Oak Brook Illinois Real Estate Agents Tracy & Diane
The 17 Differences Between REALTORS and Real Estate Agents
Most people use the terms Realtor and real estate agent interchangeably, but that is not correct. Not every Oak Brook IL real estate agent is an Oak Brook IL “REALTOR.” There are several differences between a real estate agent and a Realtor, although both are licensed to sell real estate in Oak Brook IL, the main difference between an Oak Brook IL real estate agent and an Oak Brook IL Realtor is that a Realtor is a member of the NAR, or National Association of Realtors.
Realtors must abide by the Realtor code of ethics of which there are 17 articles. The seventeen articles of the code of ethics also contain standards of practice. The articles aren’t just a number of rules that real estate agents swear to uphold and adhere to because their brokerage made them join the board. The standards are much more strenuous than the state guidelines governing real estate agents who simply have a real estate license.
A Realtor must pledge to put the interests of their clients above their own.
Here are the 17 Articles of the Code of Ethics that a Realtor promises to adhere to, while a non-Realtor does not:
- Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.
- Shall refrain from exaggerating, misrepresenting, or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant.
- Shall cooperate with other brokers/agents when it is in the best interests of the client to do so.
- Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate.
- Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
- Shall not collect any commissions without the seller’s knowledge nor accept fees from a third-party without the seller’s express consent.
- Shall refuse fees from more than one party without all parties’ informed consent.
- Shall not co-mingle client funds with the agent’s own.
- Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.
- Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.
- Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.
- Must engage in truth in advertising.
- Shall not practice law unless the agent is a lawyer.
- Shall cooperate if charges are brought against them and present all evidence requested.
- Agree to not bad mouth competition and agree not to file unfounded ethics complaints.
- Shall not solicit another REALTOR’S client nor interfere in a contractual relationship.
- Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.
The National Association of REALTORS® was founded in 1908 and its members number more than one million.