Definition§
A realtor is a licensed real estate professional who is a member of the National Association of Realtors (NAR) and subscribes to its strict code of ethics. This title is federally registered, meaning it’s not just anyone who can strut around calling themselves a realtor! They must bleed NAR blue and follow strict ethical guidelines while helping clients buy, sell, or manage properties. 🏠💼
| Realtor | Real Estate Agent |
|---|---|
| Member of NAR with a specific code of ethics | May or may not be a member of NAR |
| Must follow strict standards of practice | Standards may vary by region |
| Can call themselves a “Realtor” | Typically referred to generally as “agents” |
| Engages in the practice of real estate as part of professional duties | Can also work independently or as a non-member stigma |
Examples§
- Commercial Realtors: Specializing in commercial property sales, leases, or property management, they know the ins and outs of zoning laws and market trends!
- Residential Realtors: They’re the ones you call when you’re looking to buy your dream home… or sell your current one for a fantastic price—who doesn’t love a good house flip? 🏡✨
Related Terms§
- National Association of Realtors (NAR): A nonprofit organization that represents real estate professionals involved in various sectors of real estate. 📈
- Real Estate Agent: A broader term that refers to someone who can assist you in buying or selling property but is not necessarily a realtor.
- Real Estate Broker: A licensed professional who can operate independently, generally overseeing agents, and may also be a realtor.
Fun Facts§
- Did you know the NAR was founded in 1908? Talk about seasoned! 😄
- Since 0ver 1.4 million realtors in the U.S. abide by a set code of ethics, they have trained themselves to be more code-compliant than your refrigerator… which runs on ice! 😂
- The most common slogans associated with realtors are “Location, Location, Location!” Who knew real estate had its own mantra, like the secret society of house sellers?
Quotes§
“There’s no place like home… and no better guide than a realtor!” – Anonymous
Frequently Asked Questions§
-
What is the main difference between a realtor and a real estate agent?
A realtor is a type of real estate agent who is a member of NAR and agrees to abide by its ethical code. -
Do realtors have to pay fees?
Yes! Like most exclusive clubs, NAR membership comes with dues. Realtors also pay commission splits to their brokers. -
Are all real estate agents realtors?
No! Not all agents are realtors, but all realtors are agents. Think of it like all squares are rectangles, but not all rectangles are squares! 📐
Online Resources§
- National Association of Realtors - NAR
- Real Estate Resources - Investopedia
Books for Further Study§
- “The Book on Investing In Real Estate With No (and Low) Money Down” by Brandon Turner
- “Your First Year in Real Estate” by Dirk Zeller
Test Your Knowledge: Realtor Savvy Quiz§
Thank you for exploring the world of real estate with us! Remember, if you’re looking to buy or sell, a reputable realtor can make all the difference—unlike your uncle who thinks he knows the market because he watched one episode of ‘House Hunters’! 💡
