Code of Ethics: Duties to Other Brokers

The first realtor code of ethics was written in 1913, 100 years ago. It was divided into 2 sections. The first was called “Duties to Clients” and there were 10 duties. The second section was called “Duties to Other Brokers” and there were 13 of those. I mentioned the duties to clients previously & now here are the duties to other brokers.

Briefly, the duties to clients were

1. Respect the listings of other agents and co-operate with him or her to sell, as long as the other agent has the most suitable property.
2. Advise a seller to renew the selling contract with the other agent, rather than solicit the listing yourself, provided the other agent has made a reasonable attempt to sell the property.
3. Always be fair and honest when co-operating with other brokers and always speak well of the competition, refusing to judge based on rumors.
4. Advertise facts about the property and do not criticize a competitor’s proposition.
5. Give an honest opinion of a competitor’s proposition when asked by a prospective buyer, even if it results in a sale by a competitor.
6. Refuse to put a “For Sale” or “For Rent” sign on a property that already has a competitor’s sign placed on it, provided it is with the owner’s permission.
7. If an agent cannot efficiently handle a proposition, it should be referred to a competitor who can.
8. Seek co-operation with other members in the Association when selling listings, unless there is a particular deal or buyer already expected, and be willing to equally divide the regular commission with any member of the Association who can produce a buyer.
9. When settling differences, agree to friendly arbitration by the Real Estate Association rather than through the courts of law.
10. Do not disregard other agents. Work with the owner’s regular agent when selling the property to a live buyer and don’t insist on handling the entire deal and getting all the commission.
11. As a broker, do not put your name in the newspaper in connection with a deal unless you are a party to that deal and are receiving a part of the commission. Otherwise, the publicity is a sham and the deception hurts everyone.
12. When a sale or exchange is handled by two agents, each agent shall get due credit in the report of the sale or exchange.
13. Do not relay property,--i.e., giving property information to one agent that was obtained from another agent—unless the property is exceptional and the third agent knows that the property information is not coming directly from the first agent. A broker who relays represents neither side and is not entitled to the same consideration as either of the other agents.