What does it mean to be a Realtor?

Posted by Vivian Kokkinos on Wednesday, March 19th, 2014 at 1:54pm.

It is interesting that most people do not know what it means to be a Realtor versus just a real estate salesperson.  Yes, there is a difference.  Everyone engaged in the selling of real estate needs to be licensed in the state they conduct business but not all real estate salespeople are also Realtors.  A Realtor belongs to the National Association of Realtors (NAR), which is the largest trade association in the country. As of May 30, 2013 there were 997,148 Realtors in the United States.  Being the largest trade association means that Realtors, as trade association, have a powerful voice in government decision making that can affect you the consumer.  For example, right now the NAR is lobbying hard to keep the mortgage interest deduction; one of the few tax deductions available to the average consumer who owns a home and hold a mortgage on that home.  The ability to deduct your mortgage interest payment, thus reducing your tax burden, is indeed one of the biggest perks to owning your home and keeping the housing industry healthy. 

All Realtors must also abide to the Realtor Code of Ethics which was established in 1913 making it 101 years old this year.  Of course there have been constant changes and updates to the code of ethics throughout the years.  It is interesting to add that next year the Staten Island Board of Realtors will celebrate its 100th anniversary and it too is the largest trade association on Staten Island currently comprised of about 1500 active Realtors. When a consumer is working with a Realtor, he or she is assured that he is dealing with a professional who is bound to work with everyone honestly and ethically as mandated by the code of ethics.  You can find the complete code of ethics as well as other useful information at www.Realtor.org.

If you have any questions regarding real estate and how it is conducted, please feel free to call me on my cell, 917-885-9026.

 

 


The Code of Ethics

We have likely heard that Realtors ® also must prescribe to a legally enforceable code of ethics. Yet what are those ethics, and how do they affect us as buyers? Again from the NAR’s own site, here is what your Realtor® pledges to do:

  • 1) Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.
  • 2) Shall refrain from exaggerating, misrepresenting or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant.
  • 3) Shall cooperate with other brokers / agents when it is in the best interests of the client to do so.
  • 4) Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate.
  • 5) Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
  • 6) Shall not collect any commissions without the seller's knowledge nor accept fees from a third-party without the seller's express consent.
  • 7) Shall refuse fees from more than one party without all parties' informed consent.
  • 8) Shall not co-mingle client funds with their own.
  • 9) Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.
  • 10) Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.
  • 11) Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.
  • 12) Must engage in truth in advertising.
  • 13) Shall not practice law unless they are a lawyer.
  • 14) Shall cooperate if charges are brought against them and present all evidence requested.
  • 15) Agree not to bad mouth competition and agree not to file unfounded ethics complaints.
  • 16) Shall not solicit another REALTOR'S client nor interfere in a contractual relationship.
  • 17) Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.

While the code of ethics can’t actually force a person to be intrinsically ethical, the NAR recognizes the seriousness of the Realtor’s ® position and seeks to ensure high professional standards, which is comforting to we new buyers who need so much assurance.

- See more at: http://www.ziprealty.com/blog/real-estate-agent-vs-realtor-r-there-really-difference#sthash.gubElW6I.dpuf

The Code of Ethics

We have likely heard that Realtors ® also must prescribe to a legally enforceable code of ethics. Yet what are those ethics, and how do they affect us as buyers? Again from the NAR’s own site, here is what your Realtor® pledges to do:

  • 1) Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.
  • 2) Shall refrain from exaggerating, misrepresenting or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant.
  • 3) Shall cooperate with other brokers / agents when it is in the best interests of the client to do so.
  • 4) Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate.
  • 5) Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
  • 6) Shall not collect any commissions without the seller's knowledge nor accept fees from a third-party without the seller's express consent.
  • 7) Shall refuse fees from more than one party without all parties' informed consent.
  • 8) Shall not co-mingle client funds with their own.
  • 9) Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.
  • 10) Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.
  • 11) Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.
  • 12) Must engage in truth in advertising.
  • 13) Shall not practice law unless they are a lawyer.
  • 14) Shall cooperate if charges are brought against them and present all evidence requested.
  • 15) Agree not to bad mouth competition and agree not to file unfounded ethics complaints.
  • 16) Shall not solicit another REALTOR'S client nor interfere in a contractual relationship.
  • 17) Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.

While the code of ethics can’t actually force a person to be intrinsically ethical, the NAR recognizes the seriousness of the Realtor’s ® position and seeks to ensure high professional standards, which is comforting to we new buyers who need so much assurance.

- See more at: http://www.ziprealty.com/blog/real-estate-agent-vs-realtor-r-there-really-difference#sthash.gubElW6I.dpuf

The Code of Ethics

We have likely heard that Realtors ® also must prescribe to a legally enforceable code of ethics. Yet what are those ethics, and how do they affect us as buyers? Again from the NAR’s own site, here is what your Realtor® pledges to do:

  • 1) Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.
  • 2) Shall refrain from exaggerating, misrepresenting or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant.
  • 3) Shall cooperate with other brokers / agents when it is in the best interests of the client to do so.
  • 4) Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate.
  • 5) Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
  • 6) Shall not collect any commissions without the seller's knowledge nor accept fees from a third-party without the seller's express consent.
  • 7) Shall refuse fees from more than one party without all parties' informed consent.
  • 8) Shall not co-mingle client funds with their own.
  • 9) Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.
  • 10) Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.
  • 11) Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.
  • 12) Must engage in truth in advertising.
  • 13) Shall not practice law unless they are a lawyer.
  • 14) Shall cooperate if charges are brought against them and present all evidence requested.
  • 15) Agree not to bad mouth competition and agree not to file unfounded ethics complaints.
  • 16) Shall not solicit another REALTOR'S client nor interfere in a contractual relationship.
  • 17) Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.

While the code of ethics can’t actually force a person to be intrinsically ethical, the NAR recognizes the seriousness of the Realtor’s ® position and seeks to ensure high professional standards, which is comforting to we new buyers who need so much assurance.

- See more at: http://www.ziprealty.com/blog/real-estate-agent-vs-realtor-r-there-really-difference#sthash.gubElW6I.dpuf


The Code of Ethics

We have likely heard that Realtors ® also must prescribe to a legally enforceable code of ethics. Yet what are those ethics, and how do they affect us as buyers? Again from the NAR’s own site, here is what your Realtor® pledges to do:

  • 1) Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.
  • 2) Shall refrain from exaggerating, misrepresenting or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant.
  • 3) Shall cooperate with other brokers / agents when it is in the best interests of the client to do so.
  • 4) Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate.
  • 5) Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
  • 6) Shall not collect any commissions without the seller's knowledge nor accept fees from a third-party without the seller's express consent.
  • 7) Shall refuse fees from more than one party without all parties' informed consent.
  • 8) Shall not co-mingle client funds with their own.
  • 9) Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.
  • 10) Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.
  • 11) Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.
  • 12) Must engage in truth in advertising.
  • 13) Shall not practice law unless they are a lawyer.
  • 14) Shall cooperate if charges are brought against them and present all evidence requested.
  • 15) Agree not to bad mouth competition and agree not to file unfounded ethics complaints.
  • 16) Shall not solicit another REALTOR'S client nor interfere in a contractual relationship.
  • 17) Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.

While the code of ethics can’t actually force a person to be intrinsically ethical, the NAR recognizes the seriousness of the Realtor’s ® position and seeks to ensure high professional standards, which is comforting to we new buyers who need so much assurance.

- See more at: http://www.ziprealty.com/blog/real-estate-agent-vs-realtor-r-there-really-difference#sthash.gubElW6I.dpuf

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