The difference between an agent and a Realtor!

June 21, 2020

Are the terms “real estate agent” and “Realtor” interchangeable? — many consumers aren’t sure at all what the difference is between a real estate agent and a Realtor, or whether there even is one.
Both real estate agents and Realtors are licensed to sell real estate, but there is a notable difference between the two.

What is a Real estate agent? and how can you become one?

A real estate agent is anyone who is licensed and can help people buy and sell commercial or residential property. To become a real estate agent you have to complete certain number of classes which can be from 60-90 hours of classroom instructions from accredited college, university or technical school depending on each state), pass a state exam, and then get licensed according to each states' laws. They also must pass an exam about state and local Real estate laws, standards and practices. All real estate agents must pay an annual licensing fee and renew them every one or two years, depending on the state. In some states, agents may have to complete a certain amount of continuing education courses before their licenses can be renewed. In Virginia we have to take CE courses before the license renewal.

What is a Realtor, and why is that title different from real estate agent?

A Realtor is a trademark, and it refers to real estate agent, who is an active member of NAR (National Association of Realtors). NAR was founded more than a century ago, but it has only used the term Realtor for about last 40 years. In 1916 it was suggested to give the name "Realtor" to the members of the board, to distinguish them from the non-members. To protect the title from misuse, the association obtained a copyright and trademarked it on 1950.
What does it take to become a Realtor and join NAR?
NAR has more than a million members and its not only Realtors, but also appraisers,
property managers, any professional who is involved in Real estate. .
To join NAR, you have pay a yearly fee to NAR, and also become members of the local and the state Realtor Associations. The members should hold an active Real estate license, and have no record of official sanctions involving unprofessional conduct, and no pending bankruptcy.
Code of Ethics is what separates Realtors from non-members Real estate agents. New members must attend an orientation and abode by the NAR's code of Ethics and Professional Standards. It outlines the duties to the clients, and the customers, the public and other Realtors. Members may be required to complete periodic training on the Code of Ethics as a condition of continued membership. The code consists of 17 articles, supporting standards of practice, and case interpretations. It requires that Realtors cooperate with each other for the best interest of the consumers and clients. It requires the members to respect each others exclusive relationship with their clients.
The association publishes an updated version of the code in the Realtor magazine, which all the member receive. "Part of the incentive for becoming a realtor is to capitalize on the good reputation of NAR members. the idea is that consumers will work with a real estate agent who has sworn to treat all parties fairly and honestly" NAR says. The Realtors are required to follow a standards, and if they don't follow those standards they can be reported to the board, and face consequences.
Local and state Realtor association, in turn are responsible for making sure that members follow the code of ethics, and members who fail to do so, address the member infractions.
I hope this explains a basic difference between a Realtor and a Real estate agent. When you're working to buy or sell a property, make sure that you know, whether you are working with a Realtor or a real estate agent.
For more details on this topic, please see.https://www.inman.com/2019/10/15/the-difference-between-an-agent-and-a-realtor-explained/

And as always, if you are looking to buy or sell a property, I am here to help and serve you. Feel free to contact me.