IS YOUR REAL ESTATE AGENT A REALTOR®?
Becoming a licensed real estate agent is no easy task.
Prospects must take several different classes on topics such as “Principles of
Real Estate,” “Law of Contracts” and Law of Agency.” They might also study
things like appraisals, marketing, finance and property management. After the
recommended course of study, the prospective agent must take and pass their
state’s licensing exam.
As a buyer or seller in a real estate transaction – whether
residential or commercial – you would be wise to consult a licensed agent. The
legal forms and contracts are far too complex, and the penalties for making an
error far too costly, to try to wing it on your own. But how do you know that
the agent you consult will do their best for you?
One way is through personal referral. If someone you know
and trust has had a good experience with a particular agent, then that may bode
will for you. There is, however, a quick and easy way to know if an agent will
conform to all accepted codes and ethics of the industry, and that is to look
for the REALTOR® designation.
A real estate agent can only become a REALTOR® when they
join the National Association of REALTORS, or NAR. The world’s largest
professional association, NAR members are sworn to subscribe to a script Code of
Ethics and Standards of Practice. When a real estate agent is accepted into NAR,
only then can he or she use the term REALTOR® on business cards and marketing
materials.
For the REALTOR®, NAR provides a resource for professional
development, research and an exchange of ideas and information. Working with
someone who has access to all that assistance can prove to be valuable asset for
buyers and sellers as well.
The NAR website (www.Realtor.org)
has articles, definitions, directories and contacts that can help property
owners and prospective property buyers make it through the maze of real estate
transactions successfully. Check it out beforehand to get some basic questions
answered, and you’ll be ready to wheel and deal with the best of them!
