by Mandatory Marcus

Created on: October 08, 2007

The name Realtor has been bandied about so much that it might seem that it is a word to describe anybody that is licensed to sell real estate. In actuality the term Realtor is a registered trademark of the National Association of Realtors and is a designation exclusively used to identify a licensee who has joined the National Association of Realtors and abides by its Code of Ethics.

What, you might ask, does that Code of Ethics mean to you as a consumer? When you deal with a Realtor you are dealing with a person who has taken an oath to uphold this code which, in a nutshell, means that he or she will

1. Be honest with all parties in the transaction

2. Put your interests ahead of his or her own at all times throughout the transaction

3. Disclose all pertinent facts regarding the transaction and the property to all parties involved in the transaction

4. Be truthful in all public communications, i.e. on flyers, websites, newsletters, print ads etc.

Certainly such a code has some value and is something to take into consideration when making a decision about who you, as a consumer, want to work with in conducting a real estate transaction.

According to the National Association of Realtors about half of all real estate agents are Realtors. In the interests of full disclosure, you should be aware that all real estate licensees (not just Realtors) are required to complete ongoing continuing education to remain licensed in their respective State (or States). And all licensees are required to meet the same minimum requirements in their respective State in order to get licensed to begin with.

I would also note that the designation of Realtor is a construct of the National Association of Realtors, which is an industry organization and not a consumer organization. As such simply having a designation that is bestowed upon a licensee by his or her peers (and one for which he or she actually pays dues to receive) does not automatically make that individual the right choice for you.

So while dealing with a Realtor designee can be an excellent choice, it is still one that requires you to do your homework. If you speak to people who have recently bought or sold a home to get their feedback and interview numerous real estate professionals prior to making any hiring decision odds are you will end up hiring the right person for the job; and odds are that person will be a Realtor.

Learn more about this author, Mandatory Marcus.
Click here to send this author comments or questions.