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In fact, with regard to the real estate transaction you describe, there IS a Code of Ethics that covers that very thing.
Sorry justnancy - apples and oranges
Not true. That's why so many people got mortgages that were interest only and option ARM loans. A lot of people are now losing their homes because they weren't very good in math and a broker said "trust me."
I used to sell cars. I know all the games the people in finance play. It is only after the fact that laws are passed to protect the consumer. For example, in Florida all agents need to take a Senior Ethics course. Why? Because a financial planner sold an annuity with a 15 year surrender charge to a couple in their 80s.
The National Association of REALTORS has a Code of Ethics that a consumer can file an Ethics complaint against a real estate agent for actions such as you described. They can also file a complaint with their State regulatory agency and go after the agents license.
The National Association of REALTORS has a Code of Ethics that a consumer can file an Ethics complaint against a real estate agent for actions such as you described. They can also file a complaint with their State regulatory agency and go after the agents license.
"REALTOR" is an organization that a real estate agent or broker can choose to join by paying dues. National Association of Realtors has no bearing on state law. No agent is require to join. I know, I also had a real estate license. (although I did pay the dues)
Anyway, an agent works for a broker. Agents don't sell to the public. When you are buying a home from an agent, you are actually buying it from an agent of the broker or developer. Regarding a mortgage, no real estate person would be sued or lose his license because of a mortgage. It's a totally separate transaction. I suppose if you ran a scam where you referred people to an unethical lender and got a kickback, which is illegal, then that would be true.
"REALTOR" is an organization that a real estate agent or broker can choose to join by paying dues.
I understand that. I am a former President of my State's Association of REALTORS and am a member of the Board of Directors of the National Association of REALTORS.
To be a REALTOR, you first have to have a real estate license. And, if you do join, you can call yourself a REALTOR - you also agree to abide by the Code of Ethics of the National Association of REALTORS. In the United States, over 95% of those real estate licensees that sell residential real estate are, and can call themselves, REALTORS
And did you know, that all 50 states laws are actually based on the REALTOR Code of Ethics? Yep, they are.
To be a REALTOR, you first have to have a real estate license. And, if you do join, you can call yourself a REALTOR - you also agree to abide by the Code of Ethics of the National Association of REALTORS.
Baloney. You are either ethical or you're not. I paid my dues and promised not to be a scumbag. I'm sure Bernie Madoff did that when he got his SEC licenses.
Baloney. You are either ethical or you're not. I paid my dues and promised not to be a scumbag. I'm sure Bernie Madoff did that when he got his SEC licenses.
JustNancy - You are very rude. I gave you FACTUAL and correct information and you start off with "Baloney" -
Well, let me say, inasmuch as you were a used car salesperson, a real estate agent, now an insurance agent - it seems you have some difficulty deciding what to do when you grow up.
JustNancy - You are very rude. I gave you FACTUAL and correct information and you start off with "Baloney" -
Well, let me say, inasmuch as you were a used car salesperson, a real estate agent, now an insurance agent - it seems you have some difficulty deciding what to do when you grow up.
Try not to be so rude in the future - OK?
That's a riot. First of all, I didn't say "used car" and having different licenses certainly doesn't say anything negative about a person, only that she went back to school to become better educated. I know very few people who have stayed in the same profession for 40 years. I am certainly not doing to defend myself by seeking a variety of opportunities. If I had trouble finding work today, I might learn to fix computers or maybe I'd get a hack license. Honest work is nothing to scoff at, but apparently you feel it is.
That's a riot. First of all, I didn't say "used car" and having different licenses certainly doesn't say anything negative about a person, only that she went back to school to become better educated.
You are still a very rude person.
And, just and FYI - there is a difference - often times a LARGE difference, between what the law requires, and what a code of ethics require. In the case of REATLORS, the COE requirements are HIGHER than any state law.
That is a fact.
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(although I did pay the dues) 
