What is a REALTOR®?
by Janet Wickell
Real Estate Careers
Some people think that all real estate agents are
"Realtors," calling agents by that name generically without
realizing that not every agent can legally use the title.
A REALTOR is a real estate agent or
affiliated real estate professional who is a member of the
National Association of REALTORS, called NAR for short. Realtors
are located in all parts of the world.
Realtor Code of Ethics
When agents become REALTORS they must agree to conduct their
business in a way that adheres to the NAR's
Code
of Ethics. The REALTOR code covers ethical requirements
that deal with all aspects of the job, from working with
consumers and fellow agents to writing truthful advertising.
Multiple Listing Services
Local groups of agents who have banded together in order to
share listings more effectively are called Multiple Listing
Services, or MLS for short. Most of those groups are
affiliated with their state and national Realtor
associations and typically require all MLS agents to become
members of both of those groups.
Agents pay dues to their state and local
Realtor organizations. They also pay fees to become and maintain
members of their local MLS.
Realtors Accountable for their Actions
Realtors can file complaints against each other and the
organization accepts complaints from consumers. Complaints
can affect membership status and fines can be levied against
agents who are found guilty of wrongdoing by a multi-member
panel of their peers.
The organization does not have the ability to
suspend a real estate licenses--that action can only be
accomplished by the real estate licensing commission that
granted it. Licenses in the US are granted by each state.
Realtor Educational Requirements
All licensed agents are required to take continuing
education courses approved by their state licensing boards.
To retain membership in the NAR, Realtors are required to
take additional continuing ed classes, often focusing on
ethical work habits and other consumer protection topics.
Membership Benefits
- Educational materials at state and
national NAR Web sites
- Full-color magazines with news and
educational content
- Representatives who lobby Congress for
Realtor needs
- Discounts for equipment and other
helpful products and services
- Training and educational opportunities,
including affiliations with
special designation
programs
- Annual state and national conventions
Consumers and real estate agents can learn
more about what it means to be a Realtor on the
NAR's Web site.
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