January 18, 2007

Here's the NAR's Laughable and Ignored Code of Ethics

The really funny parts of the preamble I put in bold... I assume most real estate clerks have never read this, so consider this an HP Public Service Announcement for the REIC.

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.

22 comments:

Anonymous said...

Oh, man, that was really really funny!

Anonymous said...

What a waste of ink. Completely ignored by their membership

Anonymous said...

ASSHOLES(R) and HYPOCRITS(R)

Blogger said...

I like this one the best:

Article 2

REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction.

Anonymous said...

REALESTATECLERKS(R)

PAIDDECEIVERS(R)

REICSHILLS(R)

DISINTERMEDIATED(R)

BUGGYWHIPSALESMEN(R)

REALTWHORES(R)

Anonymous said...

Have they got one of those for politicians?

Downturn said...

Angry Realtors® have crashed Ben Jone's blog!

Anonymous said...

Oh my God Becky, Look at That.... BS!

Even the houses they're sellin,
Their buyers will be foreclosen'

Bankers got ARM,
Bankers got ARM,

By Sir Mix House Alotnot

Anonymous said...

There are additional rules also that cover not making predictions that would cause panic buying or selling in most state realtor codes .

Anonymous said...

New ad campaign for realtors:

"Ethic's, ya gott'em or you don't!"

Dr Housing Bubble said...

Actually they’re not the only folks to blame we got:

1. The Fed for flooding the market with cheap credit
2. Mortgage lenders for throwing money at anyone with a pulse
3. Greedy home sellers expecting hyper inflated prices
4. Appraisers being arm twisted to meet expected numbers

If anything we are in a tangled web and ethics are thrown out the window. You think now that the market is getting tighter that they will independently regulate themselves? If anything, they will fund more shady loans to make the buck they are used to.

Just look at some of the examples on my blog and you'll be blown away at what was paid and what is currently being asked.

Dr. Housing Bubble - Real Homes of Genius

Anonymous said...

their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.

Yes, Virginia, it really is Always A Good Time To Buy---Or Sell---A House!

Anonymous said...

It makes me want to rip it out and piss on all the realtors for sale signs.

Anonymous said...

“Whatsoever ye would that others should do to you, do ye even so to them.”

I am definitely screwing them as they screwed everyone else for the past 6 years by offering embarrassing lowball offers I know they feel foolish bringing to their clients.

I remember a Realtywhore telling me in 2004 that I'd better make an offer above asking on day one of a listing if I hoped to "even compete" in that market. I told him to forget it. Now he emails me weekly asking if I'm still interested it's a GREAT TIME TO BUY! HAHA!

Anonymous said...

Announcing the 2007 REBA Winners!January 15, 2007

After counting, recounting, and counting some more — we’re pleased to announce the winners of Housing Wire’s first annual Real Estate Blogging Awards!

Category: Most Extreme
Winner: Housing Panic (download site badge here)
2nd place: Another FB
3rd place: The Housing Bubble Blog

http://www.housingwire.com/2007/01/15/announcing-the-2007-reba-winners/

Anonymous said...

everyone seems to be blaming the realtors, mortgage brokers etc

LOL

yes there are some scuzzballs in that business, like any other, but wheres the personall responsibility- in my opinion the most to blame for success or failure in any transaction is the buyer and selller themelves, no one put a gun to their head in using whatever broker etc THEY chose...

its amzing how everyone wants to blame others except themselves, bunch of crying babies if you ask me

wah wah, the broker made me by an otion arm (yeah right, its the buyers choice and your a real idiot if you dont know what youre signing in financial matters)

wah wah the realtor told me to buy this house it can only go up ( now your a real idiot if you make such a large decision without your own research to back it.. more likely you were just a GREEDY buyer looking to score big on that house,, well thats fine , but dont blame OTHERS like the realtor when you lose..

lol

Anonymous said...

keith, you will need to register now. funny how TIME magazine naile dthe TOP again with the "person of the year: YOU"


bwahahahah

bloggers will need to be registered with congress if views are over 500.

http://tinyurl.com/2jpqmz

The Thinker said...

In law school they teach us the difference between ETHICS and MORALS. We learn that while morality is the immutable distinction between right and wrong, ethics is a code of professional conduct that is changed from time to time. Ethical rules are divided into those laying out what the professional MUST do and what the professional SHOULD do.

The MUST rules represent what to do if you want to keep your license, while the SHOULD rules represent peachy things to do.

Now, if you want a good laugh, go back and read that NAR code of ethics again.

Remember, you can be moral and ethical but you can also be immoral and ethical. Of course you could be both immoral and unethical too I suppose.

Anonymous said...

Wow. Pretty lofty words for people who routinely pull MLS listings and then throw them back on the market with new MLS#'s and "Just Listed!!!/New on Market!!!" as a caption.

Ick.

Anonymous said...

Realtors care about, "fraud resulting in substantial economic harm"

What about FRAUD that does only a little bit of harm?

Paul E. Math said...

It's all about the reward system.

It doesn't matter what your code of ethics may dictate, if there is incentive to breach without any penalty then of course people will breach. That's as simple as gravity.

It's up to honest intelligent realtors (I'm sure there are some somewhere) to see that the realtors compensation and reward system is changed. The compensation and reward system must be aligned with the interests of home buyers, sellers and owners.

Anonymous said...

Just given the nature of the work -- that a realtor is playing both sides of a transaction and they are going to be paid for the completion of that transaction -- it's almost impossible for them to adhere to this code of ethics. Of course, there's that, and then there's the fact that the code of ethics is written as if the only people applying to be realtors were angelic beings...