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What Makes a REALTOR® Different?
It's time to buy or sell a property. You start searching for a representative who can help you navigate the real estate world. Then you find that some identify as REALTORS®, others as real estate agents. While most people use these terms interchangeably, they aren't the same thing. Both list houses for sale and help buyers with the acquisition process, but not every real estate agent can identify as a REALTOR®. Here's what you need to know about the Realtor difference when looking for or adding your home to the list of Morgantown homes for sale.
Real Estate Agents
A real estate agent is a professional who has been granted a state license to engage in transactions relating to the sale, purchase, or rental of property. The license is acquired after the individual passes all required real estate classes and the real estate licensing exam, which can vary widely by state. West Virginia, for example, requires a minimum of 90 hours of classroom instructions. After that, the applicant should pass a written test that covers real estate standards and state and federal real estate laws. A real estate agent must renew his or her license every one or two years and pay an annual fee for it.
REALTORS®
A REALTOR® is a real estate agent who has gone one step further: He or she is an active member of the National Association of REALTORS® (NAR), an organization founded in 1908. Active agents interested in becoming NAR members must have an excellent professional conduct record and a valid real estate license. All REALTORS® are required to have received ethics training and have agreed to adhere to the group's extensive Code of Ethics. Adopted in 1913, the code is much more restrictive than state guidelines that govern real estate agents. In fact, the ethics code is the main factor that separates REALTORS® from non-NAR agents.
The code of ethics is revised on an annual basis to reflect changes in real estate law and practice. It mandates that REALTORS® perform their duties and treat all parties honestly. Although every buying or selling agent's primary responsibility is to his or her client, a REALTOR® must put their client's interest above their own. This means that they promise to never mislead or withhold information from any party involved in the transaction, including his or her client, the public, and the other real estate professionals.
New NAR members must take an online training course and pass the exam. Conversely, all agents registered as REALTORS® are required to take an ethics refresher course every four years to maintain certification. The content of the classes typically focuses on consumer protection and ethical work habits. REALTORS® and the public can file a complaint based on possible violations of the code of ethics. Any violation could lead to a REALTOR®'s dismissal from NAR. Typically, any agent can do their job ethically, but a REALTOR® is likely to be held to a high standard of accountability if a sale is handled improperly.
What the Difference Means for Consumers
Buying or selling properties is one of the biggest financial investments that most people make in their lives. As such, it's important to work with a trusted and knowledgeable real estate professional. There are many factors to look into when purchasing or selling a property and having a REALTOR® in your corner can prove to be invaluable. A REALTOR® can save you from potential problems or save you a great deal of money.
Our REALTORS® are ready to help with your Morgantown, WV area real estate needs. Contact us and discover the difference we can make.
Bill Porter, Broker
(304) 612-3746207 Aurora Dr
Morgantown, WV 26508
WEST VIRGINIA LICENSES BROKER WVB240300963
AGENCY 010271-00
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Office License No. 010271-00