• June 20, 2024

Realtor: Who They are, What They do, FAQ

A Realtor: What Is It?

A member of the professional organization National Association of Realtors (NAR) is a realtor, a real estate professional. According to the National group of Realtors (NAR), a realtor is a collective membership mark that is federally recognized and designates a real estate professional who is a member of the group and abides by its code of conduct.

Read More: Ann Arbor Realtor

Recognizing Realtors

Agents who operate as salesmen, property managers, appraisers, counselors, and other real estate professionals are among the professions who go by the title of realtor.

The word “real estate” is a trademark. In October 2021, the number of realtors was 1,564,547. The breakdown was as follows: 13% associate brokers, 20% real estate brokers, and 68% real estate agents. Realtors are required to be members of the state association as well as a local board or association.

In addition to adhering to the NAR’s code of ethics, which mandates that agents uphold a particular level of responsibility to clients and customers, the public, and other realtors, realtors are required to be specialists in their industry.

Realtors “shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction,” according to the code of ethics, one of its numerous mandates.

Additionally, as per the rule, real estate agents “shall present a true picture in their advertising, marketing, and other representations and shall be honest and truthful in their real estate communications.”

Realtors must also treat each party to the transaction fairly and “commit themselves to protect and promote the interests of their client.”

Recommended Practices for Realtor Trademark Use

The realtor trademark is subject to strict guidelines maintained by the NAR. Professionals are authorized to use realtor trademarks in conjunction with their names and the names of their real estate companies if they are members of a member board as realtors or realtor-associates.

It is not permitted for members of the association to utilize the realtor trademark as part of their official corporate name. The NAR claims that this is done in order to prevent the legal complications that arise from changing a company name in the event that a member is suspended or expelled from the organization and loses their ability to utilize the trademark.

In addition, the NAR criteria stipulate that the realtor trademark must be used in all capital letters and separated from the member’s name by commas if a qualifying member incorporates it into their name.

The Realtor trademark is not utilized by the NAR in a way that is descriptive of the profession, unlike words like real estate broker, agent, and licensee. Additionally, according to the organization, realtor trademarks cannot be used to indicate a professional’s licensing status.

What Was the Initial Year of the National Association of Realtors?

Originally called the National Association of Real Estate Exchanges, the NAR was established in 1908. It had 19 boards, 120 members, and one state association at the time.

What Is the Code of Ethics for Realtors?

Members agree to follow the Code of Ethics & Professional Standards, which is a set of guidelines centered on just and truthful behavior. They have to do with how disputes should be resolved and how customers should be addressed. Members are held to a high moral standard under the Code of Ethics.

What Distinguishes Real Estate Agents From Realtors?

Those with state-issued licenses to assist people in buying and selling real estate are known as real estate agents. Real estate brokers who have chosen to join the National Association of Realtors are known as realtors. NAR members may give their clients a fully professional experience by using the abundance of training, resources, and data that are available to them.