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Clarification of New Agency Disclosure Form

S. Anthony Gatto, Esq., NYSAR Director of Legal Services The State of New York, Department of State (DOS) has advised NYSAR that DOS will issue a Memorandum clarifying numerous issues raised by NYSAR concerning the new agency disclosure form (Form). The DOS Memorandum is designed to supplement the DOS letter dated December 21, 2006. DOS has indicated that several of the issues clarified in the Memorandum will be addressed in a technical amendment bill later this year. This article provides provisional guidance regarding the proper utilization of the "new form" based upon NYSAR's discussions with DOS. NYSAR will supplement or revise this guidance, as appropriate, based upon further developments.

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2007 Disclosure Memo from Department of State - DOS

Acts as a policy guide and statement for the new 2007 disclosure form

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Professionalism in the Real Estate Practice

The Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS® is universally recognized by lawyers and laymen alike as the measure of professionalism in real estate. It does not describe the lowest common denominator of permissible performance as do the licensing laws of several states. Rather, it describes the optimum performance the public has the right to expect and makes that performance the norm for REALTORS®.
But, as the real estate marketplace is a dynamic, demanding environment, so the Code is, has been, and will continue to be a demanding and dynamic document; a plan for professionalism in real estate capable of including and accommodating every change, challenge, and controversy which arises.

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Code of Ethics

Where the word REALTORS® is used in this Code and Preamble, it shall be deemed to include REALTOR-ASSOCIATES®. While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence.

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Grievance and Arbitration Manual

A Manual for use by Member Boards of the National Association to ensure due process in the conduct of hearings to enforce the Code of Ethics and in the arbitration of business disputes arising out of the real estate business. Professional standards procedures of Member Boards must reflect substantively the approved due process policies and procedures of this Manual in order to ensure Board entitlement to coverage by the Professional Liability Insurance Policy of the National Association in litigation involving the Board in connection with Board enforcement of the Code of Ethics, provided that such policies and procedures are consistent with applicable state law.

NOTE: Large file size - 334 pages. Download only with Broadband connection.

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Policy Related to Implementation of Board of Choice

The primary board of affiliation elected by a REALTOR® must be in the state where the REALTOR® is licensed and maintains his/her principal place of business. Licensees affiliated with a REALTOR® firm may choose as their "primary" board any board in the state where the firm maintains a "Designated" REALTOR®.

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Commonly Asked Questions on Board of Choice

1. What is Board of Choice?

Under previous jurisdictional policies of the National Association, REALTORS® were required to join the board where their principal place of business is located, prior to joining any other board. The "Board of Choice" concept allows REALTORS® to choose the board to which they want to belong on the basis of the factors they decide are most important rather than being limited by office location or jurisdictional boundaries. At the same time, services of other boards are available without the necessity of holding membership in those boards.

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MLS Listing Handbook

This Handbook is intended to guide member associations of Realtors® in the operation of multiple listing services consistent with the policies established by the National Association’s Board of Directors.

The Handbook includes model enabling provisions for insertion in association bylaws authorizing establishment of a multiple listing service and bylaws and rules and regulations for MLSs which will permit optimum service and efficiency.

NOTE: Large file size - 125 pages. Download only with Broadband connection.

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