Have you ever wondered what is the difference between a real estate agent and a REALTOR®? The term realtor, Realtor®, REALTOR®, real estate agent, agent, licensed agent, real estate professional all seem to be used interchangeably, and on the surface it’s confusing to the layman.
There have been a lot of changes in the real estate industry in the last decade, but one exception is the use of the term, REALTOR®. Did you know that not every real estate agent is a REALTOR®?
Only real estate agents who are a member of the National Association of Realtors may call themselves REALTORS®. To be a REALTOR®, a real estate agent has committed to abide by a strict code of ethics to their clients, customers, fellow realtors and the public.
It’s important to know that if a REALTOR® is representing you in the sale or purchase of real estate, you have extra consumer protections. A REALTOR® is required to:
- Protect and promote their clients’ interests while treating all parties honestly.
- Refrain from exaggeration, misrepresentation, or concealment of pertinent facts related to property or transactions.
- Cooperate with other real estate professionals to advance their clients’ best interests.
- Make their true position or interest known when buying or selling on their own account or for their families or firms.
- Disclose any present or contemplated interest in a property to all affected parties when providing professional services related to that property.
- Disclose any fee or financial benefit they may receive from recommending related real estate products or services.
- Receive compensation from only one party, except where they make full disclosure and receive informed consent from their client.
- Keep entrusted funds of clients and customers in a separate escrow account.
- Make sure that contract details are spelled out in writing and that parties receive copies.
So if you’re looking for a real estate agent to help you buy or sell a home, look for this designation, for the highest level of consumer protection in the industry and know that REALTORS® are subject to disciplinary action and sanctions if they violate the duties imposed by the Code of Ethics.
All members of The Matheson Team carry the designation of REALTOR® and are committed to assuring their clients the highest level of expertise in the industry.
Reach out to us if we can help you buy or sell a home in the Scottsdale area.
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255
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