Realtor and Real Estate Agent

Realtor and Real estate agents, to some they are synonymous but for those that are well versed with the  Del Mar CA real estate industry or are good researchers, then they are quite aware of the differences that exist between the two. A dictionary or thesaurus might declare the two terms as being alternatives for one another and in a sense it is true but there are some things to take note of .

Who are Realtors and Real Estate Agents?

They can be referred to as people who act as go-betweens/intermediaries between buyers and sellers of properties so as to find buyers hoping to buy and sellers wishing to sell. Both are licensed to sell real estate but a realtor belongs to a National Association of Realtors meaning the individual pays subscription fees and follows standards, rules and regulations set by the Association. A realtor can be a real estate agent and broker but an agent cannot be a broker or realtor rather, they have to work under brokers.

The code of ethics also known as standards or guidelines when conducting transactions do not apply to the agents but the realtors are sworn to abide by them. They include:

  • An oath to treat all parties fairly and to place the interest of the buyers and sellers before theirs.
  • An oath to avoid misrepresentation of pertinent issues or prevent omission of vital information that can make a difference in transactions for the parties involved.
  • ensure cooperation with agents and brokers so as to better serve the interest of the clients being represented
  • Avoid collecting fees from a third party before gaining consent from the buyer or seller.
  • All transactions must be recorded down and all documents that are vital in the transaction stage must be presented.
  • Shall refrain from misrepresenting other realtors or trying to lure other realtor’s clients through underhanded methods.

The above are just snippets of what the Code of Ethics of any realtor association would have. Note that agents and brokers are not required to follow them. The realtors also belong to services called multiple listing services (MLS) while agents do not. Multiple listing agents refer to local group of realtors that share listings which can be offered to both buyer and seller. Fees are paid by realtors to remain a part of this multiple listing agencies. The realtors are also expected to continue taking courses that keep them relevant in the business. There are also added benefits to being a part of the MLS only realtors can gain from.

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