About This Chapter
Real Estate Ethics & Professional Responsibility - Chapter Summary
Imagine handing a $50,000 check to someone you don't trust! Real estate professionals deal with large sums of money and private information nearly every day. They agree to abide by certain ethical standards when becoming licensed. The lessons in this chapter will outline those codes, duties, and responsibilities as they relate to clients, the community, and the law. Topics include:
- An overview of ethics and its role in the real estate profession
- The Realtor Code of Ethics: duties to clients and the community
- Due diligence and good faith
- Identifying the unauthorized practice of law and its consequences
Expert instructors and engaging videos make learning the topics in this real estate ethics chapter easy and fun. View the lessons in any order you like, and use the Timeline feature to review an individual topic without watching the entire video again. The written transcripts are great for a quick review or to look up key terms in a lesson. When you have completed a lesson, take the brief multiple-choice quiz to see how much you have learned. If you have a question at any point during the chapter, just send a message to our subject matter experts. They'll be happy to help!
1. Real Estate Ethics: Importance & General Concepts
What are ethics and why are they important in real estate practice? This lesson provides an overview of ethical standards in the work of real estate professionals as well as penalties for unethical behavior.
2. The Realtor Code of Ethics: Duties to Clients
Ethical practice is essential in real estate transactions. In this lesson, you'll learn about the duties that real estate salespersons and brokers owe to clients pursuant to the code of ethics developed by the National Association of Realtors.
3. The Realtor Code of Ethics: Duties to the Public
The Code of Ethics protects the buying and selling public. This lesson summarizes the standards of practice and duties related to the public adopted by the National Association of REALTORS.
4. Duty Of Good Faith & Due Diligence in Real Estate Transactions
The duty of good faith and the concept of due diligence are important in real estate transactions. In this lesson, you'll learn about each of these concepts with some illustrative examples to help along the way.
5. Unauthorized Practice of Law: Definition & Consequences
This lesson will explore how the 'unauthorized practice of law' concept limits who can act as an attorney. The consequences for those who engage in unauthorized practice of law will also be examined. A brief quiz follows the lesson.
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Other chapters within the Real Estate Exam Prep course
- Forms of Property Ownership
- Encumbrances in Real Estate
- Land Use & Regulations
- Land Descriptions & Surveys
- Transfer of Real Property
- Fair Housing & Consumer Protection
- Contracts In Real Estate Transactions
- Role of Agencies in Real Estate
- Property Valuation & Appraisal
- Real Estate Investment & Analysis
- Disclosures of Property Conditions
- Real Estate Financing
- Real Estate Closing & Settlement Procedures
- Leases & Property Management
- Principles of Practicing Real Estate
- Real Estate Exam Prep Flashcards