Ethical Obligations in Real Estate

Ethics” are a system of moral principles and values relating to human conduct by which behaviors are measured by our society or community. Ethics are considered to be very important related to liveliness and prominent professions. Although there aren’t any definite rules or laws that enforce such conduct, many real estate agents are part of the National Association of Realtors, which have ethical codes. Real estate member of the association practice the Standard of Practice of the National Associate of Realtors which contains 17 articles. The 17 articles can be summed up into one rule of thumb: do to others as you would like them do on to you. Failure to do so would result in forfeiting their membership.
That being said, the first 9 articles discuss on the responsibilities the real estate agents have towards their clients. That being said, the responsibilities in question is to promote in interest of their client while remaining obligated to treat all parties fairly and honestly. Not only that, the first 9 articles also discusses on not to exaggerate, conceal facts, and to not represent themselves or other affiliated parties of interest without informing the other party in writing that they have in interest in.
Article 10 through 17 discusses the responsibilities real estate agents have towards the community and to their members. That being said, agents cannot deny any service to people (or “specializing service” that the agent isn’t able to provide) for reasons of color, sex, race or family status. In Addition, article 15 through 17 discusses on not making false advertisement of their competitors or offering their clients to other agencies. Furthermore, an exception is made if such agency provides different services than the prior agency in question does not offer to the client who is need of that service.
Although code of ethics is not the same as state or federal law in the world of real estate, they are considered, by many, higher standards of practice than the law itself. That being said, although it is good practice that such ethics are valued and revered upon, it is precedence for a real estate agents or real estate expert witnesses of an affiliated professional organization to be familiar with real estate laws of their state. For example, a real estate expert witness from California should be familiar with both the real estate laws and how to apply them towards their area of expertise. Whether that be disclosure responsibilities, agent custom and practice, commission disputes, or sources and applications of standard care; it is imperative that he/she is knowledgeable in the laws of your state.

Real Estate obligations in Disclosure A. Scott Herd Associates, Inc. Los Angeles
The importance of disclosing all information on your household to a buyer. A real estate expert eyewitness whose expertise fall under disclosure and experience in real estate laws that resides in the state. A. Scott Herd Associates, Inc. Los Angeles