My guess is that most home buyers or sellers, whether in Mooresville, the greater Lake Norman area or throughout North Carolina, know very little if anything about:
- The State of North Carolina’s laws related to real estate
- The National Association of REALTORS Code of Ethics
Yet it is these three sets of rules that define in great detail how real estate professionals (REALTORS) are to do their jobs properly, legally and ethically. And most importantly, they are in place to insure that all home buyers and sellers are protected by outlining the consequences if a real estate agent violates their legal and ethical duties.
THE TEN DEADLY SINS OF REALTORS*
- Thou shall not lie the consumer
- Thou shall not badly represent your client
- Thou shall not consider yourself more important than the consumer
- Thou shall not be incompetent
- Thou shall not give or accept bribes for leads
- Thou shall not commit loan fraud
- Thou shall not treat people unequally
- Thou shall not practice law
- Thou shall not fool around with other people’s money
- Thou shall not allow agents to do dumb things
*From Priscilla G Senecal, instructor for the Mingle School of Real
Each one of these “sins” is backed up by extensive legal and ethical codes which, if violated by a real estate agent, could result in suspension, loss of license, fines and even jail time.
The easiest way to summarize all of these laws and codes for me is to picture the person I love most in my life and imagine that I am representing him or her every time I am working with a buyer or seller.
Every time you work with a Realtor you should expect nothing less!
This is part one of a series in which I will discuss and give real life examples of each of the “Deadly Sins” to help you better understand them and in turn empower you to be a smarter home buyer or seller.