Real Estate Agent Vs Realtor - What's the Difference?
By Regina O Lee
A lot of people use the two terms, realtor and real estate agents in case of each other. But this isn't correct. There are differences which exist among the two and hence they aren't the same thing and neither can you use one term in place of the other. Both of them might have licences to sell but then realtor is under trademark. This means that they are a member of the NAR, Mational Association of Realtors. If we take the US for example, then you will find that all of the real estate agents have a license which helps a consumer to buy as well as sell commercial property. But then all realtors aren't real estate agents.
But then the most important difference which exists among them is that the realtor has to subscribe to the "Realtor Code of Ethics". But then to a consumer, what does this really mean?? Well the code of ethics is quite strictly enforced. It has 17 articles and also different underlying standards of practice. This isn't just a whole bunch of rules which the agents have to swear to adhere to and uphold. These standards are actually quite restrictive and also confining considering the rest of the rules and regulations other government agents have to follow.
Now just because the realtors have to follow a code of ethics, this doesn't really mean that they are ethically or even morally better than the real estate agents. Now there are 17 things which is the basic difference between the realtor and property agents, which the realtors promise they will do.
- Will pledge to put all of the interests of the buyers as well as the sellers before their own ones. Also to treat all of the parties which are involved honestly?
- Will refrain from over exaggerating or misrepresenting or even concealing material facts. They are also obligated to investigate as well as disclose various situations which are not the case with property agents.
- Will cooperate with the other brokers or agent when the best interest of the client is at hand. You will find that even with the best interest of the client at hand, the real estate agents will be selfish.
- Will have a duty of disclose information if they actually represent family members who usually own or actually are going to buy the real estate.
- Will not be allowed to collect any sort of commissions with the knowledge of the seller.
- Will not provide any sort of professional services during a transaction.
- Will have to refuse the fees from a party without the consent of the other parties.
- Will not co mingle the funds of the client along with their own?
- Will not try to ensure that all of the written documents are easy to understand and will provide everyone with a copy of whatever they sign which is usually not done byreal estate agents.
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