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The Business of Real Estate

Texas Real Estate Professional Ethics – simple but important


On my website (www.CentralTexasHomeSearch.com) I have dedicated a page to the NAR Code Of Ethics because I take it seriously and I believe my clients should as well.

Yesterday I attended a day of Legal and Ethics updates that are required every two years as part of Mandatory Continuing Education for every licensee in Texas.  I actually take these courses more frequently … “just because.”  Although I also attend required training every year in order to continue serving on our Professional Standards committee, and every ethics hearing I sit in on is an education in itself, I find that discussion of new “hot spots” for attention and recent cases is always worthwhile.

As important as the NAR Code is, I find the Texas Canons of Professional Ethics simple and complete:

Fidelity

A real estate broker or salesperson, while acting as an agent for  another, is a fiduciary. Special obligations are imposed when such fiduciary relationships are created. They demand:

(1) that the primary duty of the real estate agent is to represent the interests of the agent’s client, and the agent’s position, in this respect, should be clear to all parties concerned in a real estate transaction; that, however, the agent, in performing duties to the client, shall treat other parties to a transaction fairly;
(2) that the real estate agent be faithful and observant to trust placed in the agent, and be scrupulous and meticulous in performing the agent’s functions;
(3) that the real estate agent place no personal interest above that of the agent’s client.

Integrity

A real estate broker or salesperson has a special obligation to exercise integrity in the discharge of the licensee’s responsibilities, including employment of prudence and caution so as to avoid misrepresentation, in any wise, by acts of commission or omission.

Competency

It is the obligation of a real estate agent to be knowledgeable as a real estate brokerage practitioner. The agent should:

(1) be informed on market conditions affecting the real estate business and pledged to continuing education in the intricacies involved in marketing real estate for others;

(2) be informed on national, state, and local issues and developments in the real estate industry; and

(3) exercise judgment and skill in the performance of the work.

The 17 articles of the NAR Realtor® Code Of Ethics run a little over two pages — ten when all the Standards Of Practice are included, but these Canons from the Texas Real Estate Commission really get at the essence of what a real estate professional should be expected to do.  Together, these documents are the foundation of the trust that a buyer or seller must have in this important relationship.

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

Discussion

One thought on “Texas Real Estate Professional Ethics – simple but important

  1. This article gives the light in which we can observe the reality. This is very nice one and gives in depth info.

    Posted by Web Watcher | February 4, 2011, 10:17 AM

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