Are you someone who is confused about the difference between realtor and real estate agents? In that case, to get rid of the confusion, you have come to the right place to clear your confusion out. It is easy to understand the difference between realtor and real estate agents.
A look At The Difference Between Realtor And Real Estate Agents:
- Many people use the terms interchangeably when it comes to realtor and real estate agents. This is not correct as not all real estate agents are realtors. There is a difference between these two specific terms.
- Both of them are licensed to sell the real estate. However, the major difference between these two professionals is that the realtor is a member of the association called the National Association of Realtors.
- The realtors will need to subscribe to Realtor code of ethics. The realtor code of ethics consists of 17 articles that the realtor will need to follow. This code consists of various underlying standards of practice. The standards of the code are restrictive and they are also confining than those of the state guidelines governed real estate agents.
- All the 17 articles in the realtor code of ethics carry a certain weight in the professional practice of the realtor. However, one of the articles out of the 17 articles carries a significant amount of weight than the rest and it is also the basis for the way the realtor should operate.
- According to the articles, which sets the realtors different than the real estate agents are: the realtor is pledged to place the interest of the buyers and also of the sellers ahead of the interest of the realtor and they will also need to treat the parties honestly, the realtors will need to refrain from misrepresentation, exaggeration or concealing any type of material facts and they are also obligated to investigate and they will need to disclose in the case where the situations are warrant in a reasonable way, they will need to cooperate with the other agents and brokers when the realtors find that it is in the best interest of the client to do so. They also have got a duty to disclose to those who are representing family members who own or are going to purchase real estate, they shall not provide professional services in the transaction where the agent has got any contemplated or present interest and they have got no intention of disclosing the interest, they shall refuse the fees that are from more than one party without all the parties consent, they shall not co-mingle the funds of the clients with the fund of the agents, they should ensure that all the documents are easy to understand and they will provide the copy that they sign to everybody etc. and these are some of the rules and regulations that the realtors are bound to and this is not in the case of the real estate agents.
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