The REALTORS®’ Code of Ethics was established in 1913 by the National Association of REALTORS®. It’s a set of rules that were established to raise the standards of professionalism and service in the real estate industry. The rules are divided into three areas: 1) a broker’s duties to his clients, 2) a broker’s duties to his fellow brokers and 3) a broker’s duties to the public. The current Code of Ethics contains seventeen articles.
Over its one hundred year history, the Code of Ethics has been amended and revised to keep up with the changing times. Local REALTOR® Associations are charged with enforcing the Code of Ethics and handing down punishment to those found to be in violation of one or more of the articles.
To keep REALTORS® up to date on the Code of Ethics, the National Association of REALTORS® requires all REALTORS® to take a training course on the subject every four years.
In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others.
A colorless, odorless gas that can seep into your home from the ground, radon is often referred to as the second most common cause of lung cancer behind smoking. What to look for: Basements or any area with protrusions into the ground offer entry points for radon. The Environmental Protection Agency publishes a map of high-prevalence areas. A radon test can determine if high levels are present.
A fibrous material once popular as fire-resistant insulation, asbestos was banned in 1985. However, it’s often found in the building materials, floor tiles, roof coverings, and siding of older. If disturbed or damaged, it can enter the air and cause severe illness. What to look for: Homes built prior to 1985 are at risk of having asbestos in their construction materials. Home owners should be careful when remodeling because disturbing insulation and other materials may cause the asbestos to become airborne.
This toxic metal used in home products for decades can contribute to several health problems, especially among children. Exposure can occur from deteriorating lead-based paint, pipes, or lead-contaminated dust or soil. What to look for: Homes built prior to 1978 may have lead present. Look for peeling paint and check old pipes. To get a HUD-insured loan, buyers must show a certificate that their older home is lead-safe.
Other hazardous products
Stockpiles of hazardous household items — such as paint solvents, pesticides, fertilizers, or motor oils — can create a dangerous situation if not properly stored. They can easily spark fires and can cause illness or even death if ingested, even in small amounts. What to look for: Check all the corners, crawl spaces, garages, or garden sheds in the home. If these products are found, make sure you ask for their removal and get a disposal certificate prior to closing.
When hazardous chemicals are disposed of improperly, they can seep through the soil and enter water supplies. A leaking underground oil tank or septic system can contribute to this. What to look for: Homes near light industrial areas or facilities may be at risk, as are areas once used for industry that are now residential.
The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction.
The seller’s representative (also known as a listing agent or seller’s agent) is hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract.
The buyer’s representative (also known as a buyer’s agent) is hired by prospective buyers to and works in the buyer’s best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.
A subagent owes the same fiduciary duties to the agent’s customer as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not the buyer’s agent, shows property to a buyer. The subagent works with the buyer to show the property but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent.
A disclosed dual agent represents both the buyer and the seller in the same real estate transaction. In such relationships, dual agents owe limited fiduciary duties to both buyer and seller clients. Because of the potential for conflicts of interest in a dual-agency relationship, all parties must give their informed consent. Disclosed dual agency is legal in most states, but often requires written consent from all parties.
Designated agents (also called appointed agents) are chosen by a managing broker to act as an exclusive agent of the seller or buyer. This allows the brokerage to avoid problems arising from dual-agency relationships for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties.
A transaction broker (sometimes referred to as a facilitator) is permitted in states where nonagency relationships are allowed. These relationships vary considerably from state to state. Generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship.
I have worked for Ferguson Realtors for 21 years and they have promoted, supported and help grow my professional career in real estate. Ferguson Realtors is always on the cutting edge of technology with high quality video, photos, websites and creative ideas in advertising to get homes Sold! Their ethics and integrity, that is the Ferguson name, is also unparalleled in the business. Ferguson Realtors has a personable and friendly atmosphere to work in, while being one of the leading Realtors in the industry. Ferguson Realtors is a company that I am proud to say that I hold my license with and plan to continue my career with for years to come.
As one works each day in real estate, every day is a new day. Boredom is not an option and meeting new people is a must. In addition, real estate agents gain invaluable skills such as marketing, sales, operations, negotiations and networking. Most real estate agents operate as independent contractors, which mean they decide their own business model and set their own schedule.
Working at a local real estate firm adds value to the community by helping fellow residents and new neighbors realize their dream of home ownership. Not only can it be personally rewarding, but practicing real estate is also a great way to network and meet new people in the community.
If you think that you might be interested in a real estate career, go to www.KnoxBest.com to find out more.
As an agent at Ferguson Realtors you’ll have an opportunity to work some of the many referrals and leads that we obtain on a daily basis. A large percentage of our referral business comes from our affiliation with Leading Real Estate Companies of the World®. We also collect a high volume of leads from our 50+ websites domains that we maintain and manage.
Give us a call at (865) 690-1300 to schedule your confidential interview. We are looking for both seasoned real estate professionals and folks that are just starting their real estate career.
Ferguson Realtors offers its agents on-line training at no charge. Through our affiliation with Leading Real Estate Companies of the World® we are allowed access to their award winning training site, which is called Institute. Below you will find a press release from 2018 regarding Institute:
CHICAGO – (February 16, 2018) – Leading Real Estate Companies of the World® (LeadingRE) was ranked #1 on the 2018 Training Top 125, which recognizes the organizations with the most successful learning and development programs in the world. The only real estate network named to this year’s Top 125, LeadingRE’s first-place position reflects the company’s rapid rise in the elite ranking, placing 3rd in 2017, 9th in 2016 and 64th in 2015.
LeadingRE, a select global community of over 565 independent real estate firms spanning six continents, earned the distinction based on its commitment to delivering best-in-class training and development for its member brokerages, as well as its corporate employees. A key component of LeadingRE’s learning programs is Institute, a robust online learning platform that currently boasts 350 online courses with new classes each month, including certifications for sales, service, leadership, marketing and relocation, as well as an extensive resource library for managers and agents.
Ferguson Realtors is looking to add a mix of newly licensed and experienced agents to our real estate team. We offer commission splits up to 100%, award winning training, quality referrals and top notch broker support! Give us a call at (865) 690-1300 to schedule your confidential interview.
I have worked for Ferguson Realtors for 16 years and they have promoted, supported and help grow my professional career in real estate. Ferguson Realtors is always on the cutting edge of technology with high quality video, photos, websites and creative ideas in advertising to get homes Sold! Their ethics and integrity, that is the Ferguson name, is also unparalleled in the business. Ferguson Realtors has a personable and friendly atmosphere to work in, while being one of the leading Realtors in the industry. Ferguson Realtors is a company that I am proud to say that I hold my license with and plan to continue my career with for years to come.
Are you considering a career in real estate or a company move? If so; check us out at www.knoxbest.com.
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