Change to Code of Ethics Standard of Practice 1-15

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Real Estate Agent with Waller Group

Standard of Practice 1-15 has been amended effective Jan 2009 and now reads: 

"REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers' approval, disclose the existence of offers on the property.  Where disclosure is authorized, REALTORS® shall also disclose, IF ASKED, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker."

The words "if asked" is what has changed.

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Rainer
265,248
South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

Personally, from a buyers agent standpoint this may not be such a bad idea.  Of course its all in knowing which questions to ask.  :)  Thanks for the update Richard.

Jan 14, 2009 06:56 AM #1
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Steve Shatsky
Prudential Texas Properties - Dallas, TX
Dallas Real Estate & Short Sale Specialist (214)213-0340

Hi Richard... this is a good example of why Buyers should find a "sharp" buyer's agent and sign a buyer's represenatation agreement.  Someone unfamiliar with what to ask in these circumstances might not have the most strategic information on which to base their guidance to their buyer client.

Jan 14, 2009 09:47 PM #2
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Ed Newman
Alamo Infrared Energy Audits & Building Evaluations - Riverton, UT

I find this very interesting - thanks for sharing the post

Oct 09, 2010 02:41 PM #3
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Richard Weeks
Waller Group - Dallas, TX
Realtor, Associate Broker - Manager Business Development
Thank you for thanking me, and I hope you got something of benefit and that  you will pass it on to others
Oct 09, 2010 07:00 PM #4
Anonymous
cindi sharma

Hello Mr. Weeks,

Shouldn't the listing agent relay all offers to the buyer agent if the buyer's agent' client put an offer on that the listing agents listing? Shouldn't the buyers know that there are other offers on a home that they put an offer in on? and how much?

 

Thanks in advance,

Cindi Sharma

Feb 01, 2011 11:28 PM #5
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Richard Weeks

Realtor, Associate Broker - Manager Business Development
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