The way you apply the Code of Ethics in your business may depend on whether someone is your client, customer, or a prospect. For instance, Article 1 says you should treat all parties honestly, but you must do more for your clients and protect and promote their interests. You must also preserve confidential information for clients in ways that don’t apply to customers. Here are the definitions of client, customer, and prospect as put forth in Standard of Practice 1-2.
A buyer, seller, tenant, or landlord who is not subject to a representation relationship with the REALTOR® or the REALTOR®’s firm.
A party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the REALTOR® or REALTOR®’s firm.
A person or entity with whom a REALTOR® or a REALTOR®’s firm has an agency or legally recognized non-agency relationship.