by Mary Moss

Created on: October 02, 2007

Realtor is a designation for a real estate agent who has met the criteria established by the National Association of Realtors (NAR). Realtors undergo rigorous initial and on-going training in order to be recognized by the Association. Realtors subscribe to a very strict code of ethics and they are expected to demonstrate superior knowledge about the process of buying and selling real estate. To be licensed, a Realtor is required by state law to undergo between 30 and 90 hours of classroom training. A Realtor may be qualified to sell residential property or commercial property, though generally not both.

Realtors are knowledgeable about local real estate trends. In years past, it has been assumed that Realtors represented the interests of the property seller in all cases. Today, the lines have become more clearly drawn to eliminate misunderstanding, misrepresentation and potential conflict of interest. Realtors generally designate themselves as either a buyer's agent or a seller's agent, though unless otherwise stated it is assumed the Realtor represents the best interest of the seller.

A listing agent is a Realtor who represents a property for sale. The Realtor in this capacity is the "expert" on the property. The listing Realtor advertises the property, coordinates other agents showing the property to prospective buyers, conducts open houses and represents the property seller when an offer to purchase is made.

A buyer's agent is an agent who agrees to work in the best interest of the buyer vs. a listing agent. A contract is signed between buyer and Realtor, and the Realtor must tell all other agents and individuals that he/she is acting as a buyer's agent. The buyer's agent is still expected to exercise the highest level of professionalism and to be forthright and honest in all communication with all parties.

Realtors who have worked in the real estate field for 1-3 years and have completed 60-90 hours of classroom training may receive a Broker designation. Broker's may open and manage their own office. Other designations may be acquired by Realtors based upon their experience and formal training.

Realtors are required to update and maintain their knowledge of the Code of Ethics at least every four years in order to maintain their designation. NAR-member Realtors have the option of additional certifications in several specialties with varying educational requirements.

Some of the best-known accreditations include Accredited Buyer Representative, Certified Property Manager, Certified Residential Specialist and Graduate of Realtor's Institute. The accreditations are highly coveted and well-respected within the NAR and real estate community. These professionals strive to achieve the highest levels of expertise, professionalism and knowledge in order to serve their clients.

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