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What is a Realtor?
In the narrowest sense, a "Realtor" is simply a licensed person who has agreed to abide by a set of ethical guidelines developed and approved by a "Trade" organization known as the "National Association of Realtors". Note, I said a "set of Ethical guidelines" = Realtor, a copyrighted name.

In a much broader sense, a Realtor is someone who is a professional, working at one or more aspects within the Real Estate Industry.

The individual Realtor may be specializing in a portion of the business, or may be more of a general practitioner. Examples of general and commonly recognized areas of the real estate business, would be assisting in the purchase or sale of residential properties. Less well known area and more specialized would be, acting as expert witness for the courts; helping to establish values of real property and/or giving informed opinions of future or past values of property.

Within the scope of the real estate business, a Realtor may specialize in investment real estate; from small 2 unit apartments to large commercial leases. During the recent building boom, along with helping market new homes, many Realtors informed builders of trends in the marketplace and provided feedback about buyers requests in new home construction.

Realtors frequently "over see" contracts, help evaluate mortgages and negotiate transactions to benefit their clients. Many Realtors assist in marketing studies and collect data relevent to a specific needs of their clients and customers.

You may hire a Realtor to work on your behalf in the sale of your property, they would be a "Sellers Agent". You might also hire a Realtor as a "Buyer agent" to represent you in the finding of a different home. You might hire the same Realtor to do both jobs for you. Working for you as both "Sellers Agent" and as "Buyers Agent" simultaneously is not uncommon. Co-ordinating the sales, knowledge of your situation and working in your best interests can often be accomplished best, using the same person.
When should you be concerned about the possibilities of a conflict of interest? If the Realtor or agent you are using, is also hired by the person who is on the "other side of the your transaction", a possibility of conflict exists. This arrangement is known as "Duel Agency" and is to be discouraged. It is not illegal but can present problems even if when all parties are informed of the interests of the others as required by law.
A benefit to Seller or Buyer clients; Many Realtors do not get

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