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 – What are the bundle of rights?

YouNeedToKnowWeb500There are four legal rights of ownership of real property; these are known as the bundle of rights:

  • Disposition – the right to sell the property
  • Use – the right to quiet enjoyment of the property (that is, its use) without being disturbed and the right to determine how the property is used
  • Possession – the right to occupy the property
  • Exclusion – the right to prevent others from using the property

Each of these rights can be transferred independently; for example if an owner grants a lease to a third party, the right to possession is being transferred for the duration of the lease