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Ethics Q&A
Maximum disciplinary assessment raised; What are the obligations for Code of Ethics training?
Read the full Code of Ethics updated for 2003.
Q The May issue of Texas REALTOR® was wonderful and contained some interesting articles. However, I’d like to correct an item appearing in Ethics Q&A on page 18. In 2003, NAR raised the disciplinary assessment of no more than $2,500 to no more than $5,000; and the assessment option in lieu of suspension to $5,000, which can be utilized only once in any three-year period. This reasonable and appropriate fine, if used, can vary from $1 to $5,000 and should relate to the gravity of the offense and objective of the proposed sanction.
–Jan Foley, RCE
President/CEO
Arlington Board of REALTORS®
A Thanks for setting the record straight. To read the full list of potential punishments (with the information corrected), visit theTexas REALTOR® archives in the News and Pubs section of TexasRealtors.com.
Q I took the New Member Code of Ethics Training when I became a REALTOR® last year. Do I also have to take the quadrennial ethics during the current four-year period?
A No. The first four-year cycle ends Dec. 31, 2004. So your requirement to complete the quadrennial training will be for the period that begins Jan. 1, 2005, and ends Dec. 31, 2008.
REALTORS® who do not meet the training requirement will have their membership suspended until the requirement is met. This is defined by the Code of Ethics and Arbitration Manual as, "... suspension of membership rights and privileges and denial of board services ... on terms and conditions expressly stated ... including, but not limited to, use of the terms REALTOR® and Realtor-associate®... ."
Q I took an approved ethics training course at a real estate school, but that school hasn’t notified my local association that I’ve met the requirement. How long do they have to notify my association?
A It is your responsibility–not the private education provider’s–to notify to your local association. NAR encourages members to take reasonable steps to demonstrate to the local association that you have met the requirements. A document from the school may suffice, depending on your local association’s guidelines.
Q I heard my local association isn’t tracking if members are taking the Code of Ethics training. Does this mean I’m off the hook?
A All REALTORS® are required to take Code of Ethics training. An association that does not enforce the New Member and Quadrennial Ethics Training requirements would be in violation of Article IV, Section 1 of the NAR bylaws. The immediate result would be loss of NAR-provided professional liability insurance coverage, and the association’s charter as a member board of the National Association of REALTORS® would be at risk.
Send questions about ethics to texasrealtor@texasrealtors.com. Not all questions received can be answered.
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