Consumer Guide:
Real Estate

NAOSA Gold Standards of Professional Practice™

Real Estate

The goal of the NAOSA Gold Standards of Professional Practice™ in the real estate profession is the requirement to be clear & concise in all communications and to avoid conflicts of interest. Although real estate agents are obligated to ethics rules by the state and members associations, there are still many gray areas that have not been addressed.

In addition to ethics requirements already in place, the National Association of Senior Advocates member professionals have identified several business practices that require more clarification or elimination in real estate transactions. With the goal of always working in a client’s best interest, all real estate agents agree to the following:

Z

Pocket Listing or Quiet Listing

At no point and time will an agent suggest a “pocket listing”, sometimes referred to as a “quiet listing”, unless the intent of the client is to privately sell their house. Pocket listings occur when an agent does not list a house on the MLS. Instead, agents will only notify their own prospective buyer and/or a close network of other agents.

The reason to avoid pocket listings is that in many cases a pocket listing will result in a lower sale amount for a home due to the lack of exposure to the general public. A client may still choose a pocket listing if the primary goal is privacy or a “no-hassle” sale.

Z

Team Selling

All agencies that represent themselves as a team, backed by a prominent agent, will clearly disclose which agent will be the lead agent in the sales process.

Z

Listing an Overpriced Property

While agents usually urge sellers to price at market value or lower, some agents will not challenge sellers who insist on asking too much for their homes. Some agents use overpriced homes as buyer magnets as it provides an opportunity to pick up unrepresented buyers. Agents also accept a listing at a higher price without advising the client knowing that they will ultimately reduce the listing price within several weeks. Of course, there are many instances when the client insists on listing their house at a higher price. In these cases, NAOSA members may accept the listing.

Z

Steering

Steering is unethical and can occur in many instances:

  • Buyers’ agents will steer clients towards properties that offer higher commissions.
  • Agents will steer clients to a particular real estate agency in the hopes of dominating a market and/or blackballing listings from other agencies.
  • Buyer’s agents will at times show only their own listings, or company’s own listings, hoping to maximize commission.
  • Buyer’s agents will at times not show clients homes listed by certain brokerage companies based on reputation or past experiences.

At no time will a NAOSA member steer a client to a certain listing.

Z

Buyer’s Agents Will Always Show A Property Regardless of Commission

Some real estate agents will not show homes with less than customary commissions. NAOSA member agents will show all properties of interest to their clients, regardless of the commission. If the commission is less than the buyer broker agreement stipulates, the agent will explain the ramifications and contractual obligations to the buyer before showing the property.

Z

Agents Will Not

  • Underprice homes for a quick sale, unless requested by the seller.
  • Accept referral fees and/ or gifts from service providers.
  • Allow their clients to pay hidden fees at the time of settlement.
Z

Agents Will Always Report A Predatory Lending Situation

Are you a real estate professional?
We welcome your constructive input to assist in the protection of all consumers. Please contact us.

NAOSA Gold Standards of Professional Practice™

Real Estate

The goal of the NAOSA Gold Standards of Professional Practice™ in the real estate profession is the requirement to be clear & concise in all communications and to avoid conflicts of interest. Although real estate agents are obligated to ethics rules by the state and members associations, there are still many gray areas that have not been addressed.

In addition to ethics requirements already in place, the National Association of Senior Advocates member professionals have identified several business practices that require more clarification or elimination in real estate transactions. With the goal of always working in a client’s best interest, all real estate agents agree to the following:

Z

Pocket Listing or Quiet Listing

At no point and time will an agent suggest a “pocket listing”, sometimes referred to as a “quiet listing”, unless the intent of the client is to privately sell their house. Pocket listings occur when an agent does not list a house on the MLS. Instead, agents will only notify their own prospective buyer and/or a close network of other agents.

The reason to avoid pocket listings is that in many cases a pocket listing will result in a lower sale amount for a home due to the lack of exposure to the general public. A client may still choose a pocket listing if the primary goal is privacy or a “no-hassle” sale.

Z

Team Selling

All agencies that represent themselves as a team, backed by a prominent agent, will clearly disclose which agent will be the lead agent in the sales process.

Z

Listing an Overpriced Property

While agents usually urge sellers to price at market value or lower, some agents will not challenge sellers who insist on asking too much for their homes. Some agents use overpriced homes as buyer magnets as it provides an opportunity to pick up unrepresented buyers. Agents also accept a listing at a higher price without advising the client knowing that they will ultimately reduce the listing price within several weeks. Of course, there are many instances when the client insists on listing their house at a higher price. In these cases, NAOSA members may accept the listing.

Z

Steering

Steering is unethical and can occur in many instances:

  • Buyers’ agents will steer clients towards properties that offer higher commissions.
  • Agents will steer clients to a particular real estate agency in the hopes of dominating a market and/or blackballing listings from other agencies.
  • Buyer’s agents will at times show only their own listings, or company’s own listings, hoping to maximize commission.
  • Buyer’s agents will at times not show clients homes listed by certain brokerage companies based on reputation or past experiences.

At no time will a NAOSA member steer a client to a certain listing.

Z

Buyer’s Agents Will Always Show A Property Regardless of Commission

Some real estate agents will not show homes with less than customary commissions. NAOSA member agents will show all properties of interest to their clients, regardless of the commission. If the commission is less than the buyer broker agreement stipulates, the agent will explain the ramifications and contractual obligations to the buyer before showing the property.

Z

Agents Will Not

  • Underprice homes for a quick sale, unless requested by the seller.
  • Accept referral fees and/ or gifts from service providers.
  • Allow their clients to pay hidden fees at the time of settlement.
Z

Agents Will Always Report A Predatory Lending Situation

Are you a real estate professional?
We welcome your constructive input to assist in the protection of all consumers. Please contact us.

CONSUMER GUIDES

Be Sure to Review All the NAOSA Gold Standards of Professional Practice™ Before Making a Buying Decision

Simply click on the industry to access the Consumer Guide

Auto and Home Insurance Owners

Home Care & Assistance

Insurance & Investments

Legal
Professionals

Long-Term Care Insurance

Medicare Supplement & Medicare

Real
Estate

Reverse
Mortgage

Advantage
Insurance

Senior Living Communities

Home Improvement / Home Repair

Senior Living Brokers/Consultants

CONSUMER GUIDES

Be Sure to Review All the NAOSA Gold Standards of Professional Practice™ Before Making a Buying Decision

Simply click on the industry to access the Consumer Guide

Auto and Home Insurance Owners

Home Care & Assistance

Insurance & Investments

Legal
Professionals

Long-Term Care Insurance

Medicare Supplement & Medicare

Real
Estate

Reverse
Mortgage

Advantage
Insurance

Senior Living Communities

Home Improvement / Home Repair

Senior Living Brokers/Consultants

NAOSA Guarantee

NAOSA requires members to act in utmost good faith when working with clients. Members must agree to work under “the fiduciary standard” and act in a way that the member reasonably believes to be in the best interest of the client. In addition to compliance with all federal and state regulations, each professional member of the National Association of Senior Advocates must follow and act in accordance with a standard of guidelines called the NAOSA Gold Standards of Professional Practice™.

The NAOSA Gold Standards have been created by professionals in their specific fields. The NAOSA Gold Standards strive to eliminate any gray areas that may exist in various business practices. Although these gray areas may be legal in many cases, NAOSA experts agree that they generally do not serve the best interest of the consumer.

The NAOSA Gold Standards of Professional Practice™ also strive to offer transparency in various professions, and aim to educate consumers on the various business models of these professions. Consumers must have information to make an educated decision when considering a specific product or service.

Members who are found not in compliance with these standards will be censured, with membership subject to revocation.

NAOSA Guarantee

NAOSA requires members to act in utmost good faith when working with clients. Members must agree to work under “the fiduciary standard” and act in a way that the member reasonably believes to be in the best interest of the client. In addition to compliance with all federal and state regulations, each professional member of the National Association of Senior Advocates must follow and act in accordance with a standard of guidelines called the NAOSA Gold Standards of Professional Practice™.

The NAOSA Gold Standards have been created by professionals in their specific fields. The NAOSA Gold Standards strive to eliminate any gray areas that may exist in various business practices. Although these gray areas may be legal in many cases, NAOSA experts agree that they generally do not serve the best interest of the consumer.

The NAOSA Gold Standards of Professional Practice™ also strive to offer transparency in various professions, and aim to educate consumers on the various business models of these professions. Consumers must have information to make an educated decision when considering a specific product or service.

Members who are found not in compliance with these standards will be censured, with membership subject to revocation.

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TESTIMONIALS

What Our Members Say

An independent organization like NAOSA is really needed. It’s so hard to find the right information these days and even harder to find businesses and professionals who I know I can trust. Thank you NAOSA!

Retired CPA

Lakeland, Florida

The NAOSA consumer guides are great. Clear explanations, without all the complex language, is extremely important in helping me make the right decision.

Retiree

Potomac, Maryland

NAOSA has brought me tremendous value when networking with like-minded professionals, it has really helped me stand out from the crowd. I highly recommend it.

NAOSA Member

Austin, Texas

In a world filled with mistrust and spin, honesty and integrity offer a tremendous opportunity for professionals and businesses who do business the right way.

Anthony L. Cinotti, Founder

National Association of Senior Advocates

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