Evening star., 1924-06-04
LOCAL ETHICS CODES
ARE URGED BY PETTY
Says These Would Be Helpful in
Connection With Application of
National Rules.

Augmenting the national code OF
ethics for realtors by adoption OF
local subsidiary codes would make il
easier to develop ethical practices
John A. Petty, executive secretary
of the Washington Real Estate Board
said in an address this afternoon be-
fore the realtors secretaries division
of the National Association of Real
Estate Boards. The board is meet
ing in the cabinet room of the New
Willard Hotel. Maurice Dunn. Louis
VILE, chairman. is presiding
Addresses also were delivered by
Mr.. Dunn on The Realtor Secre-
taries Division and Its Work" and
by w l.. Green, executive secretary
of the Miami Realty Board on
Sources of Board Income" The dis
Burke. executive secretary of the
San Francisco Real Estate Board
h. j. Miller, executive secretary of
the Minneapolis Real Estate Board
and Henley Hotel, executive secre-
tary OF the Indianapolis Real Estate
Board
Pointing out that realty trans
actions everywhere are based on the
same fundamentals. Mr.. Petty said
that ii had been quite possible to
reduce ethics to specific terms.
Principles Are Honesty, Courtesy.
The rules embodied in the stand
ard code of ethics OF the National
Association of Real Estate Boards,
he said, ARE based on this premise
These rules express the hiehest es-
sehce OF professional responsibility
ana obligation. and when apalyzed
are found to be merely the applira-
tion, IN daily practice, of the prin-
cipieS or honesty and courtesy"
w hlIe the national code of ethics y
ne continued. lis credit to the
realtors of the country and has been
one of the most forward steps con
trlbuted toward the elevation of the
real estate business, il il in many
respects rather general in character
II IS splendid base. however, fol
additional work along this line.
ihe very nature of real estate
dealing. coupled with keen modern
eompe tition, sometimes makes j,
difncuit to distinguish between thai
which is justifiable competition anf
that which might be considered un.
ethical. OF course. it is impossible
TO provide a rule that will fit ever,
ease under any and all circumstances
but subsidiary, local code would be
tremendously helpful as the fine
points are narrowed down to a more
rconcrete basis. Underlying all rules
ashould be the basic rule of the ma
tlondl cOde OF etnIcS, commonly called
Hthe golden rule This must neces.
:sarily be the determining and guild
Ing factor in cases of doubt where
;specit1c rules are not applicable"
FavorS Appraisal BODIES.
Frank p. Ricknell. secretary of the
Cleveland Real Estate Board, sai6
that one of the best ways of stabiI.
lzlng values in community, prevent.
ing imitation of prices and assurine
the public reasonable valuations, i.
to establish an appraisal committes
in the local board
Determination OF property values
he amplifieH. depends upon many
factors-their analysis and proper
appiication-and requires the services
of men skilled by long contact ir
dealing in a commodity. 1t seems
logical and self-evident that there
should be fostered by all real estate
boards a department properly organ
lied whose particular function it is
to furnish to the community the
knowledge of values based or
seasoned expert autho hority, the
speaker declared.