What is the definition of a realtor? A definition.
A Realtor (with a capital R), often known as REALTOR, is a licensed real estate professional who belongs to the National Association of Realtors trade organization. There are over 1.5 million Realtors in the United States. The word is trademarked, hence the capital; you may also see a registered trademark emblem next to it. It is possible to be a fully licensed real estate agent or broker who is not a member of NAR; nevertheless, they are not referred to as Realtors.
What's the distinction between a Realtor and a Real Estate Agent?
Real estate agents are all licensed to assist buyers and sellers in property purchases and sales. To earn their license, they must complete extensive training and educational courses, as well as pass a state exam. A Realtor is a real estate professional who also pays dues to the National Association of Realtors (NAR). Joining the organization shows that they have completed the course requirements and have committed to obey its bylaws and code of ethics, among other things.
What is the Realtor Code of Ethics?
Real estate transactions typically involve substantial quantities of money. And, while each agent's job responsibilities vary, all Realtors adhere to the same code of conduct. It's a lengthy agreement that holds Realtors accountable to a specific level of professionalism and ethics. It also seeks to protect customers. The tenets of the code include:
- Never mislead an owner about the market value of a property.
- Never lie about potential savings and benefits of working with them.
- Submit offers and counter-offers objectively and as quickly as possible.
- Fully disclose compensation amounts.
- Offer equal professional services to customers regardless of race, color, religion, sex, disability, familial status, national origin, sexual orientation or gender identity.
- Use honest and truthful advertising.
- Never make false or misleading statements about other real estate professionals, their businesses or their business practices.
