Realtors and Real Estate Agents: Similarities and Differences
You’ve probably heard the title “Realtor” and “real estate agent.” In fact, you may have heard them used interchangeably. But the truth is that these terms aren’t interchangeable and actually mean different things. While the differences may seem unimportant initially, you may find that the nuances make all the difference in your upcoming real estate transaction. Today, we’re going to look at what sets Realtors apart and why you should consider working with one.
In North Carolina, there are several different levels a real estate agent can be at. There are provisional brokers, full brokers, and brokers-in-charge. Provisional brokers have typically just gotten their real estate license and must be supervised by another broker. A full broker can work without being supervised by another broker but is still required to complete continuing education each year. A broker-in-charge ensures that other brokers within the firm are following real estate laws and are required to take specific classes each year. All real estate agents have finished the training required for them to hold the title “broker,” and they can be trusted to uphold their fiduciary duties well. North Carolina legally requires inexperienced brokers to work under experienced brokers, giving customers and clients peace about working with any licensed broker.
A real estate agent is licensed by the North Carolina Real Estate Commission. A Realtor is a real estate agent who is a member of the National Association of Realtors (NAR). To be a Realtor, a broker must complete an ethics course and pay membership dues. These dues give NAR members access to certain forms and classes, which allow Realtors to give clients an even better experience. Of course, being a Realtor is not a prerequisite to being a good real estate agent.
Whether or not a real estate broker is a Realtor, they must fulfill all of their fiduciary duties. Loyalty, obedience, confidentiality, disclosure, accounting, and reasonable care are the six duties real estate agents must fulfill, and their fulfillment allows clients to walk away from a real estate transaction happy and taken care of. While home buyers and sellers should have a good experience with any real estate agent, Realtors are held to a higher standard, giving many clients better peace of mind.
Reaton believes in giving our clients the best experience possible, so we require our agents to become members of NAR. We expect our agents to uphold the highest ethical standards and fulfill their fiduciary duties completely while maintaining a professional and warm relationship with all clients. If you happen to be selling or buying a house in one of our communities, we’d love to help make it happen for you. And as always, feel free to contact us with all of your real estate questions.
