Costa Rica Realtor – A True Misnomer
There have been many writings in Costa Rican newspapers, web sites, online newspapers and web boards referring to almost everyone, who sells real estate in Costa Rica, as a Realtor but…
There are actually very, very few Costa Rica Realtors.
To refer to ‘anyone’ who sells real estate with this designation,
verbalizes a grave injustice to those registered as Realtors.
These written references prompted me to write an article of clarification; to help change the use of the name Realtors; to ask all who sell real estate to form a strong base of associates and to hold each other accountable to strict rules of conduct.
For total clarify to this reference, there are only seven real estate sale
people, in all of Costa Rica, who have the right to use or be called a Costa Rica Realtor.
They are registered with and pay annual dues to the National Association of Realtors.
I will be moving to Costa Rica in a very short time and will bring with me all
that I have learned as a Realtor. My plan is to sell real estate in an ethical
manner that is not as common as it should be in Costa Rica.
With this said, I am a Realtor in Colorado USA, sworn to the written National
Association of Realtors Code of Ethics. All real estate sales people
who use the name Realtor« must adhere to these codes. The codes apply to everyone
to stay in good standing and for the use of the name Realtor as a designation.
This name is a registered trademark of the National
Association of Realtors in the United States of America.
It has been many years since I obtained a real estate license and Realtors
designation here in Colorado. At that time I was required to join one of
six Denver real estate boards and required to take an ethics class. This ethics
class is a requirement of N.A.R. on a yearly basis to maintain my status.
You will find below the condensed N.A.R. Code of Ethics for all to read. They
contain seventeen master articles with several sub articles and three categories:
“Duties to Clients and Customers
Article 1: Protect and promote your client’s interests, but honest with all
Article 2: Avoid exaggeration, misrepresentation and concealment of pertinent
fact, do not reveal facts that are confidential under the scope of your agency
Article 3: Cooperate with other real estate professionals to advance client’s
Article 4: When buying or selling, make your position in the transaction or interest
Article 5: Disclose present or contemplated interest in any property to all parties
Article 6: Avoid side deals without client’s informed consent
Article 7: Accept compensation from only one party, except with full disclosure
and informed consent
Article 8: Keep the funds of clients and customers in escrow
Article 9: Assure, whenever possible, that transactional details are in writing
“Duties to the Public
Article 10: Provide equal service to all clients and customers
Article 11: Be knowledgeable and competent in the fields of practice in which
you originally engage. Obtain assistance or disclosure lack of experience
Article 12: Present a true picture in your advertising and other public representation
Article 13: Do not engage in unauthorized practice of law
Article 14: Be a willing participant in Code enforcement procedures
“Duties to Realtors”
Article 15: Ensure that your comments about other real estate professionals are
truthful and not misleading
Article 16: Respect the agency relationship and other exclusive relationships
recognized by law that other Realtors have with their clients
Article 17: Arbitrate contractual and specific non-contractual disputes with other
Realtors and your clients
All of these Codes, when applied as “Golden Rule , should help
to protect the real estate industry, the general public and the integrity of the real estate profession.
As a conclusion, I would propose that all of those who sell real estate in Costa
Rica to form a strong based association, to adhere to the United States National
Association of Realtors Code of Ethics and to enforce, within their own ranks,
those who do not stand by these Codes.
As you have seen, calling a real estate sales person a Realtors is not the
proper designation. Please refrain from calling them Realtors, unless
they have earned the right, adhere to the Code of Ethics and paid their annual
dues to the United States National Association of Realtors.
Our thanks to Bill Maes – a soon to ne Costa Rica Realtor who is a Realtor in Colorado USA for this article.
Bill will be moving to Costa Rica in the very near future and would welcome comments from other real estate sales people in Costa Rica. You can find the website for Bill Maes here.
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