Last November, the National Association of REALTORS® Board of Directors and Delegate Body approved changes to Article 4 of the Code of Ethics. While this duty previously existed, the changes provide needed clarity for REALTORS® to disclose in writing if they have a present or contemplated interest in a property for sale or lease. A new standard of practice further clarifies that the duty to disclose applies when REALTORS® represent themselves, a member of their immediate family, their firm or any broker or agent thereof, or an entity in which the REALTOR® or the REALTOR®’s immediate family has a legal interest. REALTORS® are not required to disclose the identity of the client or customer nor the specific nature of the interest. The changes were effective January 1, 2025. Here is text of the new Article 4:
REALTORS® who have a present ownership interest in property for sale or lease, or contemplated interest to purchase or lease property, must disclose in writing the existence of such interest to all parties to the transaction prior to a party signing any agreement.