What are the listing and buyer’s reps’ responsibilities to ensure that a new disclosure for this property is completed before it’s marketed to a new buyer?
We, as real estate professionals, can be torn between business relationships with service providers and our legal responsibilities to clients. Our clients deserve to know all material information about the transaction.
Self-dealing creates a negative impression in the minds of real estate consumers. Article 1 requires honesty to all parties in the transaction. Standard of Practice 1-6 requires offers to be presented objectively. Article 2 requires us to avoid exaggeration, misrepresentation, and concealment of pertinent facts about the transaction.
There’s no mandatory reporting rule for individual REALTORS® in the Code. NAR has considered a mandatory duty but hasn’t adopted it. But certainly the spirit of the NAR Code of Ethics is that violations of law should be reported.
During 2001, four clarifying changes were made to the Code to enhance the protection it affords consumers and to increase its value as Realtors®’ pathway to professionalism.
As dual agents, you both represent the buyer and the seller. Unless the state specifies otherwise, a dual agent can legally contact either client, as the buyer and the seller are the clients of either agent.
