What Is The National Association of Realtors Code of Ethics?

The National Association of Realtors (NAR), is a trade association of real estate professionals.  It has a code of ethics, first adopted in 1913, and was one of the first codifications of ethical duties adopted by any business group.

The code ensures that consumers are best served when NAR members co-operate with each other to further clients’ best interests.

The leadership of the NAR has devised the code and it is frequently revised and updated.

It is not the result of any legislation, nor subject to approval by any legislative body.

You need to know – What is a tenancy at sufferance?

YouNeedToKnowWeb500A tenancy at sufferance is a nonfreehold estate where the tenant has possession of the property with no agreement with the landlord

A common example of a tenancy at sufferance is where a tenant remains in possession of the property after a lease has expired

A tenancy at sufferance can be terminated by either by the landlord or tenant without notice in which case the tenant would owe the landlord the fair market rent for the period of occupancy

You need to know – What is mutual recognition?

YouNeedToKnowWeb500Mutual recognition is the way that the Florida Real Estate Commission (FREC for short) recognizes the  education that a licensee has completed in another state.

In order to qualify for mutual recognition an individual must:

  • be licensed in one of the states that Florida has entered into an agreement with
  • be a non-resident of Florida
  • take a 40 question law-specific examination

You need to know – You should read…Florida Statute 475 for free!

YouNeedToKnowWeb500At a presentation from the folks at the DBPR who manage the state examination we learned that students are encouraged to read the statute that governs Florida real estate licensing

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