REALTORS® are bound to the REALTOR® Code of Ethics, which is a higher set of professional standards above and beyond real estate law. The Oklahoma Association of REALTORS® has professional standards enforcement agreements with each of the 17 local boards across the state. The professional standards process is how REALTORS® hold each other accountable as real estate professionals. It is a safeguard for clients, REALTORS®, and members of the public. Keep reading to understand the different components that make up the Professional Standards process.
CODE OF ETHICS
The REALTOR® Code of Ethics ensures that consumers are served by requiring REALTORS® to cooperate with each other in furthering clients’ best interests. All REALTORS® have agreed to the Code of Ethics upon becoming a member, and this higher standard sets our members apart from licensees who have not joined the Association.
Read the most updated version of the REALTOR® Code of Ethics on NAR’s website.
PROFESSIONAL STANDARDS COMMITTEE
The Professional Standards Committee is made up of many REALTORS® from all across the state who are tasked with overseeing the process of hearing, considering and sometimes judging the outcome of ethics complaints which are filed with OAR. Each committee member goes through an extensive training to begin each year, and only then can they be put in the rotation to be a part of a grievance committee or hearing panel.
The grievance committee is a small group of randomly selected Professional Standards Committee members who review any complaints to determine if, on its face, the complaint would be a violation of the Code of Ethics. If the Grievance Committee determines the case could potentially be a violation, it is then forwarded on to a full hearing, where both the complainant and respondent have the chance to make their case in front of a hearing panel made up of Professional Standards Committee members, chosen at random.
After the findings and any potential judgment are levied by the hearing panel, and barring any appeal, the OAR Executive Committee reviews the case and ratifies the results.
ACTIVITY
How well do you think you understand Professional Standards? Take our quiz and find out!
You can find more information about Professional Standards at ok realtors.com/ethics.
