The real estate agent and real estate group (realtor) are both licensed to develop projects, negotiate, deal with and help clients buy and sell real estate but both are different. Generally agents and groups are interchanged due to incorrect usage.
The real estate agent must discharge his duty with independence and follow the standard practice and the guide lines available. Agents perform research, negotiations, leasing process, purchase and sales transactions for agencies, departments and individuals. Agents research records, title reports, appraisal reports and all related record documents. He or she prepares leases, sale agreements, deeds, permits and other transaction documents.
A real estate agent can use public auction and other methods to sell excess property in coordination with city department and agencies. They also describe the procedures and processes for buying the property to the prospective buyers. Agents appraise or organize appraisals to ascertain the appropriate market value for a property to be leased, acquired and disposed. Verification of ownership and search of property records are other responsibilities of an agent. A real estate agent makes presentations on projects for the share holders, legislative officials or administrative offices for decision making. They are to maintain the integrity of the organization; maintain high ethical conduct, trustworthiness and should be sensitive to diverse culture and race. He or she should work in cooperation with other fellow agents. They should are share their ideas and facts with other agents and group in constructive and effective manner.
Real estate groups (realtors) are members of the National Association of Realtors. Realtors adhere to the articles of code of ethics. The codes of conduct are restrictive and confining, the group pledges to adhere to the codes.
The interests of buyers and sellers are considered important rather than self and all parties are treated fair and with honesty. The realtor is not to conceal facts, misrepresent or exaggerate, and investigate and disclose facts when necessary. The realtor cooperates with other brokers and agents in the interest of client. A realtor should not render professional service without revealing to the parties the benefit of payment received. In all cases they should not collect commission and fee from third party without the consent of sellers. By the same token, they should not accept fee from more than one party without consent of all parties involved. The clients? fund should not be added to realtor?s fund. The documents prepared by a realtor must be easy worded to understand and he should distribute the documents to all the concerned parties. He or she must be competent to deliver service conformed to standards and truthful in advertisements, unless properly qualified realtor should not practice law. The realtor cooperates and discloses evidences if charged.
Realtors agree to follow the guideline and code of ethics of National Association of Realtors (NAR) in writing. Real estate agents do not adhere to NAR unless they are Realtors. Realtors are spread all over the world and pay annual fees to belong to NAR. Real estate agents are grouped with other agents of the area to share the multiple listing services and group affiliated with their state and NAR. The real estate agent pays their dues to their state and local realtor organization. The complaints against another realtor and customer can be filed to the organization. The organization levies fines and the membership status can be affected. A complaint against an agent can be lodged with the real estate licensing commission. License is granted for each state in US. Agents take continued education courses from state licensing boards. Realtors undertake course of continued education from NAR with more emphasis on ethical practices and consumer protection.
On various situations both the real estate agents and groups interact and work together with coordination. As the situation demands both should perform together the duty to the client with fairness and honesty to the parties involved with high ethical and standard practices in absolute cooperation.
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