A limited-service listing can be an exclusive listing even if it doesn’t provide the range of services you define as full service. Contact the broker first and obtain permission before you call the seller.
A cooperating broker isn’t required to obtain the listing broker’s permission to advertise a property as sold unless the property hasn’t closed. After closing, there’s no restriction on posting such a sign, though the co-op broker should do so only with the new owner’s permission.
Your participation in your planning and zoning process fulfills your patriotic and social responsibility as long as there’s no conflict. A conflict would arise if you had an ownership interest in a project that you’re planning or zoning board was reviewing. An issue could also could arise if you represented a developer or builder who proposed a project to the planning or zoning board on which you sit.
If advertising leads a reasonable reader to believe that the property is located in Princeton when it isn’t, that’s not a true picture. But if the ad says something like “near Princeton,” it’s probably fine. Ad copy should honestly describe a property.
Often, we believe unethical interference occurred in these types of circumstances. We think we—not the person who was paid—are entitled to the commission. The key is to investigate and decide whether there’s an ethics complaint or arbitration request to pursue.
If your offer wasn’t submitted, that’s a violation of Article 1 of the Code, which requires REALTORS® to treat all parties to a transaction honestly. If you believe your offer hasn’t been given a fair shake, you can file an ethics complaint with your local association.
The Internet has changed some aspects of the way we do business and encouraged all of us to think up innovative ways to practice real estate. Don’t forget, though, that the Code of Ethics and the law still apply in the online realm.
The law, RESPA, prohibits kickbacks, commissions, and rebates for referring a buyer or seller to a settlement service provider such as a lender. If the payments are for referring business, there’s a violation of RESPA, regardless of whether the broker or salesperson receives payment.
When seller clients instruct listing agents to disclose terms of competing offers, the agents should consult with their broker and attorney to ensure the disclosure is legal in their state and for guidance on how to carry out their clients’ instructions.