A Realtor is a person that represents buyers or sellers of real estate property. An individual who seeks a realtor intends to buy or sell real estate property, either through selling it themselves or using an agent. While most agents work for a particular brokerage firm, many work independently. Many agents have their own office spaces and work from home. Realtors may also work for several different realtors’ firms and not just one.
Real estate transactions involve a great deal of legal paperwork. This paperwork is extensive and sometimes time-consuming. As such, it is not uncommon for Realtors to spend months in preparation of their closing documents. For this reason, it is not uncommon for Realtors to take the licensing exam in order to become licensed in realtors. Once licensed, these individuals can then begin working immediately to sell or buy realtorships.
The licensing examination is a test that is designed to measure a prospective Realtor’s knowledge of real estate law. It also measures a prospective Realtor’s abilities in communicating and negotiating. The exam lasts forty hours and includes all forty hours of coursework that is required to complete the program. In order to pass, a Realtor must know how to read real estate contracts, understand Comparable Market Analysis, communicate effectively and plan efficiently.
Realtors must maintain a high level of ethical standards. This means that Realtors cannot engage in any conduct that would be considered unethical by most states including: fraud, lying, solicitation, intimidation, or any other type of dishonesty. Real estate brokers must perform a thorough honesty survey every twelve months. The integrity of realtors plays heavily on the credibility of the entire profession. When realtors fail to uphold their high ethical standards, it can negatively affect the entire real estate market.
Real estate agents who are licensed by the National Association of Realtors have to meet specific performance standards. To meet these standards, realtors must conduct thorough investigations and complete all documentation in a timely manner. They also are required to perform a thorough investigation before making any representation, which includes looking into the client’s credit report, criminal and professional background records, tax returns, bankruptcies, and more. These documents will help the realtors present a good picture and truthful assessment of the property that they are representing. Because agents cannot make a representive judgment without knowing the facts, they also must employ techniques to determine whether or not a particular deal is a good one for both parties.
Another name for a realtor is a “term realtor.” A term realtor represents a specific time period, usually one year, for the sale or purchase of a home or other real property. This profession is closely related to the brokerage business but instead involves much more paperwork and application. Unlike a brokerage, the duties performed by a term realtor are not restricted to just selling a property but must also assist the owner to find an appropriate buyer for the property as well. Other duties include researching the current real property market and obtaining any information regarding comparable properties that the seller might want to compare.
The National Association of Realtors is a not for profit trade organization that is recognized by all states in the United States. One of the most prestigious associations in the real estate industry, the NAR offers its members continued educational support and opportunities to participate in seminars and educational programs. To be a member of the association, realtors must meet certain minimum standards of education and training. Some of the continuing education and educational opportunities offered to members of the National Association of Realtors include: seminars on public relations and marketing, government affairs and networking events, and realty articles of interest to members. To become a realtor in the United States, one must obtain a license from the state of business where they intend to practice.
Many aspiring realtors attend night or weekend schools to fulfill their education requirements for becoming realtors. Today there are many accredited programs at colleges and universities that provide advanced degrees in business management and real estate transactions. Although many aspiring realtors attend business school to attain their graduate degrees, others are able to complete an associate degree within 100 hours of time. An increasing number of people are turning to accredited online schools for these types of short-term programs, allowing them to pursue an Associate of Science in Business Administration online, while working full-time jobs, to achieve their dream of being a realtor.