Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-06
ETHICS IN REALTY
ARE NOW COD|F led
Petty Tells Y. M. C. A. Class
National Board Has Per-
fected Code.

Ethics in real estate practice are
more than an idealiSGic theory. John
A. Petty, vice president Of shannon
u Luchs. Inc, told The Y. NJ. {. y.
class in real estate in lecture at
rs final meeting OF the season.
through study and experience the
National Association of Real Estate
foardS has perfected a code of ethics
that consists OF n group of cOditiel
rules applicable to general real estate
practice, he said. Mr.. Petty declared
IN his lecture these rules are simple
IN context, but sufficiently compre-
henslVe TO cover the fundamentals nf
the business and are intensely prac-
llcaL Every realtor must subscribe To
This code as a condition of member
ship in an affiliated real estate board
ana be anSWerable 10 his board in
respect to the conduct Of his business
The realtors code of ethics sets up
definite standards of practice as 4
guide TO all and also furnishes a
means 10 measure practices III order
10 distinguish and eliminate improper
practices in the cal estate field.
Analyses Standards.
Analyzing the practical application
OF ethical standards. Mr.. Petty told
the class that q serious responsibility
rests on all who undertake 10 render
real estate service as Il broker or
agent. The public can justly eX-
pect and should receive competent
advice and service from one holding
out his service as IA real estate
broker. This implies the obligation
OF preparedness and no broke should
undertake. to advise or render service
IN the complex problems of real
estate practice without being sure
mat he IS qualified and able to meas
IRE up 10 recognized standards.
Real estate practice Is fast an
preaching the plane of profession.
It's seriousness and Importance justi.
TINS adVanCe. and The character of
the relation between u broker and =
"'ent is Il serious trust that embudies
AT once the clements Of professional
"hligationS OF the lawyer, banker and
physician. Realizing this, a broker
must at all times be preparei and
Wiling 10 advise and serve in a wholly
unSelhSh manner. supported by
promptness, efficiency and accuracy
lie must keep his clients interest and
welfare paramount to his endeavor to
profit personally. All matters IN
trusted 10 his care should receive his
Very best thought and attention. and
all condolences should be held sacred.
Has Obligation 10 Fill.
In addition TO the obligation he
owes his clients. a broker also has II
very definite obligat ton from an ethical
standpoint to all Of his fellow brokers
frequently the nature of real estate
dealing Is such that brokers must &C.
operate with each other in rendering
the fullest measure OF service 10 their
clients, and in this connection they
should deal with and through one
another on the basis of the high prin-
CiDleS. Divisions OF commissions
standard methods of exchanging list
lngS and other cooperative practices
are all provided in an explicit and
equitable manner as a means of def-
nteiy setting up rights and respon,
slhilitics of the respective parties and
have served to eliminate much friC-
ton and misunderstanding that for
n1erly existed"
In closing the course, Mr.. Petty en-
l'hasized to tho class that n mere