The REALTOR® Code of Ethics ensures that all consumers are served in a fair and professional manner by requiring REALTORS® to cooperate with each other in furthering clients’ best interests. To maintain its relevance and accuracy, the National Association of REALTORS® (NAR) amends the Code as needed. NAR updated its Code of Ethics Standards of Practice 1-8 and 12-1 in the 2022 Code of Ethics.
Standard of Practice 12-1 was amended to read:
REALTORS® must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the REALTOR® will receive no financial compensation from any source for those services.
Standard of Practice 1-8 was amended to read:
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. Upon the written request of the listing broker who submits a counter-offer to the buyer’s/tenant’s broker, the buyer’s/tenant’s broker shall provide, as soon as practical, a written affirmation to the listing broker stating that the counteroffer has been submitted to the buyers/tenants, or a written notification that the buyers/tenants have waived the obligation to have the counter-offer presented. 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.
The full 2022 NAR Code of Ethics can be found on NAR’s website.