What is a Realtor?

And how is it different from a real estate agent?

It should be noted that Realtors can be real estate agents, but not every real estate agent is a Realtor. Of course, there’s a substantial difference between the two; although it’s not always directly perceivable. While both must be licensed to sell real estate, the main difference is that a Realtor must sign a 17 article document of promises that hold them to a higher ethical standard.

17 Promises a Realtor Agrees To:

  1. Realtors promise to place the interest of buyers and sellers ahead of their own, as well as to treat all parties honestly.
  2. Realtors must refrain from exaggerating, misrepresenting or concealing material facts about a property; and is obligated to investigate and disclose when situation reasonably warrant.
  3. They’re required to cooperate with other brokers/agents when it’s in the best interest of the client to do so.
  4. Realtors are required to disclose if they represent a family member who owns or are about to buy real estate, or if they themselves are a principal in a real estate transaction.

  5. Realtors must avoid providing professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
  6. Realtors cannot collect any commissions without the seller’s knowledge or accept fees from a third party without the seller’s express consent.
  7. They cannot refuse fees from more than one party without all parties’ informed consent.
  8. They cannot co-mingle client funds with the agent’s own.
  9. Realtors must make an attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they signed.
  10. Realtors will not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, sexual orientation, gender identity or national origin.
  11. Realtors agree to be competent, to conform to standards or practice and to refuse to provide services for which they are unqualified.
  12. Realtors must be truthful in their advertising and marketing.
  13. Realtors cannot provide legal advice unless the agent is a lawyer.
  14. They must cooperate if charges are brought up against them and present all evidence requested.
  15. Realtors have agreed to not badmouth the competition and/or file unfounded ethics complaints.
  16. Realtors are not allowed to solicit another Realtor’s client nor interfere in a contractual relationship.
  17. They must submit to arbitration to settle matters and not seek legal remedies in the judicial system.

So, which would you prefer?

If you’re looking for a Realtor to buy or sell in the Greater Lafayette or Monticello area, give us a call at 765-807-7177.