Only real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS®(NAR) can call themselves REALTORS®. All REALTORS® adhere to NAR's strict Code of Ethics, which is based on professionalism and protection of the public. That's why all real estate licensees are NOT the same.
Dedicated to serving America's property owners at both local and national levels, the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate® is the largest professional association at over 800,000 members strong. So, whether you're buying or selling a home -- it pays to work with a REALTOR®. Look for the REALTOR® logo when choosing your real estate agent.
The 2002 NAR Profile of Home Buyers and Sellers provides research results on the experiences home buyers and sellers had when purchasing or selling their home. The majority of the respondents used a REALTOR® (a member of the NATIONAL ASSOCIATION OF REALTORS®). Here's what they had to say:
- The median sales price of an agent-assisted home was 27% more than one sold FSBO (For Sale By Owner).
- Nearly four out of five homeowners sold their previous home with the assistance of a real estate agent.
- The top three home seller expectations of real estate agents are: 1) find a buyer for my home (29%); sell my home within a specific timeframe (26%); 3) properly price my home (20%).
- Forty-seven percent of respondents would use the same listing agent for their next home sale.
- Two out of three home buyers reported that the most important service provided by a real estate agent is helping buyers find the right home.
- Nearly four out of five home buyers used a real estate agent as an important information source and to assist in the transaction.
- Nearly seven out of ten home buyers used a real estate agent and/or broker to complete their transaction.
The Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS® is the promise to the public that when dealing with a real estate agent that is a REALTOR®, they can expect honest and ethical treatment in all transaction-related matters. Only REALTORS® pledge to abide by the Association's Code of Ethics and only REALTORS® are held accountable for their ethical behavior.
Some of the basic principles of the Code of Ethics include:
- Protect and promote your client's interests, but be honest with all parties.
- Avoid exaggeration, misrepresentation, and concealment of pertinent facts. Do not reveal facts that are confidential under the scope of your agency relationship.
- Disclose present or contemplated interest in any property to all parties.
- Avoid side deals without your client's informed consent.
- Accept compensation from only one party, except with full disclosure and informed consent.
- Keep the funds of clients and customers in escrow.
- Assure, whenever possible, that transactional details are in writing.
- Provide equal service to all clients and customers.
- Be knowledgeable and competent in the fields of practice in which you ordinarily engage. Obtain assistance or disclose lack of experience if necessary.
- Do not engage in the unauthorized practice of law.
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The NATIONAL ASSOCIATION OF REALTORS® has a variety of affiliates that provide designations acknowledging experience and expertise in various real estate sectors. NAR also offers designations and certification programs to its members, including the ABR® and GRI designations, and the e-PRO® certification program.
ABR® - Consumer demand for buyer representation has changed the relationship between buyers and real estate professionals. REBAC (Real Estate BUYER'S AGENT Council) awards the ABR® (Accredited Buyer Representative) designation to REALTORS® who meet education and experience requirements to better prepare them to represent buyers.
GRI - A REALTORS® with the Graduate REALTORS® Institute (GRI) designation is trained in many areas, including legal and regulatory issues, professional standards, the sales process and technology. A minimum of 90 hours of training is required to achieve the GRI designation.
e-PRO® " e-PRO® certification indicates that a REALTOR® has been trained on Internet business principles and the technologies required throughout the real estate transaction.
To access information on the family of REALTORS® designations and certifications, visit: www.REALTOR.org/education.
The following list of online resources can assist you in the home buying and selling process:
- www.REALTOR.com - The world's largest database of homes for sale. Search online for homes in your area and select the Real Estate 101 section under Homebuying Tools to learn more about the home buying and selling process.
- www.REALTOR.org - Select the Consumer section for more information on the home buying and selling process. Also locate additional information on the NATIONAL ASSOCIATION OF REALTORS_ the REALTOR® Code of Ethics and designation programs.
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REALTORS® provide you with invaluable services when buying or selling a home.
Make the right choice -- work with a REALTOR®.
For more information on NAR's suite of products designed to educate real estate professionals and their clients about relevant legal, ethical, environmental, research and marketing topics, contact us:
Information Central: 1-800-874-6500
Online: www.REALTOR.org/store
Only real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS®(NAR) can call themselves REALTORS®. All REALTORS® adhere to NAR's strict Code of Ethics, which is based on professionalism and protection of the public. That's why all real estate licensees are NOT the same.
