What Is a Realtor?
Let me explain directly: I'm talking to you as someone breaking this down technically. A Realtor is a licensed real estate professional who holds membership in the National Association of Realtors (NAR). Unlike standard real estate agents, we Realtors commit to a rigorous Code of Ethics and satisfy NAR's membership criteria.
Key Takeaways
Here's what you need to grasp: A Realtor functions as a real estate professional affiliated with the NAR. We encompass roles like residential and commercial brokers, salespeople, and property managers. Importantly, we adhere to the NAR's Code of Ethics, which demands elevated professional and ethical conduct from us.
NAR Requirements
To claim the Realtor title, you must hold a real estate license and join the NAR. Remember, all Realtors are real estate pros, but the reverse isn't true. We can be agents or brokers in residential or commercial deals, salespeople, property managers, appraisers, or counselors. The term 'Realtor' is a registered trademark.
As of 2024, the NAR boasts 1.5 million members, including agents, brokers, and associate brokers. To stay in, we join a local board and state association. You expect us to show in-depth market knowledge and uphold the Code of Ethics in interactions with clients, the public, and peers.
The Code requires us to avoid exaggeration, misrepresentation, or hiding key facts about properties or transactions. We pledge to safeguard and advance our clients' interests.
Important Updates
Pay attention to this: New NAR rules effective August 2024 empower sellers with greater control over property marketing. Commissions are now more transparent and open to negotiation, though agents set their own rates. Brokers must now secure written agreements with buyers, ensuring you understand the services and costs involved.
Using the Realtor Trademark
NAR strictly regulates trademark use. If you're a licensed member in good standing with a local board, you can pair it with your name under set rules. Always capitalize it fully, like 'REALTOR®', and separate it from names with punctuation. Don't incorporate it into corporate names to sidestep issues if membership ends.
This trademark doesn't denote license status or serve as a generic title like 'broker' or 'agent'. It's exclusively linked to NAR membership.
When Was the National Association of Realtors Started?
Let me tell you the history: The NAR began in 1908 as the National Association of Real Estate Exchanges, starting with 120 members, 19 local boards, and one state association.
What Is the Realtor Code of Ethics?
The Code of Ethics is a framework of standards all NAR members follow. It outlines duties to clients, the public, and fellow Realtors, promoting transparency, honesty, and fairness in real estate.
How Are Real Estate Agents Different From Realtors?
Here's the distinction: All Realtors are licensed agents or professionals, but not every licensed agent is a Realtor. The difference lies in our voluntary NAR membership and commitment to its Code of Ethics and standards.
The Bottom Line
In summary, a Realtor is a licensed pro in NAR who follows its Code of Ethics. This signals dedication to ethical practices, client priority, and professionalism. 'Real estate agent' is broader, but 'Realtor' is a protected term with defined obligations and recognition.
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