ORLANDO, Fla.–Leaders of the National Association of Realtors last week snubbed a proposal that would have amended the group's Code of Ethics to provide notification to prospective buyers that the terms of their purchase offers on property might be shared with other prospective buyers. Supporters said this new standard of practice would provide additional disclosure to prospective buyers about a practice that is legal in many states. But its opponents said they worried that the new standard might imply acceptance or at least confusion about this "despicable" practice, which they said can lead sellers to "shop" these offers around and create a bidding war among prospective buyers. Members of the association's annual Board of Directors meeting, held on the final day of the group's conference in Orlando, Fla., sent the proposal back to its Professional Standards Committee for reconsideration. Also during the meeting, the association's leadership approved new membership requirements...
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