New and exciting changes are coming to the NAR’s Core Standards for 2021. Fair Housing is an important topic we’ve been focusing on lately and how changes to real estate practice are becoming more inclusive and equitable. Before we dive into the updates, we’ve included some information below on what the Core Standards are and where you can find more in depth information on the requirements.
The National Association of REALTORS® uses a set of standards to ensure all REALTOR® associations that are a part of NAR comply with requirements that are specific to local and state associations and commercial overlay boards. Every year local associations and commercial overlay boards are required to fill out the Core Standards Certification Form to prove their compliance with the outlined standards. The Core Standards touch on the following points:
- Code of Ethics
- Advocacy
- Consumer Outreach
- Unification Efforts and Support of the REALTOR® organization
- Technology
- Financial Solvency
If you’re interested in diving into the nitty gritty details of the Core Standards criteria, you can find more information on NAR’s website, broken out by local and state associations. When working with a REALTOR®, you can rest assured ethical treatment is a number one priority. Holding associations to a high standard benefits everyone, from you as an individual to the community as a whole.
Below you will find information directly from the NAR website on the changes coming to the Core Standards guidelines in 2021. You can find more in depth information about the NAR’s Core Standards updates here.
What’s New with the NAR’s Core Standards Updates in 2021?
Association strategic plans must include a diversity, equity and inclusion (DEI) and a fair housing component.
Associations must conduct or promote a diversity, equity and inclusion activity and a fair housing activity. Possible options for completing this standard include the following:
Measure and assess diversity in the association membership and develop an actionable roadmap for local association DEI; NAR has a new Insights Hub tool(link is external) to help with this process.
- Conduct or promote fair housing training.
- Conduct or promote an At Home with Diversity (AHWD®) course.
- Conduct or promote implicit bias training (e.g., NAR’s implicit bias video).
- Form a Diversity Committee or a Fair Housing Committee.
- Other DEI or Fair Housing activities.
Associations can meet the existing Advocacy requirement for ‘Act’ under the REALTOR® Party goals and the existing Consumer Outreach ‘Being the Voice for Real Estate’ and ‘Community involvement and investment’ requirements through activities that demonstrate a commitment to Diversity, Equity, and Inclusion and Fair Housing. Note, this is not an added requirement, but just another way to meet the existing Advocacy and Consumer Outreach requirements.
The leadership development education requirement within the Unification Efforts standard now specifies that the association’s education and training for volunteer leaders must address the following:
- Increased awareness and understanding of the Core Standards.
- Understanding of staff and volunteer leadership roles and responsibilities. (See the President/Chief Staff Executive Checklist for more on this.)
Associations must commit to greater diversity, equity and inclusion among the association’s volunteer leadership.
Associations must have the ability to interact with members in a remote work environment via a virtual meeting platform such as Zoom, Skype, WebEx, etc.
Associations that administer professional standards must have the services of a certified Professional Standards Administrator. Note, this is not a new policy; it is consistent with existing NAR policy and has been added to the Core Standards Certification Form.
We’re excited to see the change some of these updates will bring about to the real estate industry this year. If you’re interested in learning more about Fair Housing, take a look at last week’s blog which provides a high level introduction to Fair Housing, the history behind it, as well as helpful links and resources. Stay tuned for further updates and news on Fair Housing in the coming weeks!
