If you start by identifying whether an offer is accepted or not yet accepted, you’ll understand the different obligations under the Code and MLS rules.

Know what to disclose amid multiple offers.

A reader writes in to ask what the Code has to say about disclosing the possibility of a short sale in the future.

Question: I am a part owner of a property that I am listing. Must I include a statement that discloses my ownership interest in the property in the MLS and print ads or on the For Sale sign?

Answer: Both the Code of Ethics and most state license laws establish requirements for disclosure of personal interest when buying or selling. The Code...