Real estate agents and realtor are two worlds which we use as one expression in our everyday life. Is that correct?
As contradictory the word appears, as bigger is the real difference. They are not identical in anyway. It is true that both are licensed to do real estate business, but a real estate agent is not a member of National Association of Realtors as a Realtor is. You might have take notice of the difference- but are likely unheard of- Realtor is the one who is liable for adhering to the Realtor® Code of Ethics and a range of underlying standards of Practice. But what does it matter to you?
The Code of Ethics needs not to be violated. Every article of the seventeen articles of Code of Conduct is premised to one single notion and that is –Service to the Public. It’s not just a list of rules. In Code of Ethics, the members of Realtors® has been bestowed a perceptive vision as it may possibly be and it is supposed to be. Accepting all the legal standards, they pledge to observe its vitality while conducting all their doings. Whilst, it not in anyhow emphasizes that Realtors® subscribe to standards of business and ethical conduct higher than the self-employed real estate agents, the real estate industry endeavor to legalize and is worth of gratitude. Seeing about, a real estate agent who is not a part of NAR is imposed by the same official standards, in a readily apparent manner.
Here are few things that a Realtor takes as a word of honor while the non-member licensees do not:
- Realtors® pledges themselves to conduct any activity which is in the best interest of clients. But it does not mean to treat the parties impartially.
- Shall steer clear of overstatement, falsification or disguise of significant facts linked with the property or closing.
- Shall work together with other agents or brokers, only in condition if the client intends to do so.
- While selling or buying a property that the Realtor or their family members own, it is obligatory to disclose the possession in front of the client.
- Shall not take the burden to offer professional services relating to the property or price until it is clearly mentioned by the client himself to all the exaggerated parties.
- Shall not accept any commission, refund or profit from an intermediary client, without the client’s knowledge and approval.
- Shall decline the reimbursement from more than one party, without informing all the parties.
- Shall not muddle up clients finances with their own.
- Shall endeavor to ensure that the paperwork related to transaction including other legal documents is unambiguous to all parties and a copy of same should be distributed once every party has signed.
- Shall not show favoritism to any person for reasons of color, sex, religion, family status, physical disability or ethnic group.
- Agents are supposed to conform to the standards of practice and shall not offer services outside their own real estate discipline.
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