How Does a Realtor Differ from Other Real Estate Agents?
"Realtor" is actually a trademark that only active National Association of Realtors (NAR) can legally use. Real estate agents in the U.S. are licensed to provide assistance to real estate buyers and sellers. But not all of them are Realtors. Other professionals in the industry, such as consultants, brokers, home appraisers, and property managers, who are members of the NAR may also use the Realtor title.
Each state in the US has its own requirements that must be met before real estate agents can be licensed. In most states, they have to complete 30 - 90 hours of classroom instruction in real estate fundamentals from an accredited course provider. After this, they have to pass an official exam covering real estate practices and standards, as well as state and national laws. Real estate agents pay an annual fee for their licenses, which have to be renewed every year or two. In specific states, agents have to take up continuing education to be able to renew their licenses.
In the U.S. only around half of real estate agents are NAR members and therefore Realtors. Being a member of this organization requires that an agent become a member of his local real estate board or association, which is usually organized according to county or region. As soon as an agent becomes a local board member, he automatically becomes a member of the national organization. To learn more about real estate agents, visit https://en.wikipedia.org/wiki/Real_estate_broker.
New NAR members are required to take an online ethics code course and pass an exam covering the subject; on the other hand, current members must take a refresher course on the same, also online, every four years. A real estate agent who is a member of a local board or association has to pay yearly fees, covering membership dues for the real local real estate association they belong to and for the NAR.
Membership to the NAR requires a real estate agent to agree to a code of ethics and standards, which is known for being very strict. Each year, the code is adjusted to reflect the latest changes in real estate law and practice. While buying or selling agents' main responsibility is to represent the interest of their respective clients, Realtors vow never to resort to deception or any other dirty tactics in any real estate transaction. Finding a realtor in Manhattan is an advantage.
Although coursework on ethical principles is included in various licensing programs in different states, the NAR code requires Realtors to uphold the code of ethics and standards of practice that have been mentioned earlier. The point is to provide consumers assurance that Realtors will work with all parties in a fair and honest way. Lastly, the NAR, like any other trade organization, offers its members a united voice to lobby for stronger legal safeguards before federal and state governments. Click here for reliable realtor.