Real estate agents versus Realtors, What's the difference?

Many people often switch the terms real estate agent and Realtor, even though there is a significant amount of different. There are certain rules and policies that Realtors uphold that real estate agents do not. All Realtors are real estate agents, but not all real estate agents are Realtors. Once a person is licensed to sell real estate within a state they become a real estate agent. After which they can decide to join the National association of Realtors and abide by its rules. It’s not just a bunch of rules that agents swear to uphold and adhere to. The Standards are much more restrictive and confining as to conduct than those governing agents who simply hold a real estate license.

For more in depth information about Realtors and the standards they uphold visit http://www.Realtor.org

Here are 17 things that a REALTOR® promises to do that non-affiliates do not:

1. Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly and fairly.

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 transction 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.