2012 Summary of Key Professional Standards Changes

Changes to the Code of Ethics and Standards of Practice (underscoring indicates additions, strikeouts indicate deletions)

• Standard of Practice 1-16 (new)

REALTORS® shall not access or use, or permit or enable others to access or use, listed or managed property on terms or conditions other than those authorized by the owner or seller.

• Article 15 (amended)

REALTORS® shall not knowingly or recklessly make false or misleading statements about competitors other real estate professionals, their businesses, or their business practices. (Amended 1/12)

• Standard of Practice 15-2 (amended)

The obligation to refrain from making false or misleading statements about competitors other real estate professionals, competitors’ their businesses, and competitors’ their business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means. (Amended 1/12)

• Standard of Practice 15-3 (amended)

The obligation to refrain from making false or misleading statements about competitors other real estate professionals, competitors’ their businesses, and competitors’ their business practices includes the duty to publish a clarification about or to remove statements made by others on electronic media the REALTOR® controls once the REALTOR® knows the statement is false or misleading. (Amended 1/12)

• Article 17 (amended)

In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS® (principals) associated with different firms, arising out of their relationship as REALTORS®, the REALTORS® shall mediate the dispute if the Board requires its members to mediate. If the dispute is not resolved through mediation, or if mediation is not required, REALTORS® shall submit the dispute to arbitration in accordance with the regulations policies of their Board of Boards rather than litigate the matter.

In the event clients of REALTORS® wish to mediate or arbitrate contractual disputes arising out of real estate transactions, REALTORS® shall mediate or arbitrate those disputes in accordance with the policies regulations of their Board, provided the clients agree to be bound by the decision any resulting agreement or award.

The obligation to participate in mediation and arbitration contemplated by this Article includes the obligation of REALTORS® (principals) to cause their firms to mediate and arbitrate and be bound by any resulting agreement or award (Amended 1/12)

• Standard of Practice 17-2 (amended)

Article 17 does not require REALTORS® to mediate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to mediate through the Board’s facilities. The fact that all parties decline to participate in mediation does not relieve REALTORS® of the duty to arbitrate.

Article 17 does not require REALTORS® to arbitrate in those circumstances when all parties to the dispute advise the Board in

(Adopted 1/12)