The National Association of REALTORS adopted changes to the REALTOR Code of Ethics at the Annual Convention held in San Diego, CA in November of 2021. These changes are effective January 1, 2022.
Article 1, Standard of Practice 1-8 is amended as follows, (underscoring indicates additions; strikeouts indicate deletions):
REALTORS®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. Upon the written request of the Listing broker who submits a counter-offer to the buyers/tenants broker, the buyers/tenants broker shall provide, as soon as practical, a written affirmation to the listing broker stating that the counter offer has been submitted to the buyers/tenants, or a written notification that the buyers/tenants has waived the obligation to have the counter-offer presented. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a preexisting contract has been terminated.
Article 12, Standard of Practice 12-1 is amended as follows, (underscoring indicates additions, strikeouts indicate deletions):
Unless they are receiving no compensation from any source for their time and services, REALTORS® may use the term “free” and similar terms in their advertising and in other representations only if they clearly and conspicuously disclose:
1) by whom they are being, or expect to be, paid;
2) the amount of the payment or anticipated payment;
3) any conditions associated with the payment, offered product or service, and;
4) any other terms relating to their compensation.
REALTORS® must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the REALTOR® will receive no financial compensation from any source for those services.