Word of the Day: REALTOR

R.E.’s Word of the Day

REALTOR(r)

A licensed real-estate agent that pays dues and is otherwise in good standing with the National Association of REALTORS.

Why do you need to know it?

The biggest reason you need to know the term REALTOR is because many agents use it as if it really means something about how they do business.

According to the National Association of REALTORS “When Is an Agent a REALTOR?:” A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world’s largest professional association. The term “REALTOR®” is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.

That sounds impressive doesn’t it? However, the reality is this — the Ohio Division of Real Estate is the one that controls whether or not I can sell real estate in the state of Ohio and it has the Cannon of Ethics that all agents are required to abide by. As an instructor liked to say when I was getting my license — “a code won’t sink your real estate ship, but a cannon will.” More importantly read the Cannon of Ethics and you’ll notice it all about how real estate agents are supposed to treat customers, while the code of ethics is a lot about how to treat each other.

The biggest reason you want your agent to be a member of the National Association of REALTORs is the multiple-listing service. However, in today’s world even that information has become such that it can be worked around.

There are a lot of reasons for me – as the agent – to be a REALTOR but none of them make me a better agent just because I paid those dues to the association.

For complete Word of the Day listings be sure to visit the Real Estate Dictionary.

All information on this site is deemed reliable and accurate as of date of posting but is not guaranteed. Information provided on this site is not to be used to make a final decision please contact your tax professional, attorney, inspector, or REALTOR for your specific situations.