The National Association of REALTORS Code of Ethics

Question 1

Laws tend to _

Answer 1

Set minimum standards for acceptable behavior

Question 2

Ethics tend to _

Answer 2

Deal with what is right

Question 3

Good ethical practices have to do with _

Answer 3

Trustworthiness, honesty, and competence

Question 4

A licensee in TX is anyone that _

Answer 4

TREC has licensed to practice real estate

Question 5

What is the ultimate goal of the Code of Ethics?

Answer 5

To encourage the highest standard of ethical business practices by all of the members of the association

The secondary goal is to provide protection for the public through a formal complaint process. Through an informed peer process, the association can sanction a member for improper actions, rather than through court litigation

Question 6

The formal Code of Ethics and Standards of Practice set forth by NAR calls for professionals to _

Answer 6

• observe the Golden Rule

- conduct themselves and their real estate business in accordance with certain standards

Question 7

What do the standards of the Code of Ethics address?

Answer 7

Licensees’ duties to their clients and duties to the public

Question 8

What sanctions are imposed for violations of the code?

Answer 8

• a letter of reprimand
• a warning notice
• required attendance at an ethics class
• a monetary fine
• probation
• suspension
• expulsion from the association