8 | The fact that an exclusive agreement has been entered into with a REALTOR® shall not preclude or inhibit any other REALTOR® from entering into a similar agreement after the expiration of the prior agreement. |
| 9 | REALTORS®, prior to entering into a representation agreement, have an affirmative obligation to make reasonable efforts to determine whether the prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. |
| 10 | At the time of first contact, REALTORS® serving as buyer or tenant representatives or brokers must declare their relationship to the seller/representative landlord's or broker. |
| 11 | REALTORS® operating as buyer/tenant representatives or brokers on unlisted property must first reveal their relationship to the seller/landlord. |
| 12 | When operating as a representative or broker for a seller/landlord or as a subagent of a listing broker, REALTORS® must first disclose the relationship to buyers/tenants. |
| 13 | Except with the client's representative or broker's consent or where such dealings are initiated by the client, all dealings concerning exclusively listed property or with buyers/tenants who are subject to an exclusive agreement shall be conducted with the client's representative or broker, and not with the client. |
| 14 | REALTORS® are free to enter into contractual relationships or to negotiate with sellers/landlords, buyers/tenants or others who are not subject to an exclusive agreement. |
| 15 | REALTORS® must compensate cooperating REALTORS® in cooperative transactions and must not compensate or offer to compensate, directly or indirectly, any sales licensees employed by or affiliated with other REALTORS® without the prior express knowledge and consent of the cooperating broker. |
| 16 | As subagents or buyer/tenant representatives, REALTORS® or brokers, shall not rely on the terms of a purchase/lease offer to make an attempt to change the listing broker's compensation offer. |
| 17 | REALTORS®, acting as subagents or as buyer/tenant representatives or brokers, shall not attempt to extend a listing broker’s offer of cooperation and/or compensation to other brokers without the consent of the listing broker. |
| 18 | REALTORS® are prohibited from using information gained from listing brokers as a result of cooperative offers made through multiple listing services. |
| 19 | Signs giving notice of property for sale, rent, lease, or exchange shall not be placed on property without consent of the seller/ landlord. |
| 20 | REALTORS®, prior to or after their relationship with their current firm is terminated, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm |
Article 17
If the Board requires its members to mediate a contract dispute or a specific non-contractual dispute as defined in Standard of Practice 17-4 between REALTORS® affiliated with different firms arising out of their relationship as REALTORS®, the REALTORS® shall mediate the dispute. If a dispute cannot be resolved through mediation, or if mediation is not needed, REALTORS® must submit the dispute to arbitration in line with the Board’s policies rather than litigate it.
| Sr. No. | Standards of Practice |
|---|---|
| 1 | The filing of litigation and refusal to withdraw from it by REALTORS® in an arbitrable matter constitutes a refusal to arbitrate. |
| 2 | Article 17 does not require REALTORS® to mediate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to mediate through the Board’s facilities. |
| 3 | REALTORS®, when acting solely as principals in a real estate transaction, are not obligated to arbitrate disputes with other REALTORS® absent a specific written agreement to the contrary. |
| 4 | Specific non-contractual disputes are covered under this standard of practice. |
| 5 | The obligation to arbitrate established in Article 17 includes disputes between REALTORS® (principals) in different states. |
What if REALTORS® violates the Code Of Ethics?
Whenever someone files a complaint against the REALTORS®, NAR acts like a justice system and first shares the standards of practice at a local level.
Later, REALTORS® who have a complaint can file it with their local association. Eventually, The review process involves multiple entities. The association’s Grievance Committee investigates complaints and refers violations or arbitration cases to the Professional Standards Committee.
If a violation is noticed, the Professional Standards Committee decides what disciplinary sanctions should be imposed. Also, in an arbitration case, who deserves a monetary award? At a high level, the Board of Directors has the authority to review or challenge the committee’s decisions.
The common types of complaints that arise are ethics violations or arbitrating money disputes. For Instance, between a REALTORS® or any other firm, someone is due money. Before going to arbitration, the board will usually try to negotiate contractual disagreements.
However, one important point to notice is that the code assists REALTORS® in avoiding legal battles by allowing them to settle issues through arbitration administered by the association.
Following section 21(i) Conflicts Law, if a state officer is found guilty of violating their respective code of ethics, he/she may be fined between $500 to $10,000. They may or may not be suspended from practice for one year.
Significance of the NAR Code of Ethics
The NAR Code of Ethics has provided a medium for National Association, its Member Boards, State Associations, Institutes, Societies, and Councils into an interdependent relationship that works under a single constituency.
The Code of Ethics never opposes any law. Despite its application, it must be consistent with the law. The Code of Ethics is a gift of vision to the family of REALTORS® about the profession they follow. These codes must not impair farsighted objectives in the greed of shortsighted gains.
A REALTORS® who serves the public serves himself by guaranteeing his future. The significance of the Code not only lies in its guidance and in providing growth and development to the National Association.
Final Word
As a REALTOR®, it’s necessary to clearly understand the NAR Code of Ethics. Being a buyer or seller, you must go through the articles and their standards of practice to frame an appropriate idea.
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Want to learn more? Check out How to List on MLS For Sale By Owner in 2023 next!
Frequently Asked Questions
What is NAR Code of Ethics?
In 1913, the National Association of REALTORS® adopted the Code of Ethics. It is a meticulously framed ethical framework that tells us the professional responsibilities of a REALTORS®. These norms were adopted by a group of professionals who wanted to differentiate themselves from other real estate licensees.
The NAR Code of Ethics is divided into 4 major sections which are Preamble, Duties to the clients, Duties to the Public, and Duties to Realtors®. It consists of seventeen articles with the respective standard of practices.
What are the Core Elements of NAR Code of Ethics
The core elements of the NAR Code of Ethics are -
1- Be honest
2- Be completely truthful
3- Stay faithful and efficient
4- Obtain sole agency in writing
5- Respect the listing of other agents
6- Co-operate with him to sell
7- Advice an owner to renew a selling contract with an agent
8- Always speak kindly of competitors
9- Always be loyal, frank, square, and earnest
10- Advertise nothing but facts and give an honest opinion concerning A competitor's buyer. Even though such an opinion may result in a sale of the competitor.
Are all real estate professionals bound by the Code of Ethics NAR?
No! Just to earn the title of a REALTORS®, a real estate licensee must join the National Association of REALTORS® (NAR) and follow the NAR's Code of Ethics.
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