Under all is the land… But run afoul of a recent change to NAR’s Code of Ethics about land brokerage, and your career could be six feet under it.
Last fall, NAR amended Article 11 of the REALTOR® Code of Ethics to include land as a real estate discipline that requires specialized expertise. Aricle 11 expains that Realtors® should not provide specialized professional services concerning a type of property or service that is outside their field of competence, unless they either engage the assistance of someone who is competent in a specific discipline or fully disclose to the client that they don’t possess expertise in a particular area.
Bottom line: If you’re listing or helping buyers acquire undeveloped land, you need one of three things: 1) training in land brokerage, 2) assistance from a land expert, or 3) to disclose to your clients that you don’t possess expertise in land brokerage.
So how can you become competent in the sale of undeveloped land? Try the Realtors® Land Institute on for size. Here in Virginia, they offer numerous courses to help you get up to speed. Visit www.VirginiaRLI.com for information about online and in-person courses.
(Source: REALTOR® AE Magazine, Winter 2010)