As a result of the evolving real estate market and challenges presented by an
unstable economy, leaders from five REALTOR® Associations decided to take on
the task of creating tools to increase the professionalism of REALTORS®, and in
this application, during the Short Sale process. In the earliest discussions, the
Workgroup found that one of the most pressing needs was a guideline of common
assumptions to facilitate the process.
The ubiquitous nature of this form of transaction means there is risk to Practitioners
as well as Consumers. The risks escalate for Practitioners because of the layering
on by MLS policies, the VREB and the REALTOR® Code of Ethics.
This Reference Guide is one part of the ongoing effort of the Ethics Dialogue
Workgroup to provide better education and tools for REALTOR® members. This
Guide will be updated with the best and latest recommended practices dealing with
It’s important to stress that these are only guidelines and do not take the place of the
Broker’s application of established office practices. They are designed to be a
reference mirroring the market place at the time of creation. Practitioners are always
encouraged to seek the advice of their Brokers and if necessary legal counsel.
The Associations of the Ethics Dialogue proudly offer the Reference Guide as a tool
for its members to use to serve clients with utmost professionalism. The
Associations are committed to ongoing monitoring of the marketplace and offering
education and useful tools to their members.