People think that realtor and real estate agents to be the same. But they are not. Although they both have to sell property, there are significant differences. A real estate agent is licensed to help consumers purchase or sell land. Realtors are brokers who have gone a step further. The enlisted to become members of the National Association of Realtors.
NAR is the largest real estate group in the United States, and they have copyrighted the word Realtor. A realtor is a real estate agent or broker who works with property owners. Realtors are expected to adhere to the 17 articles of NAR’s Code of Ethics, which is a part of the requirements of membership.
How Can One Become a Realtor?
There are training and other conditions that are required of realtors if they want to be referred to as one. These agents must meet certain criteria when it comes to experience and training, although these aren’t particularly strict. For example, a four-year college degree is not always required.
These agents are also required to attend government-approved training courses, register with the organization, and pass a state licensing examination. You can also apply for an immobilization permit. Some countries may have requirements related to continuing certification.
The Realtor Code of Ethics
The NAR Code of Ethics was adopted and strictly enforced by local councils since 1931. Not only do the agents are required to swear by this set of rules, but all the other professionals who are allowed to join the association. These requirements are much stricter and more restrictive than a regular real estate agent’s state guidelines.
However, there’s no evidence that realtors are better morally or more ethical than non-affiliated real estate agents. The Code of Ethics is an attempt to regulate their behavior and the property owner’s experience.
The 17 Articles of the Code
Each of the 17 articles has its own weight, but generally, the first article is more important than the rest. It’s the basis of how realtors work and set the tone of the transaction. It does not say that realtor must be fair to all parties when dealing as the agent of the buyer, but it impels the realtor to be honest.
Some of the things that are included in the realtor’s code of conduct include dealing honestly and supporting the wishes of the property sellers or buyers. They are not supposed to overstate, mask, or distort, the state of the property. They also must investigate all the questionable things about the property so they can provide their clients with an honest assessment.
Realtors should also cooperate with other companies in the best interests of their clients. They must also disclose the facts to supporting family members who own or are about to purchase the real estate or who are a real estate partner. They also must avoid providing professional services in a transaction where the agent has a present or anticipated interest, without disclosing that interest.
There are other mandates included in the code of ethics but these are the most important ones. To protect your best interest, it is highly advised that you consult with an agent who is affiliated with Remax Whitby for the best results.