SECTION 1: General Duties to the Public and Industry
Article 1.
Licensing as a real estate broker or
salesman indicates to the public at large that the individual so
designated has special expertise in real estate matters and is subject
to high standards of conduct in the licensee's business and personal
affairs. The licensee should endeavor to maintain and establish high
standards of professional conduct and integrity in dealings with
members of the public as well as with fellow licensees and, further,
seek to avoid even the appearance of impropriety in any activities as a
licensee.
Article 2.
It is the duty of the broker to protect
the public against fraud, misrepresentation or unethical practices in
real estate transactions. The licensee should endeavor to eliminate in
the community, any practices which could be damaging to the public or
to the integrity of the real estate profession.
Article 3.
The licensee should provide assistance
wherever possible to the members and staff of the Real Estate
Commission and Division of Real Estate in the enforcement of the
licensing statutes and administrative rules and regulations adopted in
accordance therewith.
Article 4.
The licensee should be knowledgeable of
the laws of Ohio pertinent to the real estate and should keep informed
of changes in the statutes of Ohio affecting the duties and
responsibilities of a licensee. (formerly Article 3.1)
Article 5.
A licensee should represent clients
competently and should promote the advancement of professional
education in the real estate industry through the licensee's conduct. (formerly Article 4)
Article 6.
The licensee should be informed as to
matters affecting real estate in the community, state, and the nation,
so that the licensee may be able to contribute to public thinking on
such matters including taxation, legislation, land use, city planning,
and other questions affectingproperty interests. (formerly Article 5.1)
SECTION II: Specific Duties to Clients and Customers
Article 7.
The licensee should disclose all known
material facts concerning a property on which the licensee is
representing a seller or a purchaser to avoid misrepresentation or
concealment of material facts. (formerly Article 5.3)
Article 8.
The licensee should recommend that title be examined and legal counsel be obtained. (formerly Article 6)
Article 9.
The licensee, for the protection of all
parties, should see that financial obligations and commitments
regarding real estate transactions are in writing, expressing the exact
agreement of the parties; and that copies of all agreements, at the
time they are executed, are placed in the hands of all parties
involved.
Article 10.
A licensee should not enter into an
agency relationship with a party whose interests are in conflict with
those of the licensee or another client represented by the licensee
without fully disclosing the potential conflict and obtaining the
informed consent of all parties. (formerly Article 11)
Article 11.
A licensee should not accept
compensation from more than one party without the full knowledge and
consent of all parties to the transaction. (formerly Article 12)
Article 12.
When acting as a seller's agent, a
licensee should disclose to the seller if the licensee is the actual
purchaser, or if the purchaser is another licensee affiliated with the
same brokerage as the licensee, a business entity in which the licensee
has an interest, or is a member of the licensee's immediate family. (formerly Article 13)
Article 13.
When asked to provide an appraisal
(formal or informal), price opinion, comparative market analysis or any
other task that is intended to determine the value of a property, a
licensee shall not render that opinion without the careful analysis and
interpretation of all factors affecting the property, and should not
mislead their client as to the value of the property. (formerly Article 16)
Article 14.
The licensee should not undertake to
provide professional services concerning a property or its value where
the licensee has a present or contemplated interest unless such
interest is specifically disclosed to all affected parties. Nor should
the licensee make a formal appraisal when the licensee's employment or
fee charged for the appraisal is contingent upon the amount of the
appraisal. (formerly Article 16. 1)
Article 15.
The licensee should not attempt to
provide an appraisal, price opinion, comparative market analysis or any
other task that is intended to determine the value of a property, if
the subject property is of a type that is outside the field of
expertise of the licensee unless, the licensee obtains the assistance
of another licensee or appraiser who has expertise in this type of
property. (formerly Article 16.2)
Article 16.
The licensee should not advertise
property without authority, and in any advertisement the price quoted
should be that agreed upon with the owners as the offering price. (formerly Article 17)
SECTION III: Duties to Fellow Licensees
Article 17.
A licensee should respect the exclusive
agency of another licensee until it has expired or until the client,
without solicitation initiates a discussion with the licensee about the
terms upon which the licensee might enter into a future agency
agreement or one commencing upon the expiration of any existing
agreement. (former Article 21)
Article 18.
A licensee should not solicit a listing
that is currently listed with another broker, unless the listing
broker, when asked, refuses to disclose the nature and expiration of
the listing. In that event the licensee may contact the owner to secure
such information and may discuss terms upon which the licensee might
take a future listing, or one commencing upon the expiration of any
existing exclusive listing. (formerly Article 21.1)
Article 19.
A licensee should not solicit a
buyer/tenant who is subject to an exclusive buyer/tenant agreement,
unless the broker, when asked, refuses to disclose the nature and
expiration date of the exclusive buyer/tenant agreement. In that event
the licensee may contact the buyer/tenant to secure such information
and may discuss the terms upon which the licensee might enter into a
future buyer/tenant agreement or may enter into a buyer/tenant
agreement to become effective upon the expiration of any existing
exclusive buyer/tenant agreement. (new Article)
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