A new organization just for buyers’ agents announced its new code of ethics and standards of practice that are stricter than many other realtor organizations.
The National Association of Exclusive Buyer Agents, an organization of companies dedicated to representing only buyers of real estate, announced its new set of rules by which its member must abide.
Because this organization is exclusive to buyers’ agents, it can be stricter with its rules than other real estate organizations.
Here are some of the new rules in NAEBA’s code of ethics:
- A NAEBA member shall provide undivided loyalty to a Buyer-Client and not advance the interests of sellers, themselves, or their real estate company above the interests of the Buyer-Client.
- A NAEBA member shall not accept any compensation, commissions, bonuses, gifts or profit resulting from the transaction not disclosed to his/her Buyer-Client.
- A NAEBA member will protect a Buyer-Client from foreseeable risks and will recommend that a Buyer-Client obtain expert advice when their needs are outside the scope of the NAEBA member’s expertise.
- A NAEBA member shall not knowingly direct a Buyer-Client to any service which is less than what is in the best interest of the client.
- A NAEBA member shall assist in negotiating price and terms with direction from a Buyer-Client
- A NAEBA member shall disclose information available or reasonably available to them concerning a property which might impact a Buyer-Client’s best interest.
The new code of ethics can be found in full here, and the standards of practice can be found here.
