Real estate in Arizona have been fairly on average in the past few months of the year – but still a lot of local markets are suffering or haven’t been on the good level ever since. Last year, a report from NBCNews.com shares Arizona being one of states that were badly hit during the housing markets’ downfall. Despite a home price improvement from July 2011-July 2012, Arizona has actually fall down its home prices to 49.9% from July 2007- July 2012.
Due to unstable market conditions, some agents become rogue realtors and take advantage of clients and customers who are not familiar with the legal procedures and transaction of property marketing and buying. Thus, a lot of clients fall victim to this rogue real estate agents. These rogue agents do what it takes to earn and profit more from the client – disregarding their legal duties and responsibilities as licensed agents.
On doing this, they actually fail to comply with the Arizona Real Estate Code of Ethics.
But what exactly is the AZ’s RE Code of Ethics?
The Real Estate Code of Ethics was recently updated and published by the Arizona Association of Realtors, effective January 1, 2013. It was established to show the obligations of real estate agents in the states – which may consists of obligations higher than what the law mandates in Arizona. Every realtor agents in the state should actually be aware of this – considering that it is part of their Arizona real estate continuing education course credit to complete their license renewals.
Let’s have a quick look of the 17 articles of the Code of Ethics by Arizona and quickly define its importance in real estate marketing and the agents involved.
- Article 1-9 – Duties to Clients and Customers
- Articles 1-9 discuss the duties and responsibilities of real estate agents to their clients and customers in the state. It reminds them of their obligations when representing a buyer, a seller, a landlord or a tenant and is solely related to them to protect their interests. It also reminds them of all the limitations, the rights of the clients / customers as well as their rights as the realtor agents.
- Article 10-14 – Duties to the Public
- Articles 10-14 discuss the duties and responsibilities of the agents to the public when performing real estate negotiations, transactions, deals and marketing strategies. It also includes other public information they should be open to share to the public as well as know what should remain confidential. It also tackles discrimination to any aspect of life to be a factor in either buying or selling a property.
- Article 15-17 – Duties to Realtors
- Articles 15-17 mainly discuss the equality and fair treatment of realtors to other real estate agents in and outside the state. It also states the limits of sharing information to one another, unless there is a specified agreement of both with the advice of their client / customer. Business should remain fair for both, and a healthy competition should exist.
However skilled and effective real estate agents are – their success should also include legal duties and responsibilities that will also help them define themselves as professionals. Like the Code of Ethics in the state of Arizona, other states also have their own set of ethical requirements – providing credibility and reliability to any agent of the state.