Tuesday, August 7, 2007

What's a Realtor(r)?

I recently ran across an article in Realtor magazine (yes, I read it, and yes, it's super-dorky) about the difference between a Realtor(r) and a real estate agent. I didn't know this until recently.

Here the thing: Realtors (r) are members of the National Association of Relators (NAR). I keep putting that (r) after the word Relator(r) because it is a registered trademark of NAR.

I guess there are some real estate agents that are not Realtors(r). It's a small minority nationwide.
How it works in the Twin Cities is that you must have a broker hold your real estate license (essentially you need to get recruited into an existing real estate office) and then you must become a member of a local real estate board (such as the St Paul Area Association of Relators or Minneapolis Association of Realtors). The local real estate boards are also members of NAR, so it's a group affiliation thing. Kind of like a union. So, if you become a real estate agent in the Twin Cities, you must join the local board that hooks you into NAR and their members are called Realtors(r).

The State of Minnesota's Department of Commerce regulates and licenses real estate agents and brokers.

If a Realtor(r) does something bad/unethical, they are taken to Realtor Court at one of the local boards. If they do something really naughty, the Department of Commerce will come down on you. If you really screw up and take money or embezzle, the Feds will come calling. It's serious. You can go to jail for the really bad stuff, and recently, people from Minnesota have gone to jail.

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