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CODE OF ETHICS

CODE OF ETHICS AND

STANDARDS OF PRACTICE

OF THE NATIONAL ASSOCIATION OF REALTORS®

Effective January 1, 2023

Where the word REALTORS® is used in this Code and Preamble, it

shall be deemed to include REALTOR ASSOCIATE®s.

While the Code of Ethics establishes obligations that may be higher

than those mandated by law, in any instance where the Code of

Ethics and the law conict, the obligations of the law must

take precedence.

Preamble

Under all is the land. Upon its wise utilization and widely allocated

ownership depend the survival and growth of free institutions and

of our civilization. REALTORS® should recognize that the interests

of the nation and its citizens require the highest and best use of the

land and the widest distribution of land ownership. They require

the creation of adequate housing, the building of functioning

cities, the development of productive industries and farms, and the

preservation of a healthful environment.

Such interests impose obligations beyond those of ordinary

commerce. They impose grave social responsibility and a patriotic

duty to which REALTORS® should dedicate themselves, and for

which they should be diligent in preparing themselves. REALTORS®,

therefore, are zealous to maintain and improve the standards of

their calling and share with their fellow REALTORS® a common

responsibility for its integrity and honor.

In recognition and appreciation of their obligations to clients,

customers, the public, and each other, REALTORS® continuously

strive to become and remain informed on issues affecting real estate

and, as knowledgeable professionals, they willingly share the fruit

of their experience and study with others. They identify and take

steps, through enforcement of this Code of Ethics and by assisting

appropriate regulatory bodies, to eliminate practices which may

damage the public or which might discredit or bring dishonor

to the real estate profession. REALTORS® having direct personal

knowledge of conduct that may violate the Code of Ethics involving

misappropriation of client or customer funds or property, willful

discrimination, or fraud resulting in substantial economic harm,

bring such matters to the attention of the appropriate Board or

Association of REALTORS®. (Amended 1/00)

Realizing that cooperation with other real estate professionals

promotes the best interests of those who utilize their services,

REALTORS® urge exclusive representation of clients; do not attempt

to gain any unfair advantage over their competitors; and they refrain

from making unsolicited comments about other practitioners.

In instances where their opinion is sought, or where REALTORS®

believe that comment is necessary, their opinion is offered in an

objective, professional manner, uninuenced by any personal

motivation or potential advantage or gain.

The term REALTOR® has come to connote competency, fairness,

and high integrity resulting from adherence to a lofty ideal of moral

conduct in business relations. No inducement of prot and no

instruction from clients ever can justify departure from this ideal.

In the interpretation of this obligation, REALTORS® can take no safer

guide than that which has been handed down through the centuries,

embodied in the Golden Rule, “Whatsoever ye would that others

should do to you, do ye even so to them.”

Accepting this standard as their own, REALTORS® pledge to observe

its spirit in all of their activities whether conducted personally,

through associates or others, or via technological means, and to

conduct their business in accordance with the tenets set forth below.

(Amended 1/07)

Duties to Clients and Customers

Article 1

When representing a buyer, seller, landlord, tenant, or other client

as an agent, REALTORS® pledge themselves to protect and promote

the interests of their client. This obligation to the client is primary,

but it does not relieve REALTORS® of their obligation to treat all

parties honestly. When serving a buyer, seller, landlord, tenant or

other party in a non-agency capacity, REALTORS® remain obligated

to treat all parties honestly. (Amended 1/01)

• Standard of Practice 1-1

REALTORS®, when acting as principals in a real estate transaction,

remain obligated by the duties imposed by the Code of Ethics.

(Amended 1/93)

• Standard of Practice 1-2

The duties imposed by the Code of Ethics encompass all real

estate-related activities and transactions whether conducted in

person, electronically, or through any other means.

The duties the Code of Ethics imposes are applicable whether

REALTORS® are acting as agents or in legally recognized non-

agency capacities except that any duty imposed exclusively on

agents by law or regulation shall not be imposed by this Code of

Ethics on REALTORS® acting in non-agency capacities.

As used in this Code of Ethics, “client” means the person(s)

or entity(ies) with whom a REALTOR® or a REALTOR®’s rm

has an agency or legally recognized non-agency relationship;

“customer” means a party to a real estate transaction who

receives information, services, or benets but has no contractual

relationship with the REALTOR® or the REALTOR®’s rm;

“prospect” means a purchaser, seller, tenant, or landlord who is

not subject to a representation relationship with the REALTOR® or

REALTOR®’s rm; “agent” means a real estate licensee (including

brokers and sales associates) acting in an agency relationship

as dened by state law or regulation; and “broker” means a real

estate licensee (including brokers and sales associates) acting

as an agent or in a legally recognized non-agency capacity.

(Adopted 1/95, Amended 1/07)

• Standard of Practice 1-3

REALTORS®, in attempting to secure a listing, shall not

deliberately mislead the owner as to market value.

• Standard of Practice 1-4

REALTORS®, when seeking to become a buyer/tenant

representative, shall not mislead buyers or tenants as to savings

or other benets that might be realized through use of the

REALTOR®’s services. (Amended 1/93)

• Standard of Practice 1-5

REALTORS® may represent the seller/landlord and buyer/tenant

in the same transaction only after full disclosure to and with

informed consent of both parties. (Adopted 1/93)

• Standard of Practice 1-6

REALTORS® shall submit offers and counter-offers objectively and

as quickly as possible. (Adopted 1/93, Amended 1/95)

• Standard of Practice 1-7

When acting as listing brokers, REALTORS® shall continue to

submit to the seller/landlord all offers and counter-offers until

closing or execution of a lease unless the seller/landlord has

waived this obligation in writing. Upon the written request of a

cooperating broker who submits an offer to the listing broker,

the listing broker shall provide, as soon as practical, a written

afrmation to the cooperating broker stating that the offer has

been submitted to the seller/landlord, or a written notication

that the seller/landlord has waived the obligation to have the

offer presented. REALTORS® shall not be obligated to continue

to market the property after an offer has been accepted by

the seller/landlord. REALTORS® shall recommend that sellers/

landlords obtain the advice of legal counsel prior to acceptance

of a subsequent offer except where the acceptance is contingent

on the termination of the pre-existing purchase contract or lease.

(Amended 1/20)

• Standard of Practice 1-8

REALTORS®, acting as agents or brokers of buyers/tenants,

shall submit to buyers/tenants all offers and counter-offers until

acceptance but have no obligation to continue to show properties

to their clients after an offer has been accepted unless otherwise

agreed in writing. Upon the written request of the listing broker

who submits a counter-offer to the buyer’s/tenant’s broker, the

buyer’s/tenant’s broker shall provide, as soon as practical, a

written afrmation to the listing broker stating that the counter-

offer has been submitted to the buyers/tenants, or a written

notication that the buyers/tenants have waived the obligation to

have the counter-offer presented. REALTORS®, acting as agents or

brokers of buyers/tenants, shall recommend that buyers/tenants

obtain the advice of legal counsel if there is a question as to

whether a pre-existing contract has been terminated.

(Adopted 1/93, Amended 1/22)

• Standard of Practice 1-9

The obligation of REALTORS® to preserve condential information

(as dened by state law) provided by their clients in the course of

any agency relationship or non-agency relationship recognized

by law continues after termination of agency relationships or any

non-agency relationships recognized by law. REALTORS® shall

not knowingly, during or following the termination of professional

relationships with their clients:

1) reveal condential information of clients; or

2) use condential information of clients to the disadvantage of

clients; or

3) use condential information of clients for the REALTOR®’s

advantage or the advantage of third parties unless:

a) clients consent after full disclosure; or

b) REALTORS® are required by court order; or

c) it is the intention of a client to commit a crime and the

information is necessary to prevent the crime; or

d) it is necessary to defend a REALTOR® or the REALTOR®’s

employees or associates against an accusation of

wrongful conduct.

Information concerning latent material defects is not considered

condential information under this Code of Ethics. (Adopted 1/93,

Amended 1/01)

• Standard of Practice 1-10

REALTORS® shall, consistent with the terms and conditions of their

real estate licensure and their property management agreement,

competently manage the property of clients with due regard for

the rights, safety and health of tenants and others lawfully on the

premises. (Adopted 1/95, Amended 1/00)

• Standard of Practice 1-11

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. (Adopted 1/95)

• Standard of Practice 1-12

When entering into listing contracts, REALTORS® must advise

sellers/landlords of:

1) the REALTOR®’s company policies regarding cooperation

and the amount(s) of any compensation that will be offered

to subagents, buyer/tenant agents, and/or brokers acting in

legally recognized non-agency capacities;

2) the fact that buyer/tenant agents or brokers, even if

compensated by listing brokers, or by sellers/landlords may

represent the interests of buyers/tenants; and

3) any potential for listing brokers to act as disclosed

dual agents, e.g., buyer/tenant agents. (Adopted 1/93,

Renumbered 1/98, Amended 1/03)

• Standard of Practice 1-13

When entering into buyer/tenant agreements, REALTORS® must

advise potential clients of:

1) the REALTOR®’s company policies regarding cooperation;

2) the amount of compensation to be paid by the client;

3) the potential for additional or offsetting compensation from

other brokers, from the seller or landlord, or from other

parties;

4) any potential for the buyer/tenant representative to act as a

disclosed dual agent, e.g., listing broker, subagent, landlord’s

agent, etc.; and

5) the possibility that sellers or sellers’ representatives may

not treat the existence, terms, or conditions of offers

as condential unless condentiality is required by law,

regulation, or by any condentiality agreement between the

parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)

• Standard of Practice 1-14

Fees for preparing appraisals or other valuations shall not be

contingent upon the amount of the appraisal or valuation.

(Adopted 1/02)

• Standard of Practice 1-15

REALTORS®, in response to inquiries from buyers or cooperating

brokers shall, with the sellers’ approval, disclose the existence

of offers on the property. Where disclosure is authorized,

REALTORS® shall also disclose, if asked, whether offers were

obtained by the listing licensee, another licensee in the listing

rm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)

• Standard of Practice 1-16

REALTORS® shall not access or use, or permit or enable others to

access or use, listed or managed property on terms or conditions

other than those authorized by the owner or seller. (Adopted 1/12)

Article 2

REALTORS® shall avoid exaggeration, misrepresentation, or

concealment of pertinent facts relating to the property or the

transaction. REALTORS® shall not, however, be obligated to discover

latent defects in the property, to advise on matters outside the

scope of their real estate license, or to disclose facts which are

condential under the scope of agency or non-agency relationships

as dened by state law. (Amended 1/00)

• Standard of Practice 2-1

REALTORS® shall only be obligated to discover and disclose

adverse factors reasonably apparent to someone with expertise

in those areas required by their real estate licensing authority.

Article 2 does not impose upon the REALTOR® the obligation of

expertise in other professional or technical disciplines.

(Amended 1/96)

• Standard of Practice 2-2

(Renumbered as Standard of Practice 1-12 1/98)

• Standard of Practice 2-3

(Renumbered as Standard of Practice 1-13 1/98)

• Standard of Practice 2-4

REALTORS® shall not be parties to the naming of a false

consideration in any document, unless it be the naming of an

obviously nominal consideration.

• Standard of Practice 2-5

Factors dened 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” for purposes of

Article 2. (Adopted 1/93)

Article 3

REALTORS® shall cooperate with other brokers except when

cooperation is not in the client’s best interest. The obligation to

cooperate does not include the obligation to share commissions,

fees, or to otherwise compensate another broker. (Amended 1/95)

• Standard of Practice 3-1

REALTORS®, acting as exclusive agents or brokers of sellers/

landlords, establish the terms and conditions of offers to

cooperate. Unless expressly indicated in offers to cooperate,

cooperating brokers may not assume that the offer of cooperation

includes an offer of compensation. Terms of compensation, if any,

shall be ascertained by cooperating brokers before beginning

efforts to accept the offer of cooperation. (Amended 1/99)

• Standard of Practice 3-2

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.

After a REALTOR® has submitted an offer to purchase or lease

property, the listing broker may not attempt to unilaterally modify

the offered compensation with respect to that cooperative

transaction. (Amended 1/14)

• Standard of Practice 3-3

Standard of Practice 3-2 does not preclude the listing broker and

cooperating broker from entering into an agreement to change

cooperative compensation. (Adopted 1/94)

• Standard of Practice 3-4

REALTORS®, acting as listing brokers, have an afrmative

obligation to disclose the existence of dual or variable rate

commission arrangements (i.e., listings where one amount of

commission is payable if the listing broker’s rm is the procuring

cause of sale/lease and a different amount of commission is

payable if the sale/lease results through the efforts of the seller/

landlord or a cooperating broker). The listing broker shall, as

soon as practical, disclose the existence of such arrangements to

potential cooperating brokers and shall, in response to inquiries

from cooperating brokers, disclose the differential that would

result in a cooperative transaction or in a sale/lease that results

through the efforts of the seller/landlord. If the cooperating

broker is a buyer/tenant representative, the buyer/tenant

representative must disclose such information to their client

before the client makes an offer to purchase or lease.

(Amended 1/02)

• Standard of Practice 3-5

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. (Amended 1/93)

• Standard of Practice 3-6

REALTORS® shall disclose the existence of accepted offers,

including offers with unresolved contingencies, to any broker

seeking cooperation. (Adopted 5/86, Amended 1/04)

• Standard of Practice 3-7

When seeking information from another REALTOR® concerning

property under a management or listing agreement, REALTORS®

shall disclose their REALTOR® status and whether their interest is

personal or on behalf of a client and, if on behalf of a client, their

relationship with the client. (Amended 1/11)

• Standard of Practice 3-8

REALTORS® shall not misrepresent the availability of access to

show or inspect a listed property. (Amended 11/87)

• Standard of Practice 3-9

REALTORS® shall not provide access to listed property on terms

other than those established by the owner or the seller. (Adopted

1/10, Amended 1/23)

• Standard of Practice 3-10

The duty to cooperate established in Article 3 relates to the

obligation to share information on listed property, and to make

property available to other brokers for showing to prospective

purchasers/tenants when it is in the best interests of sellers/

landlords. (Adopted 1/11)

• Standard of Practice 3-11

REALTORS® may not refuse to cooperate on the basis of a broker’s

race, color, religion, sex, disability, familial status, national origin,

sexual orientation, or gender identity. (Adopted 1/20, Amended 1/23)

Article 4

REALTORS® shall not acquire an interest in or buy or present offers

from themselves, any member of their immediate families, their

rms or any member thereof, or any entities in which they have

any ownership interest, any real property without making their

true position known to the owner or the owner’s agent or broker.

In selling property they own, or in which they have any interest,

REALTORS® shall reveal their ownership or interest in writing to the

purchaser or the purchaser’s representative. (Amended 1/00)

• Standard of Practice 4-1

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. (Adopted 2/86)

Article 5

REALTORS® shall not undertake to provide professional services

concerning a property or its value where they have a present or

contemplated interest unless such interest is specically disclosed

to all affected parties.

Article 6

REALTORS® shall not accept any commission, rebate, or prot on

expenditures made for their client, without the client’s knowledge

and consent.

When recommending real estate products or services (e.g.,

homeowner’s insurance, warranty programs, mortgage nancing,

title insurance, etc.), REALTORS® shall disclose to the client or

customer to whom the recommendation is made any nancial

benets or fees, other than real estate referral fees, the REALTOR®

or REALTOR®’s rm may receive as a direct result of such

recommendation. (Amended 1/99)

• Standard of Practice 6-1

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.

(Amended 5/88)

Article 7

In a transaction, REALTORS® shall not accept compensation from

more than one party, even if permitted by law, without disclosure

to all parties and the informed consent of the REALTOR®’s client or

clients. (Amended 1/93)

Article 8

REALTORS® shall keep in a special account in an appropriate

nancial institution, separated from their own funds, monies coming

into their possession in trust for other persons, such as escrows, trust

funds, clients’ monies, and other like items.

Article 9

REALTORS®, for the protection of all parties, shall assure whenever

possible that all agreements related to real estate transactions

including, but not limited to, listing and representation agreements,

purchase contracts, and leases are in writing in clear and

understandable language expressing the specic terms, conditions,

obligations and commitments of the parties. A copy of each

agreement shall be furnished to each party to such agreements

upon their signing or initialing. (Amended 1/04)

• Standard of Practice 9-1

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. (Amended 1/93)

• Standard of Practice 9-2

When assisting or enabling a client or customer in establishing

a contractual relationship (e.g., listing and representation

agreements, purchase agreements, leases, etc.) electronically,

REALTORS® shall make reasonable efforts to explain the nature

and disclose the specic terms of the contractual relationship

being established prior to it being agreed to by a contracting

party. (Adopted 1/07)

Duties to the Public

Article 10

REALTORS® shall not deny equal professional services to any person

for reasons of race, color, religion, sex, disability, familial status,

national origin, sexual orientation, or gender identity. REALTORS®

shall not be parties to any plan or agreement to discriminate

against a person or persons on the basis of race, color, religion,

sex, disability, familial status, national origin, sexual orientation, or

gender identity. (Amended 1/23)

REALTORS®, in their real estate employment practices, shall not

discriminate against any person or persons on the basis of race,

color, religion, sex, disability, familial status, national origin, sexual

orientation, or gender identity. (Amended 1/23)

• Standard of Practice 10-1

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, however,

REALTORS® may provide other demographic information.

(Adopted 1/94, Amended 1/06)

• Standard of Practice 10-2

When not involved in the sale or lease of a residence, REALTORS®

may provide demographic information related to a property,

transaction or professional assignment to a party if such

demographic information is (a) deemed by the REALTOR® to

be needed to assist with or complete, in a manner consistent

with Article 10, a real estate transaction or professional

assignment and (b) is obtained or derived from a recognized,

reliable, independent, and impartial source. The source of

such information and any additions, deletions, modications,

interpretations, or other changes shall be disclosed in reasonable

detail. (Adopted 1/05, Renumbered 1/06)

• Standard of Practice 10-3

REALTORS® shall not print, display or circulate any statement or

advertisement with respect to selling or renting of a property

that indicates any preference, limitations or discrimination based

on race, color, religion, sex, disability, familial status, national

origin, sexual orientation, or gender identity. (Adopted 1/94,

Renumbered 1/05 and 1/06, Amended 1/23)

• Standard of Practice 10-4

As used in Article 10 “real estate employment practices” relates to

employees and independent contractors providing real estate-

related services and the administrative and clerical staff directly

supporting those individuals. (Adopted 1/00, Renumbered

1/05 and 1/06)

• Standard of Practice 10-5

REALTORS® must not use harassing speech, hate speech, epithets,

or slurs based on race, color, religion, sex, disability, familial status,

national origin, sexual orientation, or gender identity. (Adopted

and effective November 13, 2020, Amended 1/23)

Ar tic le 11

The services which REALTORS® provide to their clients and

customers shall conform to the standards of practice and

competence which are reasonably expected in the specic real

estate disciplines in which they engage; specically, residential

real estate brokerage, real property management, commercial

and industrial real estate brokerage, land brokerage, real estate

appraisal, real estate counseling, real estate syndication, real estate

auction, and international real estate.

REALTORS® shall not undertake to provide specialized professional

services concerning a type of property or service that is outside

their eld of competence unless they engage the assistance of one

who is competent on such types of property or service, or unless

the facts are fully disclosed to the client. Any persons engaged to

provide such assistance shall be so identied to the client and their

contribution to the assignment should be set forth. (Amended 1/10)

• Standard of Practice 11-1

When REALTORS® prepare opinions of real property value or

price they must:

1) be knowledgeable about the type of property being valued,

2) have access to the information and resources necessary to

formulate an accurate opinion, and

3) be familiar with the area where the subject property is

located

unless lack of any of these is disclosed to the party requesting the

opinion in advance.

When an opinion of value or price is prepared other than in

pursuit of a listing or to assist a potential purchaser in formulating

a purchase offer, the opinion shall include the following unless the

party requesting the opinion requires a specic type of report or

different data set:

1) identication of the subject property

2) date prepared

3) dened value or price

4) limiting conditions, including statements of purpose(s) and

intended user(s)

5) any present or contemplated interest, including the

possibility of representing the seller/landlord or buyers/

tenants

6) basis for the opinion, including applicable market data

7) if the opinion is not an appraisal, a statement to that effect

8) disclosure of whether and when a physical inspection of the

property’s exterior was conducted

9) disclosure of whether and when a physical inspection of the

property’s interior was conducted

10) disclosure of whether the REALTOR® has any conicts of

interest (Amended 1/14)

• Standard of Practice 11-2

The obligations of the Code of Ethics in respect of real estate

disciplines other than appraisal shall be interpreted and applied in

accordance with the standards of competence and practice which

clients and the public reasonably require to protect their rights

and interests considering the complexity of the transaction, the

availability of expert assistance, and, where the REALTOR® is an

agent or subagent, the obligations of a duciary. (Adopted 1/95)

• Standard of Practice 11-3

When REALTORS® provide consultive services to clients which

involve advice or counsel for a fee (not a commission), such advice

shall be rendered in an objective manner and the fee shall not

be contingent on the substance of the advice or counsel given. If

brokerage or transaction services are to be provided in addition

to consultive services, a separate compensation may be paid with

prior agreement between the client and REALTOR®.

(Adopted 1/96)

• Standard of Practice 11-4

The competency required by Article 11 relates to services

contracted for between REALTORS® and their clients or

customers; the duties expressly imposed by the Code of Ethics;

and the duties imposed by law or regulation. (Adopted 1/02)

Ar ticle 12

REALTORS® shall be honest and truthful in their real estate

communications and shall present a true picture in their advertising,

marketing, and other representations. REALTORS® shall ensure

that their status as real estate professionals is readily apparent

in their advertising, marketing, and other representations, and

that the recipients of all real estate communications are, or have

been, notied that those communications are from a real estate

professional. (Amended 1/08)

• Standard of Practice 12-1

REALTORS® must not represent that their brokerage services to a

client or customer are free or available at no cost to their clients,

unless the REALTOR® will receive no nancial compensation from

any source for those services. (Amended 1/22)

• Standard of Practice 12-2

(Deleted 1/20)

• Standard of Practice 12-3

The offering of premiums, prizes, merchandise discounts or

other inducements to list, sell, purchase, or lease is not, in itself,

unethical even if receipt of the benet is contingent on listing,

selling, purchasing, or leasing through the REALTOR® making

the offer. However, REALTORS® must exercise care and candor

in any such advertising or other public or private representations

so that any party interested in receiving or otherwise beneting

from the REALTOR®’s offer will have clear, thorough, advance

understanding of all the terms and conditions of the offer. The

offering of any inducements to do business is subject to the

limitations and restrictions of state law and the ethical obligations

established by any applicable Standard of Practice.

(Amended 1/95)

• Standard of Practice 12-4

REALTORS® shall not offer for sale/lease or advertise property

without authority. When acting as listing brokers or as subagents,

REALTORS® shall not quote a price different from that agreed

upon with the seller/landlord. (Amended 1/93)

• Standard of Practice 12-5

REALTORS® shall not advertise nor permit any person employed

by or afliated with them to advertise real estate services or

listed property in any medium (e.g., electronically, print, radio,

television, etc.) without disclosing the name of that REALTOR®’s

rm in a reasonable and readily apparent manner either in the

advertisement or in electronic advertising via a link to a display

with all required disclosures. (Adopted 11/86, Amended 1/16)

• Standard of Practice 12-6

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. (Amended 1/93)

• Standard of Practice 12-7

Only REALTORS® who participated in the transaction as the listing

broker or cooperating broker (selling broker) may claim to have

“sold” the property. Prior to closing, a cooperating broker may

post a “sold” sign only with the consent of the listing broker.

(Amended 1/96)

• Standard of Practice 12-8

The obligation to present a true picture in representations to the

public includes information presented, provided, or displayed on

REALTORS®’ websites. REALTORS® shall use reasonable efforts

to ensure that information on their websites is current. When it

becomes apparent that information on a REALTOR®’s website is

no longer current or accurate, REALTORS® shall promptly take

corrective action. (Adopted 1/07)

• Standard of Practice 12-9

REALTOR® rm websites shall disclose the rm’s name and state(s)

of licensure in a reasonable and readily apparent manner.

Websites of REALTORS® and non-member licensees afliated

with a REALTOR® rm shall disclose the rm’s name and that

REALTOR®’s or non-member licensee’s state(s) of licensure in a

reasonable and readily apparent manner. (Adopted 1/07)

• Standard of Practice 12-10

REALTORS®’ obligation to present a true picture in their

advertising and representations to the public includes Internet

content, images, and the URLs and domain names they use, and

prohibits REALTORS® from:

1) engaging in deceptive or unauthorized framing of real estate

brokerage websites;

2) manipulating (e.g., presenting content developed by

others) listing and other content in any way that produces a

deceptive or misleading result;

3) deceptively using metatags, keywords or other devices/

methods to direct, drive, or divert Internet trafc; or

4) presenting content developed by others without either

attribution or without permission; or

5) otherwise misleading consumers, including use of misleading

images. (Adopted 1/07, Amended 1/18)

• Standard of Practice 12-11

REALTORS® intending to share or sell consumer information

gathered via the Internet shall disclose that possibility in a

reasonable and readily apparent manner. (Adopted 1/07)

• Standard of Practice 12-12

REALTORS® shall not:

1) use URLs or domain names that present less than a true

picture, or

2) register URLs or domain names which, if used, would present

less than a true picture. (Adopted 1/08)

• Standard of Practice 12-13

The obligation to present a true picture in advertising, marketing,

and representations allows REALTORS® to use and display only

professional designations, certications, and other credentials to

which they are legitimately entitled. (Adopted 1/08)

Ar ticle 13

REALTORS® shall not engage in activities that constitute the

unauthorized practice of law and shall recommend that legal

counsel be obtained when the interest of any party to the

transaction requires it.

Ar ticle 14

If charged with unethical practice or asked to present evidence

or to cooperate in any other way, in any professional standards

proceeding or investigation, REALTORS® shall place all pertinent

facts before the proper tribunals of the Member Board or afliated

institute, society, or council in which membership is held and shall

take no action to disrupt or obstruct such processes.

(Amended 1/99)

• Standard of Practice 14-1

REALTORS® shall not be subject to disciplinary proceedings in

more than one Board of REALTORS® or afliated institute, society,

or council in which they hold membership with respect to alleged

violations of the Code of Ethics relating to the same transaction or

event. (Amended 1/95)

• Standard of Practice 14-2

REALTORS® shall not make any unauthorized disclosure or

dissemination of the allegations, ndings, or decision developed

in connection with an ethics hearing or appeal or in connection

with an arbitration hearing or procedural review. (Amended 1/92)

• Standard of Practice 14-3

REALTORS® shall not obstruct the Board’s investigative or

professional standards proceedings by instituting or threatening

to institute actions for libel, slander, or defamation against any

party to a professional standards proceeding or their witnesses

based on the ling of an arbitration request, an ethics complaint,

or testimony given before any tribunal. (Adopted 11/87,

Amended 1/99)

• Standard of Practice 14-4

REALTORS® shall not intentionally impede the Board’s

investigative or disciplinary proceedings by ling multiple ethics

complaints based on the same event or transaction.

(Adopted 11/88)

Duties to REALTORS®

Ar ticle 15

REALTORS® shall not knowingly or recklessly make false or

misleading statements about other real estate professionals, their

businesses, or their business practices. (Amended 1/12)

• Standard of Practice 15-1

REALTORS® shall not knowingly or recklessly le false or

unfounded ethics complaints. (Adopted 1/00)

• Standard of Practice 15-2

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. This duty applies whether

false or misleading statements are repeated in person, in writing,

by technological means (e.g., the Internet), or by any other means.

(Adopted 1/07, Amended 1/12)

• Standard of Practice 15-3

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 publish a

clarication about or to remove statements made by others on

electronic media the REALTOR® controls once the REALTOR®

knows the statement is false or misleading. (Adopted 1/10,

Amended 1/12)

Ar ticle 16

REALTORS® shall not engage in any practice or take any action

inconsistent with exclusive representation or exclusive brokerage

relationship agreements that other REALTORS® have with clients.

(Amended 1/04)

• Standard of Practice 16-1

Article 16 is not intended to prohibit aggressive or innovative

business practices which are otherwise ethical and does not

prohibit disagreements with other REALTORS® involving

commission, fees, compensation or other forms of payment or

expenses. (Adopted 1/93, Amended 1/95)

• Standard of Practice 16-2

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®. A general telephone canvass, general

mailing or distribution addressed to all prospects in a given

geographical area or in a given profession, business, club, or

organization, or other classication or group is deemed “general”

for purposes of this standard. (Amended 1/04)

Article 16 is intended to recognize as unethical two basic types of

solicitations:

First, telephone or personal solicitations of property owners

who have been identied by a real estate sign, multiple listing

compilation, or other information service as having exclusively

listed their property with another REALTOR® and

Second, mail or other forms of written solicitations of prospects

whose properties are exclusively listed with another REALTOR®

when such solicitations are not part of a general mailing but

are directed specically to property owners identied through

compilations of current listings, “for sale” or “for rent” signs, or

other sources of information required by Article 3 and Multiple

Listing Service rules to be made available to other REALTORS®

under offers of subagency or cooperation. (Amended 1/04)

• Standard of Practice 16-3

Article 16 does not preclude REALTORS® from contacting the

client of another broker for the purpose of offering to provide,

or entering into a contract to provide, a different type of real

estate service unrelated to the type of service currently being

provided (e.g., property management as opposed to brokerage)

or from offering the same type of service for property not subject

to other brokers’ exclusive agreements. However, information

received through a Multiple Listing Service or any other offer

of cooperation may not be used to target clients of other

REALTORS® to whom such offers to provide services may be

made. (Amended 1/04)

• Standard of Practice 16-4

REALTORS® shall not solicit a listing which is currently listed

exclusively with another broker. However, if the listing broker,

when asked by the REALTOR®, refuses to disclose the expiration

date and nature of such listing, i.e., an exclusive right to sell,

an exclusive agency, open listing, or other form of contractual

agreement between the listing broker and the client, the

REALTOR® may contact the owner to secure such information

and may discuss the terms upon which the REALTOR® might

take a future listing or, alternatively, may take a listing to become

effective upon expiration of any existing exclusive listing.

(Amended 1/94)

• Standard of Practice 16-5

REALTORS® shall not solicit buyer/tenant agreements from

buyers/ tenants who are subject to exclusive buyer/tenant

agreements. However, if asked by a REALTOR®, the broker

refuses to disclose the expiration date of the exclusive buyer/

tenant agreement, the REALTOR® may contact the buyer/tenant

to secure such information and may discuss the terms upon which

the REALTOR® might enter into a future buyer/tenant agreement

or, alternatively, may enter into a buyer/tenant agreement to

become effective upon the expiration of any existing exclusive

buyer/tenant agreement. (Adopted 1/94, Amended 1/98)

• Standard of Practice 16-6

When REALTORS® are contacted by the client of another

REALTOR® regarding the creation of an exclusive relationship

to provide the same type of service, and REALTORS® have not

directly or indirectly initiated such discussions, they may discuss

the terms upon which they might enter into a future agreement

or, alternatively, may enter into an agreement which becomes

effective upon expiration of any existing exclusive agreement.

(Amended 1/98)

• Standard of Practice 16-7

The fact that a prospect has retained a REALTOR® as an

exclusive representative or exclusive broker in one or more past

transactions does not preclude other REALTORS® from seeking

such prospect’s future business. (Amended 1/04)

• Standard of Practice 16-8

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. (Amended 1/98)

• Standard of Practice 16-9

REALTORS®, prior to entering into a representation agreement,

have an afrmative 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. (Amended 1/04)

• Standard of Practice 16-10

REALTORS®, acting as buyer or tenant representatives or

brokers, shall disclose that relationship to the seller/landlord’s

representative or broker at rst contact and shall provide

written conrmation of that disclosure to the seller/landlord’s

representative or broker not later than execution of a purchase

agreement or lease. (Amended 1/04)

• Standard of Practice 16-11

On unlisted property, REALTORS® acting as buyer/tenant

representatives or brokers shall disclose that relationship to the

seller/landlord at rst contact for that buyer/tenant and shall

provide written conrmation of such disclosure to the seller/

landlord not later than execution of any purchase or lease

agreement. (Amended 1/04)

REALTORS® shall make any request for anticipated compensation

from the seller/landlord at rst contact. (Amended 1/98)

• Standard of Practice 16-12

REALTORS®, acting as representatives or brokers of sellers/

landlords or as subagents of listing brokers, shall disclose that

relationship to buyers/tenants as soon as practicable and shall

provide written conrmation of such disclosure to buyers/tenants

not later than execution of any purchase or lease agreement.

(Amended 1/04)

• Standard of Practice 16-13

All dealings concerning property exclusively listed, or with buyer/

tenants who are subject to an exclusive agreement shall be

carried on with the client’s representative or broker, and not with

the client, except with the consent of the client’s representative or

broker or except where such dealings are initiated by the client.

Before providing substantive services (such as writing a

purchase offer or presenting a CMA) to prospects, REALTORS®

shall ask prospects whether they are a party to any exclusive

representation agreement. REALTORS® shall not knowingly

provide substantive services concerning a prospective transaction

to prospects who are parties to exclusive representation

agreements, except with the consent of the prospects’ exclusive

representatives or at the direction of prospects. (Adopted 1/93,

Amended 1/04)

• Standard of Practice 16-14

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 but shall not knowingly

obligate them to pay more than one commission except with their

informed consent. (Amended 1/98)

• Standard of Practice 16-15

In cooperative transactions REALTORS® shall compensate

cooperating REALTORS® (principal brokers) and shall not

compensate nor offer to compensate, directly or indirectly,

any of the sales licensees employed by or afliated with other

REALTORS® without the prior express knowledge and consent of

the cooperating broker.

• Standard of Practice 16-16

REALTORS®, acting as subagents or buyer/tenant representatives

or brokers, shall not use the terms of an offer to purchase/lease

to attempt to modify the listing broker’s offer of compensation

to subagents or buyer/tenant representatives or brokers nor

make the submission of an executed offer to purchase/lease

contingent on the listing broker’s agreement to modify the offer of

compensation. (Amended 1/04)

• Standard of Practice 16-17

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. (Amended 1/04)

• Standard of Practice 16-18

REALTORS® shall not use information obtained from listing

brokers through offers to cooperate made through multiple

listing services or through other offers of cooperation to refer

listing brokers’ clients to other brokers or to create buyer/tenant

relationships with listing brokers’ clients, unless such use is

authorized by listing brokers. (Amended 1/02)

• Standard of Practice 16-19

Signs giving notice of property for sale, rent, lease, or exchange

shall not be placed on property without consent of the seller/

landlord. (Amended 1/93)

• Standard of Practice 16-20

REALTORS®, prior to or after their relationship with their current

rm is terminated, shall not induce clients of their current rm

to cancel exclusive contractual agreements between the client

and that rm. This does not preclude REALTORS® (principals)

from establishing agreements with their associated licensees

governing assignability of exclusive agreements. (Adopted 1/98,

Amended 1/10)

Ar ticle 17

In the event of contractual disputes or specic non-contractual

disputes as dened in Standard of Practice 17-4 between

REALTORS® (principals) associated with different rms, arising out of

their relationship as REALTORS®, the REALTORS® shall mediate the

dispute if the Board requires its members to mediate. If the dispute

is not resolved through mediation, or if mediation is not required,

REALTORS® shall submit the dispute to arbitration in accordance

with the policies of the Board rather than litigate the matter.

In the event clients of REALTORS® wish to mediate or arbitrate

contractual disputes arising out of real estate transactions,

REALTORS® shall mediate or arbitrate those disputes in accordance

with the policies of the Board, provided the clients agree to be

bound by any resulting agreement or award.

The obligation to participate in mediation and arbitration

contemplated by this Article includes the obligation of REALTORS®

(principals) to cause their rms to mediate and arbitrate and be

bound by any resulting agreement or award. (Amended 1/12)

• Standard of Practice 17-1

The ling of litigation and refusal to withdraw from it by

REALTORS® in an arbitrable matter constitutes a refusal to

arbitrate. (Adopted 2/86)

• Standard of Practice 17-2

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. The fact that all parties decline to participate in

mediation does not relieve REALTORS® of the duty to arbitrate.

Article 17 does not require REALTORS® to arbitrate in those

circumstances when all parties to the dispute advise the Board

in writing that they choose not to arbitrate before the Board.

(Amended 1/12)

• Standard of Practice 17-3

REALTORS®, when acting solely as principals in a real estate

transaction, are not obligated to arbitrate disputes with other

REALTORS® absent a specic written agreement to the contrary.

(Adopted 1/96)

• Standard of Practice 17-4

Specic non-contractual disputes that are subject to arbitration

pursuant to Article 17 are:

166-288-23 (01/23 EN3)

©2023 NATIONAL ASSOCIATION OF REALTORS®

430 North Michigan Avenue | Chicago, IL 60611-4087

800.874.6500 | www.nar.realtor

1) Where a listing broker has compensated a cooperating

broker and another cooperating broker subsequently claims

to be the procuring cause of the sale or lease. In such cases

the complainant may name the rst cooperating broker as

respondent and arbitration may proceed without the listing

broker being named as a respondent. When arbitration

occurs between two (or more) cooperating brokers and

where the listing broker is not a party, the amount in dispute

and the amount of any potential resulting award is limited

to the amount paid to the respondent by the listing broker

and any amount credited or paid to a party to the transaction

at the direction of the respondent. Alternatively, if the

complaint is brought against the listing broker, the listing

broker may name the rst cooperating broker as a third-

party respondent. In either instance the decision of the

hearing panel as to procuring cause shall be conclusive with

respect to all current or subsequent claims of the parties

for compensation arising out of the underlying cooperative

transaction. (Adopted 1/97, Amended 1/07)

2) Where a buyer or tenant representative is compensated by

the seller or landlord, and not by the listing broker, and the

listing broker, as a result, reduces the commission owed

by the seller or landlord and, subsequent to such actions,

another cooperating broker claims to be the procuring cause

of sale or lease. In such cases the complainant may name

the rst cooperating broker as respondent and arbitration

may proceed without the listing broker being named as

a respondent. When arbitration occurs between two (or

more) cooperating brokers and where the listing broker is

not a party, the amount in dispute and the amount of any

potential resulting award is limited to the amount paid to

the respondent by the seller or landlord and any amount

credited or paid to a party to the transaction at the direction

of the respondent. Alternatively, if the complaint is brought

against the listing broker, the listing broker may name the

rst cooperating broker as a third-party respondent. In either

instance the decision of the hearing panel as to procuring

cause shall be conclusive with respect to all current or

subsequent claims of the parties for compensation arising

out of the underlying cooperative transaction.

(Adopted 1/97, Amended 1/07)

3) Where a buyer or tenant representative is compensated

by the buyer or tenant and, as a result, the listing broker

reduces the commission owed by the seller or landlord and,

subsequent to such actions, another cooperating broker

claims to be the procuring cause of sale or lease. In such

cases the complainant may name the rst cooperating broker

as respondent and arbitration may proceed without the

listing broker being named as a respondent. Alternatively,

if the complaint is brought against the listing broker, the

listing broker may name the rst cooperating broker as a

third-party respondent. In either instance the decision of

the hearing panel as to procuring cause shall be conclusive

with respect to all current or subsequent claims of the parties

for compensation arising out of the underlying cooperative

transaction. (Adopted 1/97)

4) Where two or more listing brokers claim entitlement to

compensation pursuant to open listings with a seller or

landlord who agrees to participate in arbitration (or who

requests arbitration) and who agrees to be bound by the

decision. In cases where one of the listing brokers has been

compensated by the seller or landlord, the other listing

broker, as complainant, may name the rst listing broker

as respondent and arbitration may proceed between the

brokers. (Adopted 1/97)

5) Where a buyer or tenant representative is compensated by

the seller or landlord, and not by the listing broker, and the

listing broker, as a result, reduces the commission owed by

the seller or landlord and, subsequent to such actions, claims

to be the procuring cause of sale or lease. In such cases

arbitration shall be between the listing broker and the buyer

or tenant representative and the amount in dispute is limited

to the amount of the reduction of commission to which the

listing broker agreed. (Adopted 1/05)

• Standard of Practice 17-5

The obligation to arbitrate established in Article 17 includes

disputes between REALTORS® (principals) in different states

in instances where, absent an established inter-association

arbitration agreement, the REALTOR® (principal) requesting

arbitration agrees to submit to the jurisdiction of, travel to,

participate in, and be bound by any resulting award rendered

in arbitration conducted by the respondent(s) REALTOR®’s

association, in instances where the respondent(s) REALTOR®’s

association determines that an arbitrable issue exists.

(Adopted 1/07)

Explanatory Notes

The reader should be aware of the following policies which

have been approved by the Board of Directors of the National

Association:

In ling a charge of an alleged violation of the Code of Ethics by a

REALTOR®, the charge must read as an alleged violation of one or

more Articles of the Code. Standards of Practice may be cited in

support of the charge.

The Standards of Practice serve to clarify the ethical obligations

imposed by the various Articles and supplement, and do not

substitute for, the Case Interpretations in Interpretations of the Code

of Ethics.

Modications to existing Standards of Practice and additional new

Standards of Practice are approved from time to time. Readers are

cautioned to ensure that the most recent publications are utilized.

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