Registry No. 1743-16 

NATIONAL RECOVERY ADMINISTRATION 

PROPOSED CODE OF FAIR COMPETITION 

FOR THE 

REAL ESTATE BUSINESS 

REAL ESTATE AND INSURANCE BROKERAGE 

BUSINESS 

REAL ESTATE AND BUILDING MANAGEMENT 

BUSINESS 

REAL ESTATE MORTGAGE BUSINESS 

LAND DEVELOPMENT AND HOME BUILDING 

BUSINESS 

REAL ESTATE APPRAISING BUSINESS 

AS SUBMITTED ON SEPTEMBER 1, 1933 

The Code for the Real Estate Trade 

in its present form merely reflects the proposal of the above-mentioned 

industry, and none of the provisions contained therein are 

to be regarded as having received the approval of 

the National Recovery Administration 

as applying to this industry 

UNITED STATES 

GOVERNMENT PRINTING OFFICE 

WASHINGTON: 1933 

For sale by the Superintendent of Documents, Washington, D.C. • • • • • - - - Price 5 cents 
SUBMITTED BY 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS 

(II) 
• 

TABLE OF CONTENTS 

Letter of Transmittal and General Code Affecting Real E i:: tate _________ _ 

Supplementary Codes: 

Letter of Transmittal and Real Estate and Insurance Brokerage Business Code _______________ ___ _____ __________________________ _ 

Letter of T ran. mittal and Real Estate and Building Management Business Code _____________________________ ___ _____________ _ 

Letter of Transmittal and Real Estate Mortgage Business Code ___ _ _ Letter of Transmittal and Land Development and Home Building Business Code _____________________________________________ _ 

Letter of Transmittal and Code for the Profession and Business of 

Real Estate A pp raising ______________ ______________ ___ __ ____ _ 

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NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, . Chicago, August 30, 1933. 

NATIONAL RECOVERY ADMINISTRATION, 

Control Division, Washington, D.C. 

GENTLEMEN: In submitting a General Code Affecting Real Estate, and supplementary codes for its several divisions, the National Association of Real Estate 

Boards has endeavored to cover the activities of its own membership and, in 

addition, to provide a basis upon which other associations or groups having similar 

or allied interests and activities might cooperate for the best interests of all. The 

definition of representation on the General Code Committee and the methods of 

the election of its members have been temporarily omitted until such time as 

they can be worked out between the interested groups and the Administration. 

Real estate has frequently been estimated to comprise at least one half of our 

national wealth. In spite of its importance, however, real-estate methods are 

generally unstandardized. The National Association of Real Estate Boards is 

the only articulate nation-wide body representing real estate in all of its branches. 

The Association believes that a great opportunity exists at this time to standardize 

and coordinate the work that it is doing and the work that is being done by several 

other national associations covering important but restricted fields, such as the 

National Association of Building Owners and Managers, Mortgage -Bankers 

Association of America, the National Association of Apartment House Owners, 

and others. 

Because of lack of coordination, there has not been sufficient planning with 

respect to the production of improvements and their adjustment to current needs. 

As a consequence we have periods of feast and famine. Lack of coordination 

has also produced costs that are frequently excessive and that are an obstacle to 

home ownership. The present crisis offers an opportunity for the major interests 

and activities in the real-estate field to work together for more intelligent development of sites, better planning and construction, sounder financing methods, and 

more productive management. 

In addition to this General Code the Association has filed five supplementary 

codes, covering the fields of land development and home building, mortgage 

financing, brokerage, management, and appraising. With each of these codes is 

a letter of transmittal outlining briefly the particular problems which exist in that 

field. The problems outlined in these letters can not be solved separately but 

only in the light of their relationship to one another and the whole field of realestate activity. We believe this General Code offers the framework within which 

such solutions can be worked out. 

Very truly yours, 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, 

By W. C. MILLER, President, 

J. W. CREE, Jr., Chairman Code Committee. 

(V) 

GENERAL CODE AFFECTING REAL ESTATE 

ARTICLE I-PURPOSE 

This code is established in order to effectuate the policy of Title I 

of the National Industrial Recovery Act, by increasing purchasing 

power through the payment of fair wages to employees, by limiting 

hours of labor, increasing, spreading, and sustaining employment, 

eliminating unfair practices, and restoring prosperity to all those 

concerned. 

ARTICLE 2-DEFINITIONS 

Real Estate.-Land, land and improvements, or improvements. 

Interests and activities.-Operation of real estate, by an owner, to 

which this code is applicable and the substantial engagement as principal, fiduciary, agent or counselor in the sale or leasing of real estate, 

renting and management of real estate, brokerage of insurance connected with the ownership and operation of real estate, subdivision 

and development of real estate including erection of dwellings thereon, 

making, negotiating, and servicing of mortgages on real estate, and 

appraisal of real estate. 

Member.-Any individual, partnership, association, trust, or corporation subscribing to or coming under the control of this code. 

General Real Estate Code Committee.-The Committee charged with 

responsibility and authority to administer this code under the direction of the National Recovery Administration. 

Subcommittees.-Committees elected by cooperating groups or 

associations, responsible and subject to the General Real Estate Code 

Committee. 

Effective Date.-The second Monday after this code shall have been 

approved by the President of the United States. 

ARTICLE 3-SUPPLEMENTARY CODES 

Supplementary codes of fair competition may be prepared and 

incorporated in this code when approved by the General Real Estate 

Code Committee and the National Recovery Administration for the 

following divisions and any other divisions that may be developed: 

1. Brokerage of Real Estate and of Insurance connected with the 

ownership and operation of Real Estate. 

2. Real Estate and Building Management. 

3. Making, Negotiating, and Servicing of Mortgages. 4. Land Development and Home Building. 

5. Real Estate Appraising. 

(1) 
2 

ARTICLE 4-MAXIMUM HOURS, MINIMUM WAGES 

On and after the effective date of this code, maximum hours and 

rate of minimum wages shall be as follows: 

Maxi- Minimum weekly wage 

mum Occupation hours 250,000 2,500 Towns under 2,500 

per Over to to week 500,000 500,000 250,000 

------

Clerical employees, not including 40 $15.00 $14.50 $14.00 $12.00 

executives. 

Junior office employees who are 40 12.00 11. 50 11. 00 9.00 

learning the business, 19 to 20 All wages in towns of less years of age, inclusive. Junior office employees who are 40 10.00 9.50 9.00 7.00 than 2,500 population 

learning the business, 16 to 18 to be increased by not 

years of age, inclusive. less than 20% provided 

Office-building and business-prop- 48 15.00 14.50 14.00 12.00 that this shall not re- quire wages in excess erty operating employees. of amounts shown in Apartment-, industrial-, and loft- 54 15. 00 14.50 14. 00 12.00 next column to the building-operating employees work left. ing regular consecutive hours. 

Land-development and land-main- 40 15.00 14.50 14.00 12.00 

tenance employees. Home-building employees ___________ 40 16.00 15. 60 15.20 14.80 

1. In the event that a state law specifies a lower maximum number 

of hours or a higher minimum wage for any type or class of employees 

than is herein provided, no employees may be employed for more than 

the maximum number of hours or for a wage which is less than the 

minimum wage provided in such state law within that state. 

2. When hours worked per week are less than maximum hours 

shown, the mirumum rate per hour _shall be determined by dividing 

the minimum rate per week by the maximum hours. 

3. Employees may be employed in excess of maximum hours shown 

in case of emergency maintenance and repair work if time and a 

third is paid for all hours in excess of maximum. 

4. In the District of Columbia and the following states, Maryland, 

West Virginia, Virginia, North Carolina, South Carolina, Georgia, 

Florida, Alabama, Mississippi, Louisiana, Texas, Oklahoma, Arkansas, Tennessee, and Kentucky, all rates shown shall be reduced by 10%. 

5. Land-development, land-maintenance, and home-building employees' hours in excess of the maximum shown may be worked at the 

regular rate per hour to compensate for time lost through climatic 

conditions, provided that not over 8 hours in any day, 48 hours in 

any week, nor an average of over 40 hours per week any six months 

period shall be worked. 

6. Due to seasonal variations, clerical and junior office employees 

may be worked more than 40 hours per week, but not to exceed 48 

hours per week at regular wages provided the total hours worked in 

any 6 months period shall not exceed an average of 40 hours per week. 

7. Salesmen, solicitors, and rental men working a major part of 

their time outside of the office, and building managers, caretakers, or 

custodians, whose chief remuneration is free rent of quarters occupied, 

are exempt under this code as to the provisions of hours and wages. 

8. Apartment employees, including janitors, managers, custodians, 

caretakers, and others whose duties are such that they cannot work 

consecutive hours but require intermittent attendance, and watchmen 
3 

of all kinds shall not be subject to any maximum hours limitation, 

but shall have their present wages increased by not less than twenty 

percent, provided that this shall not require wages in excess of the 

minimum set out above for consecutive hours apartment operating 

employees for cities of different sizes. 

ARTICLE 5-LABOR RELATIONS 

Employees shall have the right to organize and bargain collectively 

through representatives of their own choosing, and shall be free from 

the interference, restraint, or coercion of employers of labor, or their 

agents, in the designation of such representatives or in self-organization or in other concerted activities for the purpose of collective 

bargaining or other mutual aid or protection. 

No employee and no one seeking employment shall be required as a 

condition of employment to join any company union or to refrain 

from joining, organizing or assisting a labor organization of his own 

choosing. 

Employers shall comply with the maximum hours of labor, minimum rates of pay and other conditions of employment, approved or 

prescribed by the President. 

After the effective date no member shall employ any person under 

sixteen years of age; provided, however, that where a state law specifies a higher minimum age, no person below the age so specified by 

such law shall be employed within that state. 

The right of employer and employee to bargain together free from 

interference by any third party shall not be affected by this code. 

ARTICLE 6~GENERAL UNFAIR COMPETITIVE PRACTICES 

Under this code any of the practices contained in the supplementary 

codes of the several divisions of Real Estate, now filed or as subsequently filed or amended, shall be considered unfair and shall constitute a violation of this code. 

ARTICLE 7-COMMISSIONS AND FEES 

Uniform minimum commissions and fees shall be established by 

local associations or subcommittees in accordance with local custom 

and practice. If such schedules of minimum commissions and fees 

established by local associations or subcommittees are submitted to 

the General Real Estate Code Committee and are by it approved, they 

shall thereupon become a part of this code. Until such commissions 

and fees shall have been so established, the present minimum schedules now in effect in the various communities shall continue. 

ARTICLE 8-COLLECTION OF DATA 

The General Real Estate Code Committee shall have authority to 

make surveys and to compile such reports as it may deem necessary 

for the accomplishment of the purposes of the National Industrial 

~ecover~ Act .. The Committee may also collect such statistics and 

mformat10n as 1t may deem desirable in order to develop recommendations for the improvement of real estate interests and activities and 

may assess against all members, equitably, the expenses incident to 
4 

the administration of this code under such rules and regulations as 

may be approved by the President under Section 10-Z of Title I of the 

National Industrial Recovery Act. 

ARTICLE 9-GENERAL PROVISIONS 

No provisions of this code shall be interpreted or applied in such 

manner as to promote a monopoly or to eliminate or oppress small 

enterprises and will not operate to discriminate against them and 

will tend to effectuate the policy of Title I. 

This code may be amended from time to time by the General Code 

Committee subject to the approval of the President. 

The President may from time to time cancel or modify any order, 

approval, license, rule, or regulation issued under Title I of the 

N .I.R.A. and any of the provisions of this code shall from time to time 

be cancelled or modified to the extent necessary to conform thereto. 

To the extent required or permitted by or under the provisions of 

Title I of the National Industrial Recovery Act, the provisions of this 

code shall apply to and be binding upon every member whether or not 

the member shall have signed an agreement to comply with this code. 

ARTICLE 10-ADMINISTRATION 

The Administration of this code shall be vested in a committee to 

be known as the General Real Estate Code Committee, which shall 

consist of representatives elected so as to give representation to the 

interests and activities involved and to the various sections of the 

United States. (Number of members and methods of appointment 

or election to be added as soon as the details can be worked out by 

the cooperating groups or associations, and approved by the Administration). This Committee shall have the authority and powers 

conferred upon it in this code and such other powers and duties as 

may be necessary to administer the code. The Committee may hear 

complaints against members arising out of alleged violations of this 

code or of the National Industrial Recovery Act and may cause 

such con1pla.ints to be arbitrated and may initiate proceedings before 

the appropriate governmental agencies to prevent or to punish such 

violations. 

Subcommittees.-Subcommittees may be appointed by local groups 

or associations for specific purposes with the approval of the General 

Real Estate Code Committee, which committee shall appoint one of 

its own members as an ex-officio member of such subcommittee. 
CODE OF FAIR COMPETITION FOR THE REAL ESTATE 

AND INSURANCE BROKERAGE BUSINESS 

A SUPPLEMENTARY CODE UNDER THE GENERAL CODE AFFECTING 

REAL ESTATE FILED BY THE NATIONAL ASSOCIATION OF REALEST ATE BOARDS 

ARTICLE 1-PURPOSE 

This code is established in order to effectuate the policy of Title I 

of the National Industrial Recovery Act, by increasing purchasing 

power through the payment of fair wages to employees, by limiting 

hours of labor, increasing, spreading, and sustaining employment, 

eli1ninating unfair practices, preventing the destruction of capital 

assets, and restoring prosperity to all those concerned. 

This code is one of a number of supplementary codes covering 

various divisions of the real-estate business. It has been filed as a 

supplementary code to assist the Administration in bringing together 

under one coordinated plan the various national groups and associations of interests and activities affecting real estate. 

ARTICLE 2 - DEFINITIONS 

Real Estate.-Land, land and improvements, or improvements. 

Insurance.-All forms of insurance pertaining to the ownership and 

operation of real estate. 

Brokerage business.-The selling or buying of real estate or interests 

therein for others for a commission or fee, or the counselling and advising on matters pertaining to real estate for a fee, or the leasing or 

renting of real estate for a commission or fee, or the selling of insurance 

for a commission or fee. 

Member.-Any individual, partnership, association, trust, or corporation subscribing to or coming under the control of this code. 

Interests and activities.-Operation of real estate by an owner, to 

which this code is applicable, and the substantial engagement as 

principal, fiduciary, agent, or counsellor in the sale or leasing of real 

estate; renting and management of real estate; brokerage of insurance 

connected with the ownership and operation of real estate; subdivision 

and development of real estate, including erection of dwellings 

thereon; making, negotiating, and servicing of mortgages on real 

estate; and the appraisal of real estate. 

National Real Estate and Insurance Brokerage Code Committee.-

The. Qommittee charged with the responsibility and authority to 

administer this code under the direction of the National Recovery 

dministration. 

Subcommittees .-Committees elected by local groups or associations 

responsible and subject to the National Real Estate and Insnrance 

Brokerage Code Committee. 

(5) 
6 

ARTICLE 3-MAXIMUM HOURS, MINIMUM WAGES 

On and after the effective date of this code, maximum hours and 

rate of minimum wages shall be as follows: 

MaxiMinimum weekly wage 

Occupation mum Towns under 2,500 hrs. per 250,000 

week Over to 2,500 to 

500,000 500,000 250,000 

<Clerical employees, not including ex- All wages in towns of 

ecutives _______________________ ______ 40 $15. 00 $14.50 $14. 00 $12.00 less than 2,500 popuJunior office employees who are learn- lation to be increased 

by not less than 20%, ~ng th~ business, 19 to 20 yrs. of age, 

40 $12.00 $11. 50 $11. 00 $9.00 1nclus1ve ____________________________ provided that this ) shall not require Junior office employees who are learn- ~ng th~ business, 16 to 18 yrs. of age, wages in excess of 

40 $10.00 $9.50 $9.00 $7.00 1nclus1ve ________ ____________________ amounts shown in 

next column to the 

left. 

1. In the event that a state law specifies a lower maximum number 

of hours or a higher minimum wage for any type or class of employees. than is herein provided, no employees may be employed for 

more than the maximum number of hours or for a wage which is less 

than the minimum wage provided in such state law within that state. 

2. When hours worked per week are less than maximum hours 

shown, the minimum rate per hour shall be determined by dividing 

the minimum rate per week by the maximum hours. 

3. Employees may be employed in excess of maximum hours shown 

in case of emergency maintenance and repair work if time and a third 

is paid for all hours in excess of maximum. 

4. In the District of Columbia and the following states, Maryland, 

West Virginia, Virginia, North Carolina, South Carolina, Georgia, 

Florida, Alabama, Mississippi, Louisiana, Texas, Oklahoma, Arkansas, 

Tennessee, and Kentucky, all rates shown shall be reduced by 10%. 

5. Due to seasonal variations, clerical and junior office employees 

may be worked more than 40 hours per week but not to exceed 48 

hours per week at regular wages, provided the total hours worked in 

any 6 months' period shall not exceed an average of 40 hours per 

week. 

6. Salesmen, solicitors, and rental men working a major part of 

their time outside of the office, and building managers, caretakers, or 

custodians, whose chief remuneration is free rent of quarters occupied, 

are exempt under this code as to the provisions of hours and wages. 

ARTICLE 4-LABOR RELATIONS 

Employees shall have the right to organize and bargain collectively 

through representatives of their own choosing, and shall be free from 

the interference, restraint, or coercion of employers of labor, or their 

agents, in the designation of such representatives or in self-organization or in other concerted activities for the purpose of collective 

bargaining or other mutual aid or protection. 

No employee and no one seeking employ1nent shall be required as 

a condition of employment to join any company union or to refrain 
7 

from joining, organizing, or assisting a labor organization of his own 

choosing. 

Employers shall comply with the maximum hours of labor, minimum rates of pay, and other conditions of employment approved or 

prescribed by the President. 

After the effective date no member shall employ any person under 

sixteen years of age; provided, however, that where a state law 

specifies a higher minimum age, no person below the ago so specified 

by such law shall be employed within that state. 

The right. of employer and employee to bargain together free from 

interference by any third party shall not be affected by this code. 

ARTICLE 5.-GENERAL UNFAIR COMPETITIVE PRACTICES 

Under this code the following practices shall be considered unfair: 

1. Offering to transact or transacting business for a compensation 

which is determined on a basis less than the established rates under 

this code. 

2. Paying commissions or fees to or dividing commissions or fees 

with other than members substantially engaged in activities as set 

out in Article 2. 

3. Using any trade nan1e or insignia of membership in any organization unless entitled to use it. 

4. Acceptance of or charging any undisclosed commission, rebate, 

or profit on expenditures made for a principal. 

5. Seeking prospects or purchasers for real estate by offering the 

public free lots, lottery, contest prizes, or other similar inducements 

without adequate considerat10n therefore. 

6. Acting in the dual capacity of agent and undisclosed principal 

in any transaction. 

ARTICLE 6-COMMISSIONS AND FEES 

Uniform minimum commissions and fees shall be established by 

local associations or subcommittees in accordance with local custom 

and practice. If such schedules of minimum commissions and fees 

established by local associations or subcommittees are submitted to 

the National Real Estate and Insurance Brokerage Code Committee 

and are by it approved, they shall thereupon become a part of this 

code. Until such commissions and fees shall have been so established, the present minimum schedules now in effect in the various 

communities shall continue. 

ARTICLE 7-COLLECTION OF DATA 

The National Real Estate and Insurance Brokerage Code Con1-

mittee shall have authority to make surveys and to compile such 

reports as it may deem necessary for the accomplishment of the purposes of the National Industrial Recovery Act. The Committee 

may also collect such statistics and information as it may deem desirable in order to develop recon1mendations for the improvement of 

real_ estate interests and activities and may assess against all membersr 

eqmtably, the expenses incident to the administration of this code 

under such rules and regulations as may be approved by the President 

under Section 10-A of Title I of the National Industrial Recovery Act. 
8 

ARTICLE 8-GENERAL PROVISIONS 

No prov1s10n of this code shall be interpreted or applied in such 

manner as to promote a monopoly or to eliminate or oppress small 

enterprises and will not operate to discriminate against thein and 

will tend to effectuate the policy of Title I. 

This code may be amended from time to time by the National 

Real Estate and Insurance Brokerage Code Comnuttee subject to 

the approval of the President. 

The President may from time to time cancel or modify any order, 

approval, license, rule, or regulation issued under Title I of the 

T.I.R.A., and any of the provisions of this code shall from time to 

time be cancelled or modified to the extent nece sary to conform 

thereto. 

To the extent required or permitted by or under the provisions of 

Title I of the National Industrial Recovery Act, the provisions of 

this code shall apply to and be binding upon every me1nber whether 

or not the member shall have signed an agreement to comply with 

this code. 

ARTICLE 9-ADMINISTRATION 

The administration of this code shall be vested in a committee to 

be known as the National Real Estate and Insurance Brokerage Code 

Committee, which shall consist of six members, elected so as to give 

representation to the various sections of the United States, appointed 

by the Chairman of the Brokers Division of the National Association 

of Real Estate Boards and approved by the Board of Directors of the 

ational Association of Real Estate BoardJs. This Committee shall have the authority and powers conferred 

upon it in this code and such other powers and duties as may be 

necessary to administer the code, subject however to the approval of 

the General Real Estate Code Con1mittee as set up in the General 

Code Affecting Real Estate to which this Code is supplementary. 

The Committee may hear complaints agajnst meinbers arising out 

of alleged violations of this code or of the ational Industrja} Recovery Act and n1ay cause such complaints to be arbitrated and may 

initiate proceedings before the appropriate governmental agencies to 

prevent or to punish such violations. 

Subcommittees.-Subcommittees may be appointed by local associations for specific purposes, with the approval of the National Real 

Estate and Insurance Brokerage Code Committee, which committee 

shall appoint one of its own members as an ex-officio 1nember of such 

subcommittee. 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, 

Chicago, August 30, 1933. 

NATION AL RECOVERY ADMINISTRATION' 

Control Division, Washington, D. C. 

GENTLEMEN: In submitting this code of fair competition for the Real Estate 

and Insurance Brokerage Business, the Brokers Division of the National Association of Real Estate Boards desires to call the attention of the Administration to 

the fact that during the past five years the business of real estate brokerage has 

shrunk until today it is approximately only 10% of the 1928 volume, as shown 

by the tabulation of an exhaustive questionnaire sent to nearly 12,000 members 

of the National Association of Real Estate Boards in 502 cities of the United 

States. 
9 

Insurance, limited to that type of insurance which is written in connection 

with the ownership or operation of real estate, has for many years been handled 

by practically all real estate brokers. It is universally and necessarily a function 

<of the real estate broker and for that reason it has been included in this code. 

The Brokers Division of the National Association of Real Estate Boards is 

comprised of the national leaders in t his branch of the business and constitute 

the representative body of the whole Association in this field. Particular attention is called to the copy of a letter of transmittal accompanying 

the General Code affecting Real Estate, to which the Appraisers' Code is 

supplementary. 

Although at this time, in almost every case, the increased wages required by 

:the code submitted must come out of capital and not out of earnings, and al• 

though because of the service nature of the real estate business most of its 

<employment problems cannot be approached from the same angle as those of 

fodustry, this group in presenting its code has endeavored to meet the President's 

request in a manner calculated to materially assist the general recovery program 

<and pledges the utmost cooperation in the working out of any further necessary 

tdetails. 

Very truly yours, 

BROKERS DIVISION OF THE NATIONAL 

ASSOCIATION OF REAL ESTATE BOARDS, 

By H. CLIFFORD BANGS, Chairman. 

CODE OF FAIR COMPETITION FOR THE REAL ESTATE AND 

BUILDING MANAGEMENT BUSINESS 

A SUPPLEMENTARY CODE UNDER THE GENERAL CODE AFFECTING 

REAL ESTATE FILED BY THE NATIONAL ASSOCIATION OF REAL 

ESTATE BOARDS 

ARTICLE I-PU RPOSE 

This code is established in order to effectuate the policy of Title I 

of the ational Industrial Recovery Act, by increasing purchasing 

power through the payment of fair wages to employees, by limiting 

hours of labor, increasing, spreading, and sustaining employment, 

eliminating unfair practices, preventing the destruction of capital 

assets, and restoring prosperity to all those concerned. 

This code is one of a number of s'-:pplementary codes covering 

various divisions of the real estate business. It has been filed as a 

supplementary code to assist the Administration in bringing together 

under one coordinated plan the various national groups and associations of interests and activities affecting real estate. 

ARTICLE 2-DEFINITIONS 

Real Estate.-Land, land and improvements, or improvements. 

Real-Estate Management Business.-The leasing, renting, and 

management of real estate. 

Interests and Activities.-Operation of real estate by an owner to 

which this code is applicable and the substantial engagement as 

principal, fiduciary, agent or councillor in the sale or leasing of real 

estate, renting and management of real estate, brokerage of insurance 

connected with the ownership and operation of real estate, subdivision and development of real estate including erection of dwellings 

thereon, making, negotiating, and servicing of mortgages on real 

estate, and appraisal of real estate. 

Member.-Any individual, partnership, association, trust, or corporation subscribing to or coming under the control of this code. 

National Real Estate and Building Management Code Committee.-

The Committee charged with responsibility and authority to administer this code under the direction of the National Recovery 

Administration. 

Subcommittees.-Committees elected by cooperating associations, 

responsible and subject to the National Real Estate and Building 

Management Code Committee. 

Effective Date.-The second Monday after this code shall have 

been approved by the President of the United States. 

9128--33-3 (11) 
12 

ARTICLE 3-MAXIMUM HOURS, MINIMUM WAGES 

On and after the effective date of this code, maximum hours and 

rate of minimum wages shall be as follows: 

Max- Minimum weekly wage 

imum 

Occupation hours 250,000 2,500 Towns under 2,500 

per Over to to week 500,000 500,000 250,000 

Clerical employees, not including ex- ecutives ___ _____ _____________________ 40 $15.00 $14.50 $14.00 $12.00 All wages in towns of Junior office employees who are learning the business, 19 to 20 years of Jess than 2,500 popuage, inclusive __ ______ __________ ______ 40 12.00 11. 50 11. 00 9.00 Jation to be increased 

Junior office employees who are learn- by not less than 20% 

ing the business, 16 to 18 years of provided that this 

age, inclusive ________________________ 40 10.00 9.50 9.00 7.00 shall not require 

Office-building and business-property wages in excess of 

operating employees _____________ ____ 48 15. 00 14.50 14.00 12.00 amounts shown in 

Apartment-, industrial-, and loft- next column to the 

building operating employees work- left. 

ing regular consecutive hours ________ 54 15.00 14.50 14.00 12.00 

1. In the event that a state law specifies a lower maximum number 

of hours or a higher minimum wage for any type or class of employees, 

than is herein provided, no employees may be employed for more 

than the maximum number of hours or for a wage which is less than 

the minimum wage provided in such state law within that state. 

2. When hours worked per week are less than maximum hours 

shown, the minimum rate per hour shall be determined by dividing 

the minimum rate per week by the maximum hours. 

3. Employees may be employed in excess of maximum hours shown 

in case of emergency maintenance and repair work if time and a third 

is paid for all hours in excess of maximum. 

4. In the District of Columbia and the following states, Maryland, 

West Virginia, Virginia, North Carolina, South Carolina, Georgia, 

Florida, Alabama, Mississippi, Louisiana, Texas, Oklahoma, Arkansas, Tennessee, and Kentucky, all rates shown shall be reduced by 10%. 

5. Due to seasonal variations, clerical and junior office employees 

may be worked more than 40 hours per week but not to exceed 48 

hours per week at regular wages provided the total hours worked in 

any 6-month period shall not exceed an average of 40 hours per week. 

6: Salesmen, solicitors, and rental men working a major part of 

their time outside of the office, and building _map.ager$, caretakers, 

or custodians, whose chief remuneration is free rent of quarters 

occupied, are exempt under this code as to the provisions of hours 

and wages. 

7. Apartment employees, including janitors, managers, custodians, 

caretakers, and others whose duties are such that they cannot work 

consecutive hours but require intermittent attendance, and watchmen of all kinds shall not be subject to any ma:x;imum hours limitation 

but shall have their present wages increased by not less than twenty 

percent, provided that this shall not require wages in excess of the 

minimum set out above for consecutive hours apartment operating 

employees for cities of different sizes. 
13 

ARTICLE 4-LABOR RELATIONS 

Employees shal] have the right to organize and bargain collectively 

through representatives of their own choosing, and shall be free from 

the interference, restraint, or coercion of employers of labor, or their 

agents, in the designation of such representatives or in self-organization or in other concerted activities for the purpose of collective 

bargaining or other mutual aid or protection. 

No employee and no one seeking employment shall be required as 

a condition of employment to -join any company union or to refrain 

from joining, organizing or assisting a labor organization of his own 

choosing. 

Employers shall comply with the maximum hours of labor, n1inimum rates of pay and other conditions of employment, approved or 

prescribed by the President. 

After the effective date no member shall employ any person under 

sixteen years of age; provided, however, that where a State law specifies a higher minimum age, no person below the age so specified by 

such law shall be employed within that state. 

The right of en1ployer and employee to bargain together free from 

interference by any third party shall not be affected by this code. 

ARTICLE 5-GENERAL UNFAIR COMPETITIVE PRACTICES 

Under this code the following practices shall be considered unfair: 

1. Offering to transact or transacting business for a compensation 

which is determined on a basis less than t,he established rates under 

this code. 

2. Paying commissions or fees to or dividing commissions or fees 

with other than members substantially engaged in activities as set 

out in Article 2. 

3. Using any trade name or insignia of membership in any organization unless entitled to use it. 

4. Acceptance of or charging any undisclosed commission, rebate, 

or profit on expenditures made for a principal. 

5. Acting in the dual capacity of agent and undisclosed principal 

in any transaction. 

ARTICLE 6-COMMISSIONS AND FEES 

Uniform minimum commissions and fees shall be established by 

local associations or subcommittees in accordance with local custom 

and practice. If such schedules of minimum commissions and fees 

established by local associations or subcommittees are submitted to 

the Real Estate and Building Management Code Committee and are 

by it approved, they shall thereupon become a part of this code. 

Until such commissions and fees shall have been so established, the 

present minimum schedules now in effect in the various communities 

shall continue. 

ARTICLE 7-CoLLECTION OF DATA 

The National Real Estate and Building Management Code Committee shall have authority to make surveys and to compile such 

reports as it may deem necessary for the accomplishment of the 
14 

purposes of the National Industrial Recovery Act. The Committee 

may also collect such statistics and information as it may deem desirable in order to develop recommendations for the improvement of 

real estate interests and activities and may assess against all members, 

equitably, the expenses incident to the administration of this code 

under such rules and regulations as may be approved by the President 

under Section 10-A of Title I of the N atjonal Industrial Recovery Act. 

ARTICLE 8-GENERAL PROVISIONS 

No provisions of this code shall be interpreted or applied jn such 

manner as to promote a monopoly or to eliminate or oppress small 

enterprises and will not operate to discriminate against them and will 

tend to effectuate the policy of Title I. 

This code may be amended from time to tin1e by the General Code 

Committee subject to the approval of the President. 

The President may from time to time cancel or modify any order, 

approval, licence, rule, or regulation issued under Title I of the 

N .I.R.A. and any of the provisions of this code shall from time to 

time be cancelled or modified to the extent necessary to conform 

thereto. 

To the extent required or permitted by or under the provisions of 

Title I of the National Industrial Recovery Act, the provisions of 

this code shall apply to and be binding upon every member whether 

or not the member shall have signed an agreement" to comply with 

this code. 

ARTICLE 9-ADMINISTRATION 

The administration of this code shall be vested in a committee to 

be known as the National Real Estate and Building Management 

Code Committee, which shall consist of six members, elected so as 

to give representation to the various sections of the United States, 

appointed by the President of the Institute of Real Estate Management formerly the Property Management Division of the National 

Association of Real Estate Boards and approved by the Board of 

Directors of the National Association of Real Estate Boards. This 

Committee shall have the authority and powers conferred upon it. in this code and such other powers and duties as may be necessary 

to administer the code subject, however, to the approval of the 

General Real Estate Code Committee as set up in the General Code 

Affecting Real Estate to which this Code is supplementary. The 

Committee may hear complaints against members arising out of 

alleged violations of this code or of the National Industrial Recovery 

Act and may cause such complaints to be arbitrated and may initiate 

proceedings before the appropriate governmental agencies to prevent 

or to punish such violations. 

Subcommittees.-Subcommittees may be appointed by local groups. or associations for specific purposes with the approval of the National 

Real Estate and Building Management Code Committee, which 

committee shall appoint one ·of its own members as an ex-officio 

member of such subcommittee. 
15 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, August 29, 1933. 

NATIONAL RECOVERY ADMINISTRATION, 

Control Division, Washington, D.C. 

GENTLEMEN: In submitting this code of fair competition for the real-estate 

and building-management business, The Institute of Real Estate Manap;ement 

(formerly the Property Management Division) of the National Association of 

Real Estate Boards desires to call the attention of the Administration particularly 

to the following conditions existing in the business. 

The Institute of Real Estate Management of the National Association of Real 

Estate Boards is composed of those who are leaders in this branch of the business 

and constitutes the representative body of the whole Association in this field. 

Attention is called to the fact that a code covering the field of Office and Loft 

Building Industry has been filed by the National Association of Building Owners 

and Managers and that another code covering the field of Apartment Building 

Industry has been or will be filed by the same Association. Attention is also 

called to the fact that a code coverinp; the Apartment House Industry has been 

or will shortly be filed by the National Association of Apartment House Owners. 

The Institute of Real Estate Management and the National Association of Real 

Estate Boards as a whole have cooperated and desire to continue to cooperate 

v. ith the two associations mentioned above and any others that may be representative of the business, in the working out of final details of a code for the 

real-estate and building-management business. 

Particular attention is called to the attached copy of a letter of transmittal of 

a general code affecting real estate, regarding the coordination of the real-estate 

and building-management business and other interests and activities affecting 

real estate through this general code. 

Attention is also called to the fact that a rather unusual condition exists as to 

operating employees in the apartment-building field. Aft.er a very detailed and 

careful study of the situation it is our opinion that these operating employees 

should be divided into two general classes; those whose duties can be performed 

in regular and consecutive hours of labor, and those whose duties are such that 

they require intermittent but not continuous hours of larrr. 

In the first class are employees in those large buildinr;s where more than one 

person is normally employed. This type of employee is now generally working 

from ten to twelve hours per day, frequently seven days per week. The fiftyfour-hour week proposed for this class will require the employment of a great 

many more people and will add materially to the pay roll of buildings, most of 

which are in receivership or financial difficulty. In order to minimize the burden 

being placed upon the owners of these buildings at this time we hope that the 

Administration will give careful consideration to these facts and grant the maximum of fifty-four hours. 

In the second group are included the janitors, custodians, and managers of the 

tens of thousands of smaller apartment buildings in all of our cities, commonly 

referred to as "walk-up" apartments. The duties of these employees are such 

that they do not require continuous attention but because of the necessity of 

tending fires and showing vacant apartments to prospects usually require 

residence in the property. These buildings also are producing very little, if any, 

net income. Many are in receivership and financial difficulty. After careful 

and thorough discussion with owners and managers of this type of property from 

all over the United States, keeping constantly in mind the objectives of the 

Administration, we believe that this type of employees should not be subject to 

maximum-hour restrictions. It is a general practice in the smaller buildings for 

one janitor to service several buildings, often under several owners or agents. 

It is almost impossible to measure his work on an hour basis. The suggested 

arbitrary increase of not less than 20% in the present wages of this type of employee will effectuate the purposes of the N.I.R.A. and will greatly simplify 

administration of the code. Inasmuch as buildings of this type are common 

in all parts of the United States, the working out of the provisions for the employees servicing them is a problem of major importance. The fact that it was 

not originally included in the apartment house code of the National Association 

of Building Owners and Managers is probably due to the fact that most of the 

buildings represented by that organization are of the fireproof elevator type where 

it is practical to work employees on a consecutive-hour basis. Many of these 

buildings are located in New York and a few other large cities. 

Although at this time, in almost every case, the increased wages required by 

this code must come out of capital and not out of earnings, and although because 
16 

of the service nature of the real-estate and building-management business its employment problems cannot be approached from the same angle as those of industry, this group in presenting its code has endeavored to meet the President's 

request in a manner calculated to materially assist the general recovery program 

and pledges the utmost cooperation in the working out of any further necessary 

details. 

Very truly yours, 

THE INSTITUTE OF REAL ESTATE MANAGEMENT, 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, 

By KENNETH C. BROWN, President. 
CODE OF FAIR COMPETITION FOR THE REAL ESTATE 

MORTGAGE BUSINESS 

A SUPPLEMENTARY CODE UNDER THE GENERAL CODE AFFECTING 

REAL ESTATE FILED BY THE NATIONAL ASSOCIATION OF REAL 

EST A TE BOARDS 

ARTICLE I-PURPOSE 

This code is established in order to effectuate the policy of Title I 

of the National Industrial Recovery Act, by increasing purchasing 

power through the payment of fair wages to employees, by limiting 

hours of labor, increasing, spreading, and sustaining employment, 

eliminating unfair practices, preventing the destruction of capital 

assets, and restoring prosperity to all those concerned. 

This code is one of a number of supplementary codes covering 

various divisions of the real estate business. It has been filed as a 

supplementary code to assist the Administration in bringing together 

under one coordinated plan the various national groups and associations of interests and activities affecting real estate. 

ARTICLE 2-DEFINITIONS 

Real Estate.-Land, land and improvements, or improvements. 

Mortgage Business.-The making, negotiating, and servicing of 

mortgages on real estate. · Interests and activities.-Operation of real estate by an owner, to 

which this code is applicable a.nd the substantial engagement as 

principal, fiduciary, agent, or councillor in the sale or leasing of real 

estate, renting and management of real estate, brokerage of insurance 

connected with the ownership and operation of real estate, subdivision 

and development of real estate including erection of dwellings thereon, 

making, negotiating, and servicing of mortgages on real estate, and 

appraisal of real estate. 

Member.-Any individual, partnership, association, trust, or corporation subscribing to or coming under the control of this code. 

National Real Estate Mortgage Code Committee.-The Committee 

charged with responsibility and authority to administer this code 

under the direction of the National Recovery Administration. 

Subcommittees.-Committees appointed by cooperating groups or 

associations, responsible and subject to the National Real Estate 

Mortgage Code Committee. · Effective Date.-The second Monday after this code shall have been 

approved by the President of the United States. 

(17) 
18 

ARTICLE 3-MAXIMUM HOURS, MINIMUM WAGES 

On and after the effective date of this code, maximum hours and 

rate minimum wages shall be as follows: 

Maxi- Minimum weekly wage 

mum Occupation hours 250,000 Towns under 2,500 

per Over to 2,500 to 

week 500,000 500,000 250,000 

--

Clerical employees and field men; r ll w,go, in townsofl,ss not including executives ___________ 40 $15.00 $14. 50 $14. 00 $12. 00 than 2,500 population Junior office employees who are to be increased by not 

learning the business, 19 to 20 less than 20% provided years of age, incL _____ ___ _____ ____ 40 12. 00 11. 50 11. 00 9. 00 that this shall not re- Junior office employees who are 

1 

ouirn w,g,s in ''""' ol learning the business, 16 to 18 ) amounts shown in next 

years of age, incL __ __________ ___ __ 40 10.00 9.50 9.00 7. 00 column to the left. 

I 

1. In the event that a state law specifies a lower maximum nun1ber 

of hours or a higher minimum wage for any type or class of employees, 

than is herein provided, no employees may be employed for more 

than the maximum number of hours or for a wage which is less than 

the minimum wage provided in such state law within that state. 

2. In the District of Columbia and the following states, Maryland, 

West Virginia, Virginia, North Carolina, South Carolina, Georgia, 

Florida, Alabama, Mississippi Louisiana, Texas, Oklahoma, Arkansas, 

Tennessee, and Kentucky, all rates shown shall be reduced by 10%. 

3. Due to seasonal variations clerical and junior office en1ployees 

may be worked more than 40 hours per week but not to exceed 48 

hours per week at regular wages provided the total hours worked in 

any 6 months' period shall not exceed an average of 40 hou.rs per 

week. 

4. The minimum rates of wages provided for herein shall not be 

interpreted so as to reduce wages now being paid which are in 

greater amount than the minimum wage provisions of this code, even 

though the hours of work are reduced. 

ARTICLE 4-LABOR RELATIONS 

Employees shall have the right to organize and bargain collectively 

through representatives of their own choosing, and shall be free from 

the interference, restraint, or coercion of employers of labor, or their 

agents, in the designation of such representatives or in self-organization or in other concerted activities for the purpose of collective 

bargaining or other mutual aid or protection. 

No employee and no one seeking employment shall be required as 

a condition of employment to jo.in any company union or to refrain 

from joining, organizing, or assisting a labor organization of his own 

choosing. 

Employers shall comply with the maximum hours of labor, m1n1-

mum rates of pay, and other conditions of employment approved or 

prescribed by the Preside.at. 

After the effective date no member shal] employ any person under 

sixteen years of age; provided, however, that where a state law 
19 

specifies a higher minimum age no person below the age so specified 

by such law shall be employed within that State. 

The right of employer and employee to bargain together free from 

interference by any third party shall not be affected by this code. 

ARTICLE 5-GENERAL UNFAIR COMPETITIVE PRACTICES 

Under this code the following practices shall be considered unfair: 

1. Offering to transact or transacting business for a con1pensation 

which is determined on a basis less than the established rates under 

this code. 

2. Paying commissions or fees to or dividing comnussions or fees 

with other than members substantially engaged in activities as set 

out in Article 2. 

3. Using any trade name or insignia of membership in any organization unless entitled to use it. 

4. Acceptance of or charging any undisclosed comn1ission, rebate, 

or profit on expenditures made for a principal. 

ARTICLE 6-COMMISSIONS AND FEES 

Uniform minimun1 con1missions and fees shall be establihsed by 

local associations or subcommittees in accordance with local custom 

and practice. If such schedules of minimum commissions and fees 

established by local associations or subcommittees are submitted to 

the National Real Estate Mortgage Code Committee and are by it 

approved, they shall thereupon become a part of this code. Until 

such commissions and fees shall have been so established, the present 

minimum schedules now in effect in the various communities shall 

continue. 

ARTICLE 7-CoLLECTION OF DATA 

The ational Real Estate Mortgage Code Committee shall have 

authority to make surveys and to compile such reports as it may 

deem necessary for the accomplishment of the purposes of the a tiona.l 

Industrial Recovery Act. The Committee may also collect such 

statistics and information as it may deem desirable in order to develop 

recommendations for the improvement of real estate interests and 

activities and may assess against all members, equitably, the expenses 

incident to the administration of this code under such rules and regu- lations as may be approved by the President under Section 10-A of 

Title I of the National Industrial Recovery Act. 

ARTICLE 8-GENERAL PROVISIONS 

No provision of this code shall be interpreted or applied in such 

manner as to promote a n1onopoly or to eliminate or oppress small 

enterprises and will not operate to discriminate against them and will 

tend to effectuate the policy of Title I. 

This code may be amended from time to time by the National Real 

Estate Mortgage Code Committee subject to the approval of the 

President. 

The President may from time to time cancel or modify any order, 

approval, license, rule, or regulation issued under Title I of the 

National Industrial Recovery Act and any of the provisions of this 
20 

code shall from time to time be cancelled or modified to the extent 

necessary to conform thereto. 

To the extent required or permitted by or under the provjsions of 

Title I of the National Industrial Recovery Act, the provisions of 

this code shall apply to and be binding upon every member whether 

or not the member shall have signed an agreement to comply with 

this code. 

ARTICLE 9-ADMINISTRATION 

The administration of this code shall be vested in a committee to be 

known as the National Real Estate Mortgage Code Committee, which 

shall consist of six members, selected so as to give representation to 

the various sections of the United States, appointed by the Chairman 

of the Mortgage and Finance Division of the National Association of 

Real Estate Boards and approved by the Board of Directors of the 

National Association of Real Estate Boards. 

This Committee shall have the authority and powers conferred 

upon it in this code and such other powers and duties as may be 

necessary to administer the code, subject however to the approval 

of the General Real Estate Code Committee as set up in the General 

Code Affecting Real Estate to which this code is supplementary. 

The Committee may hear complaints against members arising out of 

alleged violations of this code or of the National Industrial Recovery 

Act and may cause such complaints to be arbitrated and may initiate 

proceedings before the appropriate governmental agencies to prevent 

or to punish such violations. 

Subcommittees.-Subcommittees may be appointed by local groups 

or associations for specific purposes with the approval of the National 

Real Estate Mortgage Code Committee, which committee shall 

appoint one of its own members as an ex officio member of such 

subcommittee. 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, 

Chicago, August 30, 1933. 

NATIONAL RECOVERY ADMINISTRATION, 

Control Division, Washing ton, D. C. 

GENTLEMEN: In submitting this code of fair competition for the real-estate 

mortgage business the Mortgage and Finance Division of the National Association 

of Real Estate Boards desires to call the attention of the Administration to the 

fact that during the past three or four years the income of the mortgage business 

has been very materially reduced due to inability to make or negotiate mortgages, 

and that during this time of greatly decreased income the labor connected with 

the servicing of mortgages previously made has increased manyfold. Payment 

of taxes must be checked and rechecked and the problem of collections and foreclosures adds a heavy burden. 

The Mortgage and Finance Division of the National Association of Real 

Estate Boards is comprised of those who are the national leaders in this branch 

of the business and constitute the representative body of the whole Association 

in this field. 

Attention is called to the fact that a code covering this same field has been or 

will soon be filed with the Administration by the Mortgage Bankers Association 

of America. This Division has cooperated and desires to continue to cooperate 

with the Mortgage Bankers Association in the working out of final details of a 

code for the mortgage business. 

Particular attention is called to the attached copy of a letter of transmittal of 

a general code affecting real estate, regarding the coordination of the real-estate 

mortgage business and other interests and activities affecting real estate through 

this general code. 

Although at this time in almost every case the increased wages required by the 

code submitted must come out of capital and not out of earnings, and although 

because of the service nature of the real-estate business most of its employment 
21 

problems cannot be approached from the same angle as those of industry, this 

group in presenting its code has endeavored to meet the President's request in a 

manner calculated to materially assist the general recovery program and pledges 

the utmost cooperation in the working out of any further necessary details. 

Yours very truly, 

MORTGAGE AND FINANCE DIVISION, 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, 

By AUGUST C. SEHRT, Chairman. 

CODE OF FAIR COMPETITION FOR THE LAND DEVELOPMENT AND HOME BUILDING BUSINESS 

A SUPPLEMENTARY CODE UNDER THE GENERAL CODE AFFECTING 

REAL ESTATE FILED BY THE NATIONAL ASSOCIATION OF REAL 

ESTATE BOARDS -

ARTICLE I-PURPOSE 

This code is established in order to effectuate the policy of Title I 

of the National Industrial Recovery Act, by increasjng purchasing 

power through the payment of fair wages to employees, by limiting 

hours of labor, increasing, spreading, and sustaining employment, 

eliminating unfair practices, preventing the destruction of capital 

assets, and restoring prosperity to all those concerned. 

This code is one of a number of supplementary codes covering 

various divisions of the real estate business. It has been filed as a 

supplementary code to assist the Administration in bringing together 

under one coordinated plan the various national groups and associations of interests and activities affecting real estate. 

ARTICLE 2-DEFINITIONS 

Real Estate.-Land, land and improvements, or improvements. 

Interests and Activities.-Operation of real estate by an owner to 

which this code is applicable and the substantial engagement as 

principal, fiduciary, agent or counselor in the sale or leasing of real 

estate, renting and management of real estate, brokerage of insurance connected with the ownership and operation of real estate, 

subdivision and development of real estate including erection of 

dwellings thereon, making, negotiating and servicing of mortgages 

on real estate, appraisal of real estate. 

Land Development and Home Building Business.-Engagement as 

principal or agent in the preparation and improvement of land for 

dwelling sites and the erection, alteration or remodeling of dwellings 

thereon. 

Member.-Any individual, partnership, association, trust or corporation subscribing to or coming under the control of this code. 

National Land Development and Home Bw:lding Gode Committee.-

The Committee charged with responsibility and authority to administer this code under the direction of the National Recovery 

Administration. 

Subcommittees.-Committees elected by cooperating associations, 

responsible and subject to the National Land Development and 

Home Building Code Committee. 

Effective Date.-The second Monday after this code shall have 

been approved by the President of the United States. 

9128-33-2 ( 23) 
24 

ARTICLE 4-MAXIMUM HOURS, MINIMUM WAGES 

On and after the effective date of this code, maximum hours and 

rate of minimum wages shall be as follows: 

Maxi Minimum weekly wage 

mum Occupation hours 250,000 Towns under 2,500 

per Over to 2,500 to 

week 500,000 500,000 250,000 

Clerical employees, not including exec- 40 $15. 00 $14.50 $14.00 $12.00 All wages in towns of utives. less than 2,500 pop- Junior office employees who are learn- 40 12.00 11. 50 11. 00 9.00 ulation to be in- ing the business, 19 to 20 years of age, creased by not less inclusive. than 20% provided Junior office employees who are learn- 40 10.00 9. 50 9.00 7.00 ) that this shall not ing the business, 16 to 18 years of age, require wages in ex- inclusive. Land development and land mainte- 40 15.00 14.50 14.00 12.00 cess of amounts 

shown in next col- nance employees. Home building employees _____________ umn to the left. 40 16.00 15.60 15.20 14.80 

1. In the event that a state law specifies a lower maximum number 

of hours or a higher minimum wage for any type or class of employees, 

than is herein provided, no einployees may be employed for more than 

the maximum number of hours or for a wage which is less than the 

n1inimum wage provided in such state law within that state. 

2. When hours worked per week are less than maximum hours 

shown, the minimum rate per hour shall be determined by dividing 

the minimum rate per week by the maximum hours. 

3. Employees may be employed in excess of maximum hours shown 

.in case of emergency maintenance and repair work if time and a third 

.is paid for all hours in excess of maximum. 

4. In the District of Columbia and the following states: Maryland, 

West Virginia, Virginia, North Carolina, South Carolina, Georgia, 

Florida, Alabama, Mississippi, Louisiana, Texas, Oklahoma, Arkansas, Tennessee, and Kentucky all rates shown shall b~ reduced by 

10%. 

5. Land-development, land-n1aintenance, and home-building employee's hours in excess of the maximum· shown may be worked 

at the regular rate per hour to compensate for time lost through 

climatic conditions, provided that not over 8 hours in any day, 48 

hours in any week, nor a.n a vera.ge of over 40 hours per week any 

six months' period shall be worked. 

6. Due to seasonal variations, clerical- and junior-office employees 

n1ay be worked more than 40 hours per week but not to exceed 48 _hours per week at regular wages, provided the total hours worked in 

any 6 months' period shall not exceed an average of 40 hours per week. 

7. Salesmen, solicitors, and rental men working a major part of 

their time outside of the office, and building mana.gers, caretakers, 

or custodians, whose chief remuneration is free rent of quarterE 

occupied, are exempt under this code as to the provisions of hours 

a.nd wages. 

8. The n1inimum rates of wages provided for herein shall not be 

interpreted so as to reduce wages now being paid which are in greater 

amount than the minimum wage provisions of this code, even though 

the hours of work are reduced. 
25 

ARTICLE 4-LABOR RELATIONS 

Employees shall have the right to orga.nize and bargain collectively 

tbrough representatives of their own choosing, and shall be free from 

the interference, restraint, or coercion of employers of labor, or their 

agents, in the designation of such representatives or in self-organi..-

zation or in other concerted activities for the purpose of collective 

bargaining or other n1utual aid or protection. 

No employee and no one seeking employment shall be required as 

a condition of employment to join any company union or to refrain 

from joining, organizing, or assisting a labor organization of his own 

.choosing. 

Employers shall comply with the maximum hours of labor, minimum rates of pay, and other conditions of employment approved or 

prescribed by the President. 

After the effective date no member shall employ any person under 

sixteen years of age; provided, however, that where a state law specifies a higher minimum age, no person below the age so specified by 

such law shall be employed within that state. 

The right of employer and employee to bargain together free from 

interference by any third party shall not be affected by this code. 

ARTICLE 5-GENERAL UNFAIR COMPETITIVE PRACTICES 

Under this code the following practices shall be considered unfair: 

1. Offering to transact or transacting business for a compensation 

which is determined on a basis less than the established rates under 

this code. 

2. Paying commissions or fees to or dividing commissions or fees 

with other than members substantially engaged in activities as set 

out in Article 2. 

3. Using any trade narn.e or insignia of membership in any organ- ization unless entitled to use it. 

4. Acceptance of or charging any undisclosed commission, rebate, 

or profit on expenditures made for a principal. 

5. Seeking prospects or purchasers for real estate by offering the 

public free lots, lottery, contest prizes or other similar inducements 

without adequate consideration therefor. 

6. Acting in the dual capacity of agent and undisclosed principal 

in any transaction. 

7. Engaging in the practice known as bid peddling. 

ARTICLE 6-COMMISSIONS AND FEES 

Uniform minimum commissions and fees shall be established by 

local associations or subcommittees in accordance with local custom 

and practice. If such schedules of minimum commissions and fees 

established by local associations or subcommittees are submitted to 

the ational Land Development and Home Building Code Com- mittee and are by it approved, they shall thereupon become a part of 

this code. Until such commissions and fees shall have been so established, the present minimum schedules now in effect in the various ,c01nmunities shall continue. 

I 
26 

ARTICLE 7-COLLECTION OF DATA 

The National Land Development and Home Building Code Committee shall have authority to make surveys and to compile such 

reports as it may deem necessary for the accomplishment of the purposes of the National Industrial Recovery Act. The Committee may 

also collect such statistics and information as it may deem desirable 

in order to develop recommendations for the improvement of real 

estate interests and activities and may assess against all members, 

equitably, the expenses incident to the administration of this code 

under such rules and regulations as may be approved by the President under Section 10-A of Title I of the National Industrial Recovery 

Act. 

ARTICLE 8-GENERAL PROVISIONS 

No provision of this code shall be interpreted or applied in such 

manner as to promote a monopoly or to eliminate or oppress small 

enterprises and will not operate to discriminate against them and will 

tend to effectuate the policy of Title I. 

This code may be amended from time to time by the National Land 

Development and Home Building Code Committee subject to the 

approval of the President. 

The President may from time to time cancel or modify any order, 

approval, license, rule, or regulation issued under Title I of the 

N .LR.A. and any of the provisions of this code shall from time to 

time be cancelled or modified to the extent necessary to conform 

thereto. 

To the extent required or permitted by or under the provisions of 

Title I of the National Industrial Recovery Act, the provisions of 

this code shall apply to and be binding upon every member whether 

or not the member shall have signed an agreement to comply with 

this code. 

ARTICLE 9-ADMINISTRATION 

The administration of this code shall be vested in a committee to 

be known as the National Land Development and Home Building 

Code Committee, which shall consist of six members, elected so as to 

give representation to the various sections of the United States, 

appointed by the Chairman of the Land Developers and Home 

Builders Division of the National Association of Real Estate Boards 

and approved by the Board of Directors of the National Association 

of Real Estate Boards. This Committee shall have the authority 

and powers conferred upon it in this code and such other powers and 

duties as may be necessary to administer the code, subject, however, to the approval of the General Real Estate Code Committee as 

set up in the General Code Affecting Real Estate to which this code 

is supplementary. The Committee may hear complaints against 

members arising out of alleged violations of this code or of the National Industrial Recovery Act and may cause such complaintsl_to 

be arbitrated and may initiate proceedings before the appropriate 

governmental agencies to prevent or to punish such violations. 

Subcommittees.-Subcommittees may be elected by local groups or 

associations for specific purposes with the approval of the National 

Land Development and Home Building Code Committee, which. 
27 

committee shall appoint one of its own members as an ex officio 

member of such subcommittee. 

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, 

NATIONAL RECOVERY ADMINISTRATION, 

Chicago, August 30, 1933. 

Control Division, Washington, D.C. 

GENTLEMEN: In submitting this code of fair competition of the Land Development and Home Building Business, the Land Developers and Home Builders 

Division of the National Association of Real Estate Boards desires to call the 

attention of the Administration to the peculiar conditions and problems confronting this business. 

The Land Developers and Home Builders Division is composed of those who 

are the leaders in this branch of the real estate business and constitutes the 

representative body of the whole National Association in this field and is representative of the larger portion of the Land Development and Home Building 

Business of the United States. 

Attention is called to the fact that a code has been filed by the Construction 

League covering the construction industry, which might be interpreted to include 

the Home Building Business. Inasmuch as the Home Building Business has 

always been largely composed of small business units and never has conformed 

and cannot now conform to the standards of costs which are common to the 

construction industry, it is believed that the inclusion of the Home Building 

Business under any code other than one including its allied business, the development of the site, will not only tend to oppress and destroy the business of those 

now constituting it, but will place further and undesirable obstacles in the path 

of home ownership. 

Attention is also called to the fact that a code has been or shortly will be filed 

by the Residential Contractors Association, and it is the desire of the Land 

Development and Home Builders Division to cooperate fully in the final working 

out of a code covering this branch of the business. 

Particular attention is called to the attached copy of a letter of transmittal 

of a general code affecting real estate, regarding the coordination of land development and home building business and other interests and activities affecting 

real estate, through this general code. 

This Division pledges its utmost cooperation in the working out of any further 

necessary details. 

Very truly yours, 

LAND DEVELOPERS AND HOME BUILDERS DIVISION, 

NATIONAL AssocIATION OF REAL EsTATE BoARDS, 

By Guy T. 0. HOLLYDAY, Chairman. 

CODE OF FAIR COMPETITION FOR THE PROFESSION AND 

BUSINESS OF REAL-ESTATE APPRAISING 

A SUPPLEMENTARY CODE UNDER THE GENERAL CODE AFFECTING 

REAL ESTATE FILED BY THE NATIONAL ASSOCIATION OF REALESTATE BOARDS 

ARTICLE 1-PURPOSE 

This code is established in order to effectuate the policy of Title I 

of the National Industrial Recovery Act, by increasing purchasing 

power through the payment of fair wages to employees, by limiting 

hours of labor, increasing, spreading, and sustaining en1ployment, 

eliminating unfair practices, and restoring pro3perity to al] those 

concerned. 

This code is one of a number of supplementary codes covering 

various divisions of the real-estate business. It has been filed as a 

supplementary code to assist the Administration in bringing together 

under one coordinated plan the various national groups and associations of interests and activities affecting real estate. 

ARTICLE 2-DEFINITIONS 

Real Estate.-Land, land and improvements, or improvements. 

Interests and Activities.-Operation of real estate, by an owner to 

which this code is applicable and the substantial engagement as 

principal, fiduciary, agent, or counselor in the sale or leasing of real 

estate, renting and management of real estate, brokerage of insurance 

connected with the ownership and operation of real estate, subdivision 

and development of real estate, including erection of dwellings 

thereon, making, negotiating, and servicing of mortgages on real 

estate, appraisal of real estate. 

Real-Estate Appraisal.-A determination of the utility, price, or 

value of real estate or an interest therein. 

Profession of Real-Estate Appraising.-Engagen1ent in making real 

estate appraisals for others for a fee, by an individual who has qualified 

under the standards and subjected himself to the regulations and 

disicipline of a representative professional society such as the American Institute of Real-Estate Appraisers of the National Association 

of Real-Estate Boards. 

Business of Real-Estate Appraising.-Substantial engagement in 

the making of real-estate appraisals for others for a fee, on the part of 

any individual, partnership, firm, association, trust, or corporation. 

Member.-Any individual engaged in the profession, or any individual, partnership, firm, association, trust, or corporation engaged 

in the business of real-estate appraising who subscribes to or comes 

under the control of this code. 

(29) 

( 
30 

National Real-Estate Appraisal Code Committee.-The Committee 

charged with responsibility and authority to administer this code 

under the direction of the National Recovery Administration. 

Subcommittees.-Committees appointed by cooperating associations, responsible and subject to the National Real-Estate Appraisal 

Code Committee. 

Effective Date.-The second Monday after this code shall have been 

approved by the President of the United States. 

ARTICLE 3-MAXIMUM Houus, MINIMUM WAGES 

On and after the effective date of this code, maximum hours and 

rate minimum wages shall be as follows: 

Maxi- Minimum weekly wage 

mum Towns under 2,500 Occupation hrs. 

per Over 250,000 2,500 

to to week 500,000 500,000 250,000 

Clerical employees and field men, 40 $15.00 $14.50 $14. 00 $12.00 All wages in towns of less 

not including executives. than 2,500 population Junior office employees who are learn- 40 12. 00 11. 50 11. 00 9.00 to be increased by not 

ing the business, 19 to 20 years of less than 20%, provided 

age, incl. that this shall not re- Junior office employees who are 40 10.00 9.50 9.00 7.00 quire wages in excess of 

learning the business, 16 to 18 years amounts shown in next 

of age, incl. column to the left. 

1. In the event that a state law specifies a lower maximum number 

of hours or a higher minimum wage for any type or class of employees, 

than is herein provided, no employees may be employed for more 

than the maximum number of hours or for a wage which is less than 

the minimum wage provided in such state law within that state. 

2. In the District of Columbia and the following states, Maryland, 

West Virginia, Virginia, North Carolina, South Carolina, Georgia, 

Florida, Alabama, Mississippi; Louisiana, Texas, Oklahoma, Arkansas, 

Tennessee, and Kentucky, all rates shown shall be reduced by 10% . 

. 3. Due to seasonal variations, clerical and junior office employees 

may be worked more than 40 hours per week but not to e:s:ceed 48 

hours per week at regular wages provided the total hours worked in 

any 6 months period shall not exceed an average of 40 hours per week. 

4. The minimum rates of wages provided for herein shall not be 

interpreted so as to reduce wages now being paid which are in greater 

amount than the minimum wage provisions of this code, even though 

the hours of work are reduced. 

ARTICLE 4-LABOR RELATIONS 

Employees shall have the right to organize and bargain collectively 

through representatives of their own choosing, and shall be free from 

the interference, restraint, or coercion of employers of labor, or their 

agents, in the designation of such representatives or in self-organization or in other concerted activities for the purpose of collective 

bargaining or other mutual aid or protection. 

No employee and no one seeking employment shall be required ~s 

a condition of employment to join any company union or to refrain 
31 

from joining, organizing, or assisting a labor organization of his own 

choosing. 

Employers shall comply with the maximum hours of labor, minimum 

rates of pay, and other conditions of employment approved or prescribed by the President. 

After the effective date no member shall employ any person under 

sixteen years of age; provided, however, that where a state law specifies a higher minimum age no person below the age so specified by 

such law shall be employed within that state. 

The right of employer and employee to bargain together free from 

interference by any third party shall not be affected by this code. 

ARTICLE 5-STANDARDS OF UNFAIR AND FAIR PRACTICES 

CONTINGENT FEES 

SECTION 1. It is unethical for an appraiser to accept an order to 

appraise a property if his employment or fee is contingent upon his 

reporting a predetermined or specified amount of value or is otherwise contingent upon any finding to be •reported. 

SEc. 2. It is unethical for an appraiser retained in cases where 

damages result fron1 the exercise of the right of eminent domain, or 

result because of fraud, misrepresentation, etc., to make his compensation contingent upon the amount of, or to fix his compensation as 

a percentage of the damages which may be decreed by the Court 

deciding the issues in the case involved. 

SEc. 3. It is unethical for an appraiser to accept an assignment to 

appraise a property when such assignment involves a bonus, a favor, 

or any special inducement other than a fair professional fee for the 

responsibility entailed and the work and expense involved. 

DISINTERESTED APPRAISALS 

SECTION 1. It is unethical for an appraiser to issue an appraisal 

report if he is acting or intending to act in capacity of broker, loan 

broker, or manager, or if he has an ownership, contemplated future 

ownership, or any other interests in connection with the property 

appraised, unless such interest or interests be fully disclosed in the 

appraisal certificate. 

INDEPENDENT APPRAISALS 

SECTION 1. It is unethical for appraisers who have been retained to 

make independent appraisals of a property to collaborate or consult 

with one another with reference to the appraisal, or to make use of 

the findings or figures developed or reported by any appraiser so 

retained. 

SEc. 2. It is unethical for appraisers who have been retained to 

collaborate in the making of an appraisal to issue separate appraisal 

reports on the property appraised. They should sign a joint report, 

or if there be dissenting opinions these opinions should be stated in 

the report rather than in separate documents apart from the report. 
) 

,I 

I 

') ,") 

u..:. 

HYPOTHETICAL APPRAISALS 

SECTION 1. It is unethical for an appraiser to issue an appraisal 

report with the value predicated on assumed rentals and expenses at 

variance with his best judgment of the probable market at the time 

at which the reported value obtains. 

SEC. 2. It is unethical for an appraiser to issue an appraisal report 

on an investment property based on an earning expectancy which 

does not analyze and take note of existing leases. 

SEc. 3. It is unethical for an appraiser to issue an appraisal report 

in which the reported value is based on the completion of public or 

private improvements which are not assured unless he clearly states 

that the appraisal is made on that hypothesis. Provided that, in any 

event, he rnust state in his report the conditions with regard to such 

improvements which he assumes in determining the value reported. 

SEc. 4. It is unethical for an appraiser to issue an appraisal report 

in which the reported value is based on the assumed absence of any 

legal restriction, unless such assumption is reasonable or in accord 

with legal opinion accepted by the appraiser, and unless the legal 

authority and his opinion are quoted in the appraisal certificate, and 

it is expressly stated that the appraisal is contingent on such lawful 

restriction being changed or absent in accordance with the assumption. 

FRACTIONAL APPRAISALS 

SECTION 1. It is up.ethical for an appraiser to issue an appraisal 

report on a fractional part of a property unless he specifically states 

that the value reported is invalidated if used in making a summation 

appraisal of the property as a whole. 

SEc. 2. In appraising the security for a loan it is unethical for an 

appraiser to issue a certificate covering anything less than all of the 

property designated as security for the loan. 

SEc. 3. In particular, in appraising the security for a lease-hold 

loan, it is unethical for an appraiser to issue a certificate of value of 

the improvement only, omitting the value of the leasehold, which 

latter may be positive, zero, or negative. 

SUMMATION APPRAISALS 

SECTION 1. It is unethical for an appraiser to issue an appraisal 

report on a property in which the total reported value is derived by 

adding together the values of fractional parts of the property unless 

it is shown that no incompatible conditions were assumed in making 

the fractional appraisals. 

SEc. 2. In particular, in appraising the security for a loan, the 

market price, market value, or other economic value of a property, it 

is unethical for an appraiser to issue an appraisal report on a property 

in which the total reported value is derived by adding together the 

market value of the land (or len,sehold) as if unimproved, or the value 

of the land (or leasehold) as if improved to the highest and best use, 

and the reproduction cost of the improvements less accrued structural 

depreciation, unless other and conclusive evidence is given that this 

result equals the total value of the property considered as a unit. 
33 

EC. 3. The restrictions of sections 1 and 2 immediately above do 

not apply where the appraisal report clearly states that the valuation 

is for the purpose of replacement or physical cost such as for fire-insurance purposes, re-creation of equivalent physical units, or the like. 

ECONOMIC PROBABILITIES A D VALUE OF INVESTME T PROPERTY 

SECTION 1. It is unethical for an appraiser to issue an appraisal 

report on a construction project which does not give the appraiser's 

opinion of the economic soundness of the project. 

SEc. 2. It is unethical for an appraiser to issue an appraisal report 

on an investment construction project without also reporting the 

assumed date of normal occupancy, his estimate of the reasonably 

expected earnings of the project upon completion as well as upon attaining the assumed normal average occupancy, and his estimate of 

net earnings or deficits during the period from completion to normal 

-occupancy. 

SEc. 3. If the value reported is the value which in the opinion of the 

appraiser will prevail when normal occupancy is attained, it is unethi-

-cal for the appraiser to report the value as of any other than the date 

when it is assumed such normal occupancy will have been attained. 

DUTY TO HOLD FINDINGS CONFIDENTIAL 

SECTION 1. It is the duty of an appraiser to hold as confidential the 

fact that he has been employed to make an appraisal, his results and 

other findings, until released from his obligation by the client or by due 

process of law. 

EXPERT TESTIMONY 

SECTION 1. In giving testimony as to the value of real property in 

any court or before any other legally constituted tribunal, an apprniser 

may follow rules of procedure as to appraisal method legally binding 

in that jurisdiction even though such rules may be at variance with 

the provision of these Standards. 

PROFESSIONAL IDENTIFICATION 

SECTION 1. It is unethical to use any trade name or insi!?;nia of 

membership in any organization unless entitled to use it. It is 

ethical to use the words "Certified Appraiser" or other title of 

similar purport unless the source of such certification or other identification be disclosed at the same time. 

CONTENTS OF APPRAISAL CERTIFICATES 

SECTION 1. It is unethical for an appraiser to omit any of the following from his appraisal certificate: 

(1) An unequivocal identification and reasonably complete description of the property appraised. 

(2) A statement of any contingent, assumed, or nonexisting conditions upon which the appraisal has been based. For example: The 

validity of legal, engineering, or auditing opinions used; the completion of projected public or private improvements; new improvements 

to be erected or remodeling to be done; and the like. 
I 

34 

(3) The date or time at which the value obtains. 

(4) The amount of the value. 

(5) A statement that the undersigned appraiser has no present or 

contemplated future interest in the property appraised; or a statement 

disclosing all such interests which the undersigned appraiser may 

have in the property appraised. 

(6) A statement that the appraiser's compensation and employnient 

are not contingent upon the amount of the value reported, nor are 

either contingent upon the amount of damages or other benefits 

resulting from awards by arbitrators, through judicial decree, mortgage, or other advances, and the like-except as may be fully set forth 

in the report. 

(7) In case the property appraised is a fraetional part of the property of a type covered by this code, a statement that the value reported 

is invalidated if used in making a summation appraisal of the property 

as a whole. 

(8) A signature clearly and definitely placing the responsibility for 

any statements or opinions and for the valuation given. 

ARTICLE 6-COMMISSIONS AND FEES 

Uniform minimum fees shall be established by local associations or 

subcommittees in accordance with local custom and practice. If 

such schedules of minimum fees established by local associations or 

subcommittees are submitted to the National Real Estate Appraisal 

Code Committee and are by it approved, they shall thereupon become 

a part of this code. Until such fees shall have been so established, thepresent minimum schedules now in effect in the various communities 

shall continue. 

ARTICLE 7-COLLECTION OF DATA 

The National Real Estate Appraisal Code Committee shall have, authority to make surveys and to compile such reports as it may 

deem necessary for the accomplishment of the purposes of the National 

Industrial Recovery Act. The Committee 1nay also collect such 

statistics and information as it may deem desirable in order to develop recommendations for the improvement of real-estate interests 

and activities and may assess against all members, equitably, the 

expenses incident to the administration of this code under such rules 

and regulations as may be approved by the President under Section 

10-A of Title I of the National Industrial Recovery Act. 

ARTICLE 8-GENERAL PROVISIONS 

No provisions of this code shall be interpreted or applied in such 

manner as to promote a monopoly or to eliminate or oppress small 

enterprises and will not operate to discriminate against them and will 

tend to effectuate the policy of Title I. 

This code may be amended from time to time by the National 

Real Estate Appraisal Code Committee subject to the approval of 

the President. 

The President may from time to time cancel or modify any order, 

approval, license, rule, or regulation issued under Title I of the · National Industrial Recovery Act and any of the provisions of this 
35 

code shall from time to time be cancelled or modified to the extent 

necessarv to conform thereto. 

To the extent required or permitted by or under the provisions of 

Title I of the National Industrial Recovery Act, the provisions of 

this code shall apply to and be binding upon every member whether 

or not the men1ber shall have signed an agreement to comply with 

this code. 

ARTICLE 9-ADMINISTRATION 

The administration of this code shall be vested in a committee to 

be known as the National Real Estate Appraisal Code Committee, 

which shall consist of six n1embers, elected so as to give representation 

to the various sections of the United States, from nominations made 

by the President of the American Institution of Real Estate Appraisers 

of the National Association of Real Estate Boards and approved by 

the Board of Directors of the National Association of Real Estate 

Boards. This Committee shall have the authority and powers conferred upon it in this code and such other powers and duties as may 

be necessary to administer the oode, subject however to the approval 

of the General Real Estate Code Committee as set up in the General 

Code Affecting Real Estate to which this Code is supplementary. 

The Co1nmittee n1ay hear complaints against members arising out 

of alleged violations of this code or of the National Industrial Recovery 

Act and may cause such complaints to be arbitrated and may initiate 

proceedings before the appropriate governmental agencies to prevent -or to punish such violations. 

Subcommittees.-Subcommittees may be appointed by local groups 

or associations for specific purposes with the approval of the National 

Real Estate Appraisal Code Committee, which committee shall 

appoint one of its own members as an ex-officio member of such 

subcommittee. 

NATIONAL AssocIATION OF REAL ESTATE BOARDS, 

August 29, 1933. 

NATIONAL RECOVERY ADMINISTRATION, 

Control Division, Washington, D.C. 

GENTLEMEN: In submitting this code of fair competition for the profession 

and business of real estate appraising the American Institute of Real Estate 

Appraisers of the National Association of Real Estate Boards desires to call the 

2.ttention of the Administration particularly to the following: 

The American Institute of Real Estate Appraisers is a professional organization requiring its members to qualify under high standards and to subject themselves to regulation and discipline. So far as is known to the Institute it is the 

only organization or society covering the field of real-estate appraising in the 

United States. It believes that it is representative of the highest type of individual Real Estate Appraisers, who in a professional capacity, appraise real 

estate. 

Although we believe that professional occupations are exempt from the provisions of the N.I.R.A., there is a growing business which involves the employment of clerical help, that through the use of standardized methods makes 

appraisals on what might be termed a "wholesale" basis, which probably should 

come under the provisions of the N.I.R.A. and it is to cover this field that this 

code is presented. 

The establishment of definite and adequate standards of practice and ethics 

in this profession and business is of major importance to all allied interests 

and activities affecting Real Estate and it is hoped that the standards set out in 

this code will receive the careful consideration of the Administration at the proper 

time. 

Particular attention is called to the copy of a letter of transmittal accompanying the General Code affecting Real Estate, to which the Appraisers' Code 

is supplementary. 
36 

This Institute desires to cooperate with any other interest when it becomes 

proper and necessary to complete the details of a code for the Appraisal business. 

Very truly yours, 

AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS 

OF THE NATIONAL ASSOCIATION OF REAL ESTATE BOARDS, 

By PHILIP W. KNISKERN, President. 

0 

UNIVERSITY OF FLORIDA 

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