Click the plus sign to see the answer.

What is a REALTOR®?

1. A REALTOR® is a real estate agent who is a member of the National Association of REALTORS®.
    
2. According to NAR only about 50% of real estate agents are REALTORS®.
    
3. A REALTOR® is like the Mercedes of real estate agents. All real estate agents help consumers buy/sell residential and commercial properties, vacation homes and land; however, REALTORS® adhere to a code of ethics to ensure we abide by a set of professional principles and serve clients fairly.
    
4. A REALTOR® is expected to maintain a higher level of knowledge of the process of buying and selling real estate.
   

How can a REALTOR® help me help me sell my home?

1. Your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
   
   
2. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
   
   
3. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
   
   
4. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
   
   
5. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).
   
    

How can a REALTOR® help me help me buy a home?

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.
   
   
2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
   
   
3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
   
   
4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
   
   
5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.
   
   
6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.
   
   
7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.
    

Tell me more about the REALTOR® code of ethics.

1. REALTORS® protect and promote their clients’ interests while treating all parties honestly.
   
   
2. REALTORS® refrain from exaggeration, mis-representation, or concealment of pertinent facts related to property or transactions.
   
   
3. REALTORS® cooperate with other real estate professionals to advance their clients’ best interests.
   
   
4. When buying or selling on their own account or for their families or firms, REALTORS® make their true position or interest known.
   
   
5. REALTORS® do not provide professional services where they have any present or contemplated interest in property without disclosing that interest to all affected parties.
   
   
6. REALTORS® disclose any fee or financial benefit they may receive from recommend-ing related real estate products or services.
   
   
7. REALTORS® receive compensation from only one party, except where they make full disclosure and receive informed consent from their client.
   
   
8. REALTORS® keep entrusted funds of clients and customers in a separate escrow account.
   
   
9. REALTORS® make sure that contract details are spelled out in writing and that parties receive copies.
   
   
10. REALTORS® give equal professional service to all clients and customers irrespective of race, color, religion, sex, handicap, familial status, or national origin.
    
    
11. REALTORS® are knowledgeable and competent in the fields of practice in which they engage or they get assistance from a knowledgeable professional, or disclose any lack of expertise to their client.
    
    
12. REALTORS® paint a true picture in their ad-vertising and in other public representations.
    
    
13. REALTORS® do not engage in the unauthor-ized practice of law.
    
    
14. REALTORS® willingly participate in ethics investigations and enforcement actions. Duties to REALTORS
    
    
15. REALTORS® make only truthful, objective comments about other real estate profes-sionals.
    
    
16. Respect the exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with their clients.
    
    
17. REALTORS® arbitrate financial disagree-ments with other REALTORS® and with their clients.