Definition
A REALTOR is a licensed real estate professional who is a member of the National Association of Realtors (NAR), the largest trade association in the United States. Being a REALTOR involves adhering to a strict code of ethics and standards of practice. Unlike common real estate agents, REALTORS pledge to uphold the NAR’s ethical guidelines and participate in ongoing educational opportunities.
Examples
- Residential REALTOR: A licensed professional who assists clients in buying or selling residential properties such as houses or apartments.
- Commercial REALTOR: A specialist in commercial properties including office spaces, retail buildings, or industrial facilities.
- REALTOR Property Manager: A REALTOR who manages rental properties for landlords, dealing with tenant issues, maintenance, and rent collection.
Frequently Asked Questions
What distinguishes a REALTOR from a real estate agent?
A REALTOR is a member of the National Association of Realtors and subscribes to its ethical codes and standards. Not all real estate agents are REALTORS.
What is the National Association of Realtors (NAR)?
The NAR is a national organization that represents REALTORS and issues guidelines, ethics, and standards for its members.
What are the educational requirements to become a REALTOR?
While requirements vary by state, becoming a REALTOR generally involves obtaining a real estate license and completing additional coursework and training through the NAR.
What is the Code of Ethics for REALTORS?
The Code of Ethics ensures that REALTORS adhere to stringent ethical standards. It covers obligations to clients, the public, and fellow REALTORS.
Can REALTOR status expire?
Yes, REALTORS must maintain their membership with the NAR and comply with ongoing educational and ethical requirements to retain their status.
Related Terms with Definitions
- Real Estate Agent: A professional who has acquired the necessary real estate licensure to facilitate the buying and selling of properties.
- Broker: A real estate professional who has completed additional education and licensing requirements, enabling them to manage a brokerage and oversee agents.
- Listing Agreement: A contract between a seller and a real estate agent (or broker) authorizing the agent to represent the seller in selling their property.
- Multiple Listing Service (MLS): A service used by a group of real estate brokers that allows each of them to see one another’s listings of properties for sale.
Online References to Online Resources
- National Association of Realtors (NAR)
- Real Estate Licensing Requirements by State - Real Estate Express
- Understanding REALTORS®
Suggested Books for Further Studies
- “Your First Year in Real Estate: Making the Transition from Total Novice to Successful Professional” by Dirk Zeller
- “Real Estate License Exam Prep All-in-One” by Stephen Mettling and David Cusic
- “The Millionaire Real Estate Agent” by Gary Keller
Fundamentals of REALTOR: Real Estate Basics Quiz
Thank you for exploring the realm of REALTORS with our deep dive into their role, responsibilities, and ethical guidelines, and for engaging with our illuminating practice quiz questions. Keep aspiring towards real estate excellence!