NAEBA Exclusive Buyer Agents Pledge to Follow These Strict Standards
The National Association of Exclusive Buyer Agents is an independent alliance of real estate professionals who provide client-level services to home buyers only and whose real estate companies do not accept seller-property listings. We, the members of this Association, set forth the following principles as the minimum professional standards which will guide us in serving our Buyer-Clients. These Standards of Practice further expand upon and enhance the Code of Ethics. We recognize that it is our duty as real estate professionals to serve our Buyer-Clients with fidelity to these Standards of Practice.
Article 1: Duty of Confidentiality
1.01: A NAEBA member shall not disclose confidential information obtained from Buyer-Clients such as: the price they are willing to pay, the amount of mortgage for which they are qualified, how much cash they have to work with, or the level of their motivation to buy a particular home, unless the release of such information is in the best interest of the Buyer-Client and the Buyer-Client has given express permission and instruction to disclose it.
Article 2: Duty of Accounting
2.01: A NAEBA member shall discuss with a Buyer-Client the services to be provided, the service fee structure, the method of payment for services, and the beginning and ending date of the service.
2.02: A NAEBA member shall not accept any compensation, commissions, bonuses, gifts or profit resulting from the transaction not disclosed to his/her Buyer-Client.
Article 3: Duty of Reasonable Skill and Care
3.01: A NAEBA member will prepare themselves through education and study to competently represent a Buyer-Client and shall not undertake specialized services for which they are not qualified.
3.02: A NAEBA member will protect a Buyer-Client from foreseeable risks and will recommend that a Buyer-Client obtain expert advice when their needs are outside the scope of the NAEBA member’s expertise.
3.03: A NAEBA member shall be accountable for his/her actions and should document all substantive events which occur during the Exclusive Buyer Agency relationship.
3.04: A NAEBA member, for the protection of all parties, shall assure whenever possible that the buyer agency agreement is in writing expressing the specific terms, conditions, obligations and commitments of the parties.
Article 4: Duty of Undivided Loyalty
4.01: A NAEBA member shall represent the best interest of the Buyer-Client, while serving in the capacity as an Exclusive Buyer Agent as defined by NAEBA, in all matters related to the purchase of any real estate.
4.02: A NAEBA member shall notify a Buyer-Client of any conflict-of-interest or potential conflict-of-interest as soon as reasonably possible, discuss the same with a Buyer-Client and have an understanding with the Buyer-Client as to how such conflicts-of-interest will be handled.
4.03: A NAEBA member shall not knowingly direct a Buyer-Client to any service which is less than what is in the best interest of the client.
4.04: A NAEBA member shall not knowingly do anything which might jeopardize the Buyer-Client’s bargaining position or other interest.
Article 5: Duty of Obedience to Lawful Instruction
5.01: A NAEBA member shall obey all lawful instructions of the Buyer-Client.
5.02: A NAEBA member shall obey all laws and regulations in the jurisdiction(s) in which they conduct business.
Article 6: Duty of Advocacy
6.01: A NAEBA member shall disclose to other agents or unlicensed individuals upon first contact that he/she is acting as an Exclusive Buyer Agent for a Buyer-Client.
6.02: A NAEBA member shall assist in negotiating price and terms with direction from a Buyer-Client.
6.03: A NAEBA member shall advocate the buyer’s position when material information has been discovered that changes the Buyer-Client’s interest in the property.
Article 7: Duty of Full Disclosure
7.01: A NAEBA member must relate everything material he/she knows about the seller and/or property to a Buyer-Client.
7.02: A NAEBA member shall disclose information, available or reasonably available to them concerning a property which might impact a Buyer-Client’s best interest.
7.03: A NAEBA member, when referring a Buyer-Client to another brokerage, may receive a referral fee.