Real Estate Agents Follow Certain Rules And Regulation
Code of ethics is applicable even on real estate agent. Code of ethics establishes the obligation for the real estate agent. In fact this code can be higher than those mandated by law. The real estate agent used this code as preamble. They perform their work according to this code.
When you are going to purchase any property or sell, you need trusted professional. A realtor is more than a real estate agent with little difference. Realtors take training for dealing both the clients and the real estate community but agent does not. But both perform same task.
Duties to client and customer:
• When a client represents a buyer or seller or client, he must protect and promote the interest of client.
• Agent when acts as a principles in real estate transaction, must obey the duties imposed on them by the code of ethics.
• Agent has no right to mislead the owner of the property to make profit.
• Agent when acting as broker should not submit the seller’s offer and counter offer after closing the transaction unless the buyer does not accept it or give it in writing and vice versa.
• An agent should not reveal confidential information of the clients.
• An agent cannot acquire an interest in property either directly or indirectly.
• Code for Agent i.e. REALTOR create a level of trust between the agent and client.
• An agent refrain from exaggeration, misrepresentation or concealment of pertinent facts related to property or transaction.