On July 1, 2018, Virginia REALTORS® released five new standard forms and eleven revised standard forms. General changes to all forms include updating references to VAR and Virginia Association of REALTORS® to Virginia REALTORS® and language was added to the electronic signatures paragraph, where present, to include use of electronic signatures of any addenda or amendments for the agreement. Questions about the forms should be directed to the Virginia REALTORS® Legal Hotline.

Read more here

Virginia REALTORS® provides a full library of free forms, which are reviewed and updated regularly, for all members. The standard forms library is organized alphabetically by form name, with the form numbers following the title. Forms may also be filtered by the type of form using the “Filter by Category” drop down menu, or a search by key words.

A Standard Clause Booklet is provided to aid members with crafting lesser-used contract clauses in areas including disclosure, contingencies, escalation, inspections, and more. 

Direct any questions regarding forms, or suggestions for new or revised forms, to forms@virginiarealtors.org.

by Pat Breme, RCE, CIPS
CEO

A Gift of Vision, that sounds pretty lofty coming from NAR in 1978 but Bill North the Executive Vice President at the time, thought members needed to be reminded of the Code’s significance. The Code was adopted in 1913 and made a condition of membership in 1924. In his article, North describes the Code as a Gift of Vision, a living document. It is the vision of those members in the early 1900’s who dreamed that the business of real estate could become a profession… that the highest and best use of the land required the highest and best measures of professional responsibility. Those members also believed that private property ownership of the land was indispensable to political democracy and a free and prosperous citizenry.

It was not the threat of government sanctions that moved REALTORS® of the time to make a commitment to business integrity and fair dealing. The Code of Ethics was created as a rejection of the fraudulent real estate practices exemplified by the Robber Barons whose motto was Let the Public be Damned. At the time only law, medicine and engineering had ethical standards. Over the years, the Code proved to be a guide in NAR’s growth and development, an impetus for education of its members. It also bound local, state and the national association together in an interdependent relationship.

The Code has evolved and will continue to evolve, reflecting the changes in the business. Its principles will be strengthen, not deluded, to ensure REALTORS® are held to a higher standard. The Code must remain constant, enforceable without being oppressive, meaningful without being dogmatic. The Code is a living document because each Article has a single premise, service to the public. It is the means to that end.

As a condition of membership, REALTORS® agree to uphold the Code but it is not the law and does not supersede licensing regulations. The Code’s relationship to the law is a follows-1. It defines those duties and obligations required in the public interest which are beyond the capacity or power of the law to mandate. 2. The Code supports the law by requiring a higher sensitivity of the duties and obligations which it imposes. The Code is independent of the law but it cannot survive if misused or misapplied. A diligent and fair search for the truth is mandatory and there are procedures in place to ensure that due process is applied to all parties.

To REALTORS®, the Code of Ethics offers the lessons of hindsight, the guidance of foresight and the understanding of insight- a RARE Gift of Vision.

Read the entire article penned by Bill North here.

About the Pricing Strategies Advisor Course

This PSA course is specifically designed to help residential real estate agents and brokers enhance their skills in pricing properties, creating comparative market analyses (CMAs), and guiding clients through the complexities of valuation.

The course begins by putting the CMA in context on the spectrum of valuation services—which also includes appraisals, automated valuation models (AVMs), and broker price opinions (BPOs). In addressing the core CMA activity of determining selling and offer prices, the course offers substantial guidance on comparables and adjustments, including using RPR® tools for these purposes.

Pricing Strategies: Mastering the CMA pays special attention to Article 11 of the REALTOR® Code of Ethics, which defines the roles and responsibilities that REALTORS® must honor and uphold as they prepare their opinions on property value and price. In addition, the course provides step-by-step guidance on how to prepare and deliver a comprehensive CMA Report, work with appraisers and appraisal reports, and how to keep one’s pricing skills up-to-date and honed.

This course is the main requirement for the Pricing Strategy Advisor (PSA) certification and is an approved elective for the Accredited Buyer’s Representative® (ABR®) designation and the Seller Representative Specialist (SRS) designation.

Register for this class today to start pricing homes more confidently!

More about Instructor Rebecca Straley

Rebecca Straley is a real estate entrepreneur with decades of experience as a REALTOR®, broker, appraiser, and auctioneer!  Always seeking to ring the bell to bring our clients to the market and increase the productivity and professionalism of the REALTOR®, Rebecca is a top producing agent, Good Neighbor of the Year, Educator of the Year, and Ethics Award Winner.  As Broker of multiple high growth companies, Rebecca has managed nearly 400 agents in multiple market centers of VA & DC while continuing to study and grow; successfully authoring CE classes – instructing NAR Certifications and Designations, and customizing keynote and workshops for the brokerage, the association, and the Region!  As a Leader in the Women’s Council of REALTORS®, Rebecca’s first wish is always to lead by building relationships.