On May 19, the National Association of REALTORS® (NAR) Board of Directors approved two amendments to the association’s Code of Ethics, as well as an increase in national membership dues to $150. The amendments—an effort to foster more professionalism, according to NAR—are: to publish limited information about members who violate the Code of Ethics (e.g., name, photograph and description of the violation), and to require listing brokers provide written affirmation that a buyer’s offer has been submitted to the seller or landlord, or written notification that the seller or landlord has waived the obligation to have the buyer’s offer presented.
In response to the vote, NAR President Elizabeth Mendenhall issued a statement:
“Every REALTOR® in the country should be proud of the steps taken today to increase professionalism and raise the bar even higher on ourselves. We have heard from members for years about strengthening professionalism, and today we took an important step forward. The changes we made to the Code of Ethics will bring invaluable benefit to consumers and allow REALTORS® to serve them to the best of our abilities.
“These changes will also lead to greater accountability to one another to ensure a better transaction and consumer experience, and will instill greater trust in REALTORS® as important partners in the real estate transaction. This is all about being the best REALTORS® that we can be for our clients.
“I’m also grateful to our members and Board of Directors for being involved in and taking an active role to advance our association. Raising membership dues is never an easy decision, but funding more initiatives and the association for the future will enable us to better serve our members.
“Leading NAR during a period of incredible change has been challenging, but it’s also been an honor. Thank you for owning it and the hardships and opportunities that lay ahead.”
For more information, please visit www.nar.realtor.
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