Resident Realty Ethical Code
(Adopted January 1, 2019)
In 1913 the National Association of Realtors (NAR) adopted professional standard of conduct for the real estate sales industry at a time when there were no Federal and State laws protecting those who contracted with Real Estate Professionals.
Today the Federal Government and the State of Colorado have many laws that protect consumers and the public when engaging in real estate related activities. The Resident Realty Management Team unanimously agree that adopting an Ethical Code in conjunction with the state mandated office policy will help to ensure that public interactions with our firm will meet the highest ethical and moral standards, as well as elevate our agents to the top of the real estate industry.
With that in mind Resident Realty Colorado has adopted an Ethical Code and requires all licensed agents to operate within its guidelines in conjunction with the laws authored by the State of Colorado Department of Regulatory agencies and Federal laws that govern real estate and business practices. This code may be adjusted from time to time as necessary.
When representing a buyer, seller, landlord, tenant, or other client as an agent, Resident Realty Agents pledge to protect and promote the interests of their client. This article follows the fiduciary responsibilities outlined in Colorado real estate law. Within the application of this Proposition Resident Realty Agents will not abandon the law requirements to honestly communicate information to all parties involved in the transaction.
Resident Realty Agents will not misrepresent or conceal pertinent facts relating to the property or the transaction.
Resident Realty Agents shall cooperate in Good Faith with other licensed agents who represent either a party or transaction of interest with their client.
Resident Realty Agents will identify all personal or business ownership they possess within a transaction. Further the Resident Realty Agent will identify all personal relationships with parties involved in the transaction in cases where the clients is related to the Resident Realty Agent. Further Resident Realty Agents will notify all parties in writing of ownership interest in property subject to the transaction in question.
Resident Realty Agents shall not accept any commission, rebate, or profit on expenditures made for their client, without their client’s knowledge and consent.
In a transaction, RESIDENT REALTY AGENTS shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and the informed consent of the RESIDENT REALTY AGENTS client or clients.
In accordance with the Equal Housing Laws of the United States RESIDENT REALTY AGENTS shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
RESIDENT REALTY AGENTS shall provide professional services concerning a type of property or for which they are trained and knowledgeable. In the cases where the Resident Realty Agents expertise doesn’t cover a situation he/she will recommend the inclusion of a professional who has specific knowledge and experience with the specific service or property at question.
RESIDENT REALTY AGENTS will not engage in false or misleading advertising. This will include all publically available advertisements focused on services or property. Including but not limited to printed advertisement, internet advertisement, and mass media publications.
RESIDENT REALTY AGENTS will recommend legal and professional representation when the scope of a transaction occurs outside of the expertise, responsibilities or practices allowed by the Colorado Real Estate Commission.
RESIDENT REALTY AGENTS who violate any of the propositions within the Resident Realty Ethical Code will provide the Board of Managing Brokers written response and explanation of the offense. Within 5 business days of receipt of the document and completion of an internal investigation The Board of Managing Brokers will have one of two options:
Option 1: Disciplinary - The Resident Realty Agent will be given a punch list of items to accomplish. The items may include, but are not limited to, complete continuing education, employ the use of an approved Transaction Coordinator for a set number of future transactions, the Resident Realty Agent will provide a written process defining how he/she will rectify the offense moving forward.
Option 2: The Resident Realty Agent will be discharged from Resident Realty