What is a REALTOR®?
What is a REALTOR®?
Only real estate professionals who are members of the National Association of REALTORS® (NAR) can call themselves REALTORS®. All REALTORS® must know and comply with the Code of Ethics, which goes beyond state licensing requirements. REALTORS® must complete ethics training by taking at least 2.5 hours of instruction at least once every four years to retain membership in NAR.
For nearly 100 years, REALTORS® have subscribed to one of the oldest codes of ethics for trade groups in the country. There are very few, if any, professional organizations in the nation who have put in place such rigorous ethics training requirements for their members. The term REALTOR® and the accompanying block “R” symbol are registered collective membership marks that identify and may only be used by real estate professionals who are willing to be bound the National Association’s Code of Ethics.
The Code of Ethics was designed to protect sellers as well as buyers and to encourage cooperation among real estate professionals in bringing buyers and sellers together. By selecting a real estate professional who is a REALTOR®, buyers and sellers avail themselves of helpful mortgage and market information. REALTORS® also monitor and assist in the legislative process, and represent the interests of property owners in the fight to preserve private property rights. REALTORS® are not just members of the National Association: they are valuable contributors to your community.
What a REALTOR® can do for you, the buyer
The REALTOR® you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by the state to do business, REALTORS® have taken additional steps to become members of the local and state boards of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics and Standards of Practice. Plus…
- A REALTOR®
can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.
- A REALTOR®
knows the local money market and can tell you what personal and financial data to bring with you when you apply for a loan.
- A REALTOR®
is familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
- A REALTOR®
can research your housing needs in advance through a Multiple Listing Service, even if you are relocating from another city.
- A REALTOR®
can show you only those homes best suited to your needs — size, style, features, location, accessibility to schools, transportation, shopping and other personal preferences.
What a REALTOR® can do for you, the seller.
- A REALTOR®
gives you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties.
- A REALTOR®
disburses information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks.
- A REALTOR®
knows when where and how to advertise your property. Your REALTOR® will prescreen and accompany qualified prospects through your property.
- A REALTOR®
can help you objectively evaluate every buyer’s proposal without compromising your marketing position.
- A REALTOR®
helps you navigate through the required paperwork from the initial sales agreement to the closing.