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Orlando, FL 32819
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Code of Ethics


Code of Ethics and Standards of Practice 
of the NATIONAL ASSOCIATION OF REALTORS® 
Effective January 1, 2009 
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 conflict, 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, 
uninfluenced 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 profit 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 estaterelated 
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 firm has an 
agency or legally recognized non-agency relationship; “customer” 
means a party to a real estate transaction who receives information, 
services, or benefits but has no contractual relationship with the 
REALTOR® or the REALTOR®’s firm; “prospect” means a purchaser, 
seller, tenant, or landlord who is not subject to a representation 
relationship with the REALTOR® or REALTOR®’s firm; “agent” means a 
real estate licensee (including brokers and sales associates) acting in 
an agency relationship as defined 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 benefits 
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. 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 1/93) 
• 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. 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 1/99) 
• Standard of Practice 1-9 
The obligation of REALTORS® to preserve confidential information (as 
defined 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 nonagency 
relationships recognized by law. REALTORS® shall not 
knowingly, during or following the termination of professional 
relationships with their clients: 
1) reveal confidential information of clients; or 
2) use confidential information of clients to the disadvantage of 
clients; or 
3) use confidential 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 
confidential 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 confidential 
unless confidentiality is required by law, regulation, or by any 
confidentiality 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 firm, or by a 
cooperating broker. (Adopted 1/03, Amended 1/09) 
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 confidential under the scope of agency or 
non-agency relationships as defined 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 defined 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 
REALTORS® shall, with respect to offers of compensation to another 
REALTOR®, timely communicate any change of compensation for 
cooperative services to the other REALTOR® prior to the time such 
REALTOR® produces an offer to purchase/lease the property. 
(Amended 1/94) 
• 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 affirmative 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 firm 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 
representational status. (Amended 1/95) 
• Standard of Practice 3-8 
REALTORS® shall not misrepresent the availability of access to show 
or inspect a listed property. (Amended 11/87) 
Article 4 
REALTORS® shall not acquire an interest in or buy or present offers from 
themselves, any member of their immediate families, their firms 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 specifically disclosed to 
all affected parties. 
Article 6 
REALTORS® shall not accept any commission, rebate, or profit 
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 financing, title 
insurance, etc.), REALTORS® shall disclose to the client or customer to 
whom the recommendation is made any financial benefits or fees, other 
than real estate referral fees, the REALTOR® or REALTOR®’s firm 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 financial 
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 specific 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 
specific 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, handicap, familial status, or 
national origin. 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, handicap, familial status, or national origin. 
(Amended 1/90) 
REALTORS®, in their real estate employment practices, shall not 
discriminate against any person or persons on the basis of race, 
color, religion, sex, handicap, familial status, or national origin. 
(Amended 1/00) 
• 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, modifications, 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, handicap, familial status, or national origin. 
(Adopted 1/94, Renumbered 1/05 and 1/06) 
• Standard of Practice 10-4 
As used in Article 10 “real estate employment practices” relates 
to employees and independent contractors providing real estaterelated 
services and the administrative and clerical staff directly 
supporting those individuals. (Adopted 1/00, Renumbered 1/05 
and 1/06) 
Article 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 specific real estate disciplines in which they 
engage; specifically, residential real estate brokerage, real property 
management, commercial and industrial real estate 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 
field 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 identified to the client and their contribution to 
the assignment should be set forth. (Amended 1/95) 
• Standard of Practice 11-1 
When REALTORS® prepare opinions of real property value or price, other 
than in pursuit of a listing or to assist a potential purchaser in 
formulating a purchase offer, such opinions shall include the following: 
1) identification of the subject property 
2) date prepared 
3) defined 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 
(Amended 1/01) 
• 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 fiduciary. (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) 
Article 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, notified 
that those communications are from a real estate professional. 
(Amended 1/08) 
• Standard of Practice 12-1 
REALTORS® may use the term “free” and similar terms in their 
advertising and in other representations provided that all terms 
governing availability of the offered product or service are clearly 
disclosed at the same time. (Amended 1/97) 
• Standard of Practice 12-2 
REALTORS® may represent their services as “free” or without cost 
even if they expect to receive compensation from a source other than 
their client provided that the potential for the REALTOR® to obtain a 
benefit from a third party is clearly disclosed at the same time. 
(Amended 1/97) 
• 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 benefit 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 benefiting 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 
affiliated with them to advertise listed property in any medium (e.g., 
electronically, print, radio, television, etc.) without disclosing the 
name of that REALTOR®’s firm in a reasonable and readily apparent 
manner. (Adopted 11/86, Amended 1/07) 
• 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® firm websites shall disclose the firm’s name and state(s) of 
licensure in a reasonable and readily apparent manner. 
Websites of REALTORS® and non-member licensees affiliated with a 
REALTOR® firm shall disclose the firm’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 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 content in any way that produces a deceptive or misleading 
result; or 
3) deceptively using metatags, keywords or other devices/methods 
to direct, drive, or divert Internet traffic, or to otherwise mislead 
consumers. (Adopted 1/07) 
• 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, certifications, and other credentials to 
which they are legitimately entitled. (Adopted 1/08) 
Article 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. 
Article 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 affiliated 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 affiliated 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, findings, 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 
filing 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 filing multiple ethics complaints 
based on the same event or transaction. (Adopted 11/88) 
Duties to REALTORS® 
Article 15 
REALTORS® shall not knowingly or recklessly make false or misleading 
statements about competitors, their businesses, or their business 
practices. (Amended 1/92) 
• Standard of Practice 15-1 
REALTORS® shall not knowingly or recklessly file false or unfounded 
ethics complaints. (Adopted 1/00) 
• Standard of Practice 15-2 
The obligation to refrain from making false or misleading statements 
about competitors’ businesses and competitors’ business practices 
includes the duty to not knowingly or recklessly 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) 
Article 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 
classification 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 identified 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 
specifically to property owners identified 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 
affirmative 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 first contact and shall provide written confirmation 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 first contact for that buyer/tenant and shall provide 
written confirmation 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 first 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 
confirmation 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 affiliated 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 terminating their relationship with their 
current firm, shall not induce clients of their current firm to cancel 
exclusive contractual agreements between the client and that firm. 
This does not preclude REALTORS® (principals) from establishing 
agreements with their associated licensees governing assignability of 
exclusive agreements. (Adopted 1/98) 
Article 17 
In the event of contractual disputes or specific non-contractual disputes 
as defined in Standard of Practice 17-4 between REALTORS® 
(principals) associated with different firms, arising out of their 
relationship as REALTORS®, the REALTORS® shall submit the dispute to 
arbitration in accordance with the regulations of their Board or Boards 
rather than litigate the matter. 
In the event clients of REALTORS® wish to arbitrate contractual disputes 
arising out of real estate transactions, REALTORS® shall arbitrate those 
disputes in accordance with the regulations of their Board, provided 
the clients agree to be bound by the decision. 
The obligation to participate in arbitration contemplated by this Article 
includes the obligation of REALTORS® (principals) to cause their firms 
to arbitrate and be bound by any award. (Amended 1/01) 
• Standard of Practice 17-1 
The filing 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 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 1/93) 
• 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 specific written agreement to the contrary. 
(Adopted 1/96) 
• Standard of Practice 17-4 
Specific non-contractual disputes that are subject to arbitration 
pursuant to Article 17 are: 
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 first 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 
© 2009, NATIONAL ASSOCIATION OF REALTORS®, All Rights Reserved 
Form No. 166-288 (12/08) 
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 first 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 first 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 first 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 first 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 first 
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 first 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) 
The Code of Ethics was adopted in 1913. Amended at the Annual 
Convention in 1924, 1928, 1950, 1951, 1952, 1955, 1956, 1961, 1962, 
1974, 1982, 1986, 1987, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 
1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 
2007 and 2008. 
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 filing 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. 
Modifications 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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