SECTION 1: General Duties to the Public and Industry
SECTION II: Specific Duties to Clients and Customers
SECTION III: Duties to Fellow Licensees
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
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 affecting
property 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 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.
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)