Realtor vs. Real Estate Agent: Unveiling the Distinctions in the World of Real Estate
In the realm of real estate, two common terms that often lead to confusion are “Realtor” and “Real Estate Agent.”
Although these terms are used interchangeably, they actually hold distinct meanings in the industry.
Whether you’re a homebuyer, seller, or simply someone intrigued by the real estate world, understanding the difference between these two roles is crucial.
In this article, we’ll delve into the disparities between a realtor and a real estate consultant, explore how to become a realtor in Nigeria, decode the meaning of realtors, and shed light on the role of a real estate broker.
Realtor vs. Real Estate Consultant: What’s the Difference?
The terms “Realtor” and “Real Estate Consultant” may sound synonymous, but there are subtle yet essential distinctions between the two roles.
1. Realtor
A Realtor is a real estate professional who is a member of the National Association of Realtors (NAR). To earn the title of Realtor, an individual must be a licensed real estate agent and adhere to the NAR’s strict Code of Ethics.
The Code of Ethics sets a high standard for professionalism, integrity, and client dedication. Realtors are committed to providing top-notch service to their clients, and they pledge to uphold the values outlined in the Code.
2. Real Estate Consultant
On the other hand, a Real Estate Consultant is also a licensed real estate agent, but they might not necessarily be a member of the NAR.
While they are knowledgeable about the real estate market, their scope of services can vary widely. Real Estate Consultants may or may not abide by the same strict Code of Ethics as Realtors.
How Can I Become a Realtor in Nigeria?
Becoming a Realtor in Nigeria involves several key steps:
1. Obtain a Real Estate License:
To start your journey as a Realtor, you must first obtain a real estate license. Requirements for obtaining a license can vary by state in Nigeria, so it’s essential to research the specific guidelines in your region. Typically, you’ll need to complete a pre-licensing course, pass an exam, and meet other eligibility criteria.
2. Join the National Association of Realtors (NAR):
Once you are a licensed real estate agent, you can apply for membership in the NAR. Joining this prestigious association grants you the official title of Realtor and provides access to valuable resources, networking opportunities, and continuous education.
3. Adhere to the NAR Code of Ethics:
As a Realtor, you are obligated to adhere to the NAR Code of Ethics, which outlines the highest standards of professionalism, honesty, and client-focused service.
What Is the Meaning of Realtors?
The term “Realtors” is a trademarked name for real estate professionals who are members of the National Association of Realtors (NAR).
The NAR was founded in 1908 and is one of the largest trade associations in the United States, with millions of members worldwide. The term “Realtors” is often used to refer to real estate agents who are committed to upholding the NAR’s Code of Ethics.
What Is a Real Estate Broker?
A Real Estate Broker is a licensed professional who has undergone additional education and experience requirements beyond those of a real estate agent. Brokers have the authority to work independently or operate their own real estate brokerage firm. They may also hire and supervise real estate agents.
FAQs
What’s the difference between a realtor and a real estate consultant?
The main difference lies in their association with the National Association of Realtors (NAR). A realtor is a licensed real estate agent who is a member of the NAR and adheres to their Code of Ethics, while a real estate consultant may or may not be a part of the NAR.
How can I become a realtor in Nigeria?
To become a realtor in Nigeria, you must first obtain a real estate license by completing a pre-licensing course, passing an exam, and meeting other eligibility criteria. Once licensed, you can apply for membership in the National Association of Realtors (NAR) and uphold their Code of Ethics.
What is the meaning of realtors?
The term “Realtors” refers to real estate professionals who are members of the National Association of Realtors (NAR) and abide by their strict Code of Ethics.
What is a real estate broker?
A real estate broker is a licensed professional who has undergone additional education and experience requirements beyond those of a real estate agent. Brokers have the authority to work independently or operate their own real estate brokerage firm and may supervise real estate agents.
