RE/MAX AROUND ATLANTA
  • Home
  • RMAA HUB
  • Events
  • Local Service Providers
    • Attorney Partners
    • Lender Partners
    • Home Cleaning Services
    • Home Inspection Companies
    • Home Staging Sevices
    • Home Warranty Companies
    • Insurance
    • Photography
    • Estate Sales/Clean-outs
    • Property Management
    • Repair Services
    • Security Systems
  • OUR TEAM
  • SMART MOVE PROGRAM
  • Online Payments
  • BROKER CORNER
  • Locations

BROKER CORNER

Stay Inside Your Area of Expertise!!

6/24/2021

1 Comment

 
Picture
The NAR Code of Ethics, Article 11, states that REALTORS® shall not provide specialized professional services that are outside their field of competence, unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client.


What is a licensee’s field of competence?
Consider the boundaries of your own field of competence and experience. Certainly, real estate licensees are trained to assess property values. But are we trained to assess all property values? An opinion by a licensee with residential experience may be quite valid for a residential property but valuing a commercial or an industrial property is very different.  Likewise, an agent may have ample experience listing properties for rent and preparing lease agreements but no experience in property management.  Most frequently, we see agents who do not have experience or education and are presented with opportunities in commercial real estate, multi-family and property management. 


A licensee must be careful to not present a value opinion as an appraisal. It is a violation of license law to indicate that an opinion given to a potential seller, purchaser, landlord, or tenant regarding a listing, rental, or purchase price is an appraisal unless such licensee holds an appraiser classification in accordance with the Georgia Real Estate Commission. 


Every licensee has their own unique experience. If you are asked to perform a service that is not within your own experience, remember that the Code of Ethics, Article 11, requires you to get assistance from someone that is competent in the field or to disclose the fact of your inexperience to the client (in writing). The client can then decide if an assignment should be yours despite inexperience.  


Keep in mind, you can always refer business and collect a referral fee.  Focus on what you know, and if you want to expand your expertise, be sure to get proper training so that you can best represent your client.
1 Comment
Iris Smith link
12/13/2022 02:43:23 am

Thank you for saying that it is against the law to claim that an opinion provided to a prospective buyer, seller, landlord, or renter on a listing, rental, or purchase price is an appraisal unless the licensee in question is classified as an appraiser by the Georgia Real Estate Commission. My sister wants a property that generates revenue to have its worth assessed. I'll advise her to seek out certified commercial real estate appraisers to support her.

Reply



Leave a Reply.

    RMAA

    Real Estate News, Brokers Blog & More

    Categories

    All
    Broker's Corner
    Mortgage Minute

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019

    RSS Feed

RE/MAX AROUND ATLANTA
© COPYRIGHT 2023. ALL RIGHTS RESERVED.
  • Home
  • RMAA HUB
  • Events
  • Local Service Providers
    • Attorney Partners
    • Lender Partners
    • Home Cleaning Services
    • Home Inspection Companies
    • Home Staging Sevices
    • Home Warranty Companies
    • Insurance
    • Photography
    • Estate Sales/Clean-outs
    • Property Management
    • Repair Services
    • Security Systems
  • OUR TEAM
  • SMART MOVE PROGRAM
  • Online Payments
  • BROKER CORNER
  • Locations