by: Jay Frazier
The REALTOR Code of Ethics now recognizes land brokerage as a unique discipline within real estate. We’ve known for years that this market niche is unique because we’ve built our business on it. The changes to Article 11 are shown below. You will see that Land Brokerage was added to the list of specific real estate disciplines.
Revised Article 11
The services which REALTORS® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.
REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/10)
That REALTORS are expected to be competent in their chosen market niche is evident in this article as well. We serve buyers and sellers of rural properties and focus our entire business on just that. Wisdom accumulated over years of concentrating on this niche gives our clients every advantage in the rural real estate market.
We enthusiastically applaud this change to the Code. Land brokerage is something that savvy consumers have long recognized as a “specific discipline” – it’s nice to finally have our profession officially acknowlege it.