In the world of real estate, the words
“REALTOR®” and “agent” are often used interchangeably. To some it might seem as
though they are one in the same. However, choosing to work with an agent as
opposed to a REALTOR® has several shortcomings that should not be overlooked in making this
decision.
What is the difference?
Often these terms are used synonymously
simply because people shorten phrase “real estate agent” and use REALTOR®, which they assume
is a generic term. While both of these titles require the individual to be
licensed with the Department of Professional Regulation, this is where the
similarities end.
Real estate agent
A real estate agent is anyone who has a
license to assist clients in the buying or selling of either commercial or
residential property. This individual may perform this job as a sales
representative, an associate real estate broker or a broker. To obtain a
license, the agent must complete the required classroom training (typically
between 30 and 90 hours) from an accredited real estate school and pass a state
real estate examination that covers national, state and local real estate laws,
standards and practices. In addition, an agent (as well as a REALTOR®) must pay
a licensing fee as well as complete the required continuing education courses
in order to renew his or her license every other year.
REALTOR®
REALTORS®
aren’t just agents. They are professional members of the National Association
of REALTORS® (NAR). In addition to completing all of the necessary requirements
in order to sell real estate, a REALTOR® subscribes to a strict code of ethics
which spells out specific practices and duties they must adhere to for the
protection of their clients, customers and fellow REALTORS®. Real estate agents
are not required to follow NAR’s Code of Ethics.
Working with a REALTOR® provides clients
with peace-of-mind that they will be receiving both professional and ethical
service during the home buying or selling process. All of the members of Three Rivers
Association of REALTORS® are REALTORS® as well as members of the
Illinois REALTORS® and National Association of REALTORS®.