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Whether you're a first time home-buyer or
you've been through the drill before, buying or selling a home is a significant
undertaking-one that requires careful planning, considerable time, top-notch
organization and quality marketing and sales skills. Last year more than 90
percent of California homebuyers and sellers bought or sold their homes with
the assistance of a real estate agent. What exactly differentiates a
Realtor® form the rest of the pack? What's the significance of
the Realtor® R? Contrary to popular belief, not all real estate
agents are RealtorS®. By definition, a Realtor®
is a "real estate professional who is a member of the National Association of
RealtorS® (NAR) and subscribes to its strict Code of Ethics." In
fact, a Realtor® is a licensed practitioner that has taken his
or her professional development and obligations to a higher level through
membership in Realtor® associations, while a real estate agent
is simply a person licensed to sell real estate. At the crux of the definition
are three key characteristics that distinguish RealtorS® from
other agents.
- When a real estate licensee
chooses to join Realtor® associations at the local, state and
national levels, they subscribe to a set of obligations that often go above
those mandated by law. Known as the Realtor® Code of Ethics,
these principles embody a strong commitment to fairness, integrity, and moral
conduct in business relations. Among the standards of practice set forth are
pledges to protect the best interests of the client; to avoid exaggeration,
misrepresentation or concealment of relevant facts relating to the property of
a real estate transaction; and to cooperate with other brokers-unless doing so
is not in the client's best interest. Also should a dispute arise between a
homebuyer or seller and their Realtor®, members of the
Association agree to partake in arbitration, a process in which a neutral third
party renders a decision based on the evidence provided by each side, in lieu
of costly, drawn- out legal proceedings. Under the Code of Ethics,
RealtorS® put the needs and well-being of their clients above
anything else.
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RealtorS® have access to numerous industry resources that
better equip them for managing the complex, multi-stepped real estate
transaction. As members of organized real estate,
RealtorS® can tap into a network of shared industry
knowledge. For instance, C.A.R. members receive free, confidential counsel from
attorneys specializing in real estate law and brokerage practices through the
C.A.R. Legal Hotline. These legal experts help California
RealtorS® and their clients remain compliant with
the law by covering topics ranging from contract interpretation to disclosure
requirements to fair housing laws. Similarly, California
RealtorS® have access to comprehensive data about
the state's local housing markets, including issues ranging from median home
prices to the tax implications of home ownership. Armed with this information,
RealtorS® help their clients make the best
decisions possible.
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RealtorS® are committed to a higher level of
education and professional development. Last year more than 80 percent of
California RealtorS® attended continuing education
courses, and while some of the course work fulfilled the requirements for
renewing a real estate license; many RealtorS® also
participated in sessions to enhance their business acumen. By participating in
continuing education opportunities, RealtorS®
illustrate their dedication to the higher standards of professionalism on which
RealtorS® association was founded.
Though RealtorS®
also are known for other attributes, including community involvement and
volunteerism, these three core traits decode the meaning behind the
Realtor® R. From conducting open houses to navigating
disclosures to negotiating with professionally trained agents, a
Realtor® is backed by the resources of organized real estate,
subscribes to the Realtor® Code of Ethics, and, ultimately,
provides consumers like you with objective and knowledgeable advice through all
steps of a real estate transaction.
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