7 Lesser-known Meanings of Realtor in Real Estate

What does realtor mean in real estate? If you are interested in real estate, you might have come across the term “realtor” and wondered what it means. In this article, we will explore the lesser-known meanings of realtor in real estate.

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The Definition of Realtor in Real Estate

A realtor is a licensed real estate professional who is a member of the National Association of Realtors (NAR). Not all real estate agents are realtors, but all realtors are real estate agents. To become a realtor, a real estate agent must join the NAR and agree to abide by its Code of Ethics.

History of the Term Realtor and Its Origins

The term “realtor” was first used in 1916 by the National Association of Real Estate Boards (NAREB) to distinguish its members from non-members. The term was trademarked in 1950, and in 1972, NAREB changed its name to the National Association of Realtors (NAR). Today, the term “realtor” is a registered trademark of NAR and can only be used by its members.

The Differences Between a Realtor and Real Estate Agent

As mentioned earlier, all realtors are real estate agents, but not all real estate agents are realtors. The main difference between a realtor and a real estate agent is that a realtor is a member of the NAR and has agreed to abide by its Code of Ethics. The Code of Ethics requires realtors to treat all parties involved in a real estate transaction honestly and fairly, and to put their clients’ interests ahead of their own.

The Benefits of Working with a Realtor in Real Estate

Working with a realtor can offer several benefits, including:

  • Access to a wider range of properties: Realtors have access to properties that are not listed on public websites, which can increase your options when searching for a property.
  • Expert guidance: Realtors can offer expert guidance on the local real estate market, including pricing, neighborhoods, and schools.
  • Negotiation skills: Realtors can help you negotiate the best deal on a property, whether you are buying or selling.
  • Paperwork: Buying or selling a property involves a lot of paperwork, and realtors can help you navigate the process and ensure that everything is done correctly.

The Qualifications Required to Become a Realtor

To become a realtor, a real estate agent must:

  • Hold a valid real estate license in the state where they practice
  • Be engaged in the real estate business as a sole proprietor, partner, corporate officer, or branch office manager
  • Have no record of official sanctions involving unprofessional conduct
  • Complete a NAR-approved course on the Code of Ethics
  • Pledge to abide by the Code of Ethics and Standards of Practice of the NAR

The Code of Ethics that Realtors Must Follow

The Code of Ethics that realtors must follow includes 17 articles, covering topics such as:

  • Honesty and integrity
  • Loyalty to clients
  • Fairness to all parties
  • Protection of confidential information

Expert Advice

If you are considering buying or selling a property, working with a realtor can offer several benefits. A realtor can offer expert guidance on the local real estate market, help you negotiate the best deal, and navigate the paperwork involved in a real estate transaction. Additionally, realtors are bound by a Code of Ethics that requires them to treat all parties involved in a real estate transaction honestly and fairly.

Frequency Asked Questions about What does realtor mean in real estate?

What is the difference between a realtor and a real estate agent?

All realtors are real estate agents, but not all real estate agents are realtors. A realtor is a licensed real estate professional who is a member of the National Association of Realtors (NAR) and has agreed to abide by its Code of Ethics.

What are the benefits of working with a realtor?

Working with a realtor can offer several benefits, including access to a wider range of properties, expert guidance on the local real estate market, negotiation skills, and help with the paperwork involved in a real estate transaction.

What are the qualifications required to become a realtor?

To become a realtor, a real estate agent must hold a valid real estate license in the state where they practice, be engaged in the real estate business as a sole proprietor, partner, corporate officer, or branch office manager, have no record of official sanctions involving unprofessional conduct, complete a NAR-approved course on the Code of Ethics, and pledge to abide by the Code of Ethics and Standards of Practice of the NAR.

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