|
National Association of Realtors
From Wikipedia, the free
encyclopedia
(Redirected from Realtor)
Jump to: navigation,
search
This article is about a real estate trade association. For
general information about real-estate brokers in the United States, see
Real estate broker.
Look up realtor in
Wiktionary, the free
dictionary.
National Association of Realtors building on New
Jersey Ave, NW, Washington DC
The building is triangular in shape, due
to the configuration of the streets which border it.
The NAR building
and the U.S. Capitol in the background.The National Association of
Realtors (NAR), whose members are known as Realtors (re(?)lt?r; -?tôr), is
North America's largest trade association.[1] representing over 1.2
million members[2] (as reported November 2008), including NAR's
institutes, societies, and councils, involved in all aspects of the
residential and commercial real estate industries. NAR also functions as a
Self Regulatory Organization for real estate brokerage. The President of
NAR for 2009 is Charles McMillan.[3]
Contents [hide]
1 Overview
2 Trademark status
3 NAR and
Multiple Listing Service (MLS) systems
3.1 NAR educational
requirements and recognized designations
4 Contributions to political
campaigns
5 Radio
6 Other national real estate associations
7
See also
8 References
9 External links
[edit] Overview
The National Association of Realtors was founded
on May 12, 1908 as the National Association of Real Estate Exchanges, the
founding group being located in Chicago, Illinois. In 1916, the National
Association of Real Estate Exchanges changed its name to The National
Association of Real Estate Boards. The current name was adopted in 1974.
NAR celebrates its centennial in 2008.
NAR's membership is composed of residential and commercial real estate
brokers, real estate salespeople, immovable property managers, appraisers,
counselors, and others engaged in all aspects of the real estate
(immovable property) industry, where a state license to practice is
required. Members belong to one or more of some 1,600 local Realtor boards
or associations. They are pledged to a code of ethics and standards of
practice,[4] which includes duties to clients and customers, the public,
and other Realtors.
Local associations are required to enforce the code of ethics through a
Professional Standards Council or Committee. Trained members of the
association form hearing panels charged with the responsibility of hearing
testimony and evaluating evidence from complaints filed by the public or
other members against association members for alleged violations of the
code of ethics. If the panel finds the member in violation, disciplines
recommended may be one or more of the following: a letter of warning or
reprimand, educational courses, suspension or expulsion of membership,
fines up to $5,000 and probation. All recommended disciplines by
professional standards hearing panels are subject to the ratification by
the association's board of directors before the discipline takes
effect.[citation needed]
The National Association of Realtors is also a member of The Real
Estate Roundtable, a lobbying group in Washington, D.C.[5]
[edit] Trademark status
Realtor is a frequently-used word in
many countries to describe any person or company involved in the real
estate trade, regardless of their NAR status or American residence.
However, in the United States the National Association of Realtors in 1949
obtained preregistrations for the words Realtor[6] and Realtors [7] as
collective trade marks.
In 2003, Jacob Joseph Zimmerman, a real estate agent who was not a
member of NAR, petitioned the U.S. Patent and Trademark Office to cancel
the trademarks, on the ground that "Realtor" and "Realtors" were generic
terms rather than a trademark. On March 31, 2004, the USPTO's Trademark
Trial and Appeal Board denied the petition.[8]
[edit] NAR and Multiple Listing Service (MLS) systems
The NAR
governs the hundreds of local Multiple Listing Services (MLSs) which are
the information exchanges used across the nation by real estate brokers.
(However, there are many MLSs that are independent of NAR, although
membership is typically limited to licensed brokers and their agents;
MLSPIN[9] is an example of one of the larger independent MLSs in North
America).
Through a complicated arrangement, NAR sets the policies for most of
the Multiple Listings Services and, in the late 1990s with the growth of
the Internet, NAR evolved regulations allowing Information Data Exchanges
(IDX) whereby brokers would allow a portion of their data to be seen on
the Internet via brokers' or agents' websites and Virtual Office Websites
(VOW) which required potential buyers to register to obtain
information.
These policies allowed "participants" (whether they were individual
one-person brokers or large regional companies) to limit access to some or
all of the MLS data by individual brokers (whether they were brokers
operating solely on the Internet or local competitors). In 2005, this
prompted the Department of Justice to file an antitrust lawsuit against
NAR alleging its MLS rules in regard to these types of limitations on the
display of data were the product of a conspiracy to restrain trade by
excluding brokers who used the Internet to operate differently from
traditional bricks-and-mortar brokers. (For a description of the DOJ
action, see Antitrust Case filings for US v. National Association of
Realtors.[10]) Meanwhile various real estate trends such as expanded
consumer access and the Internet are consolidating existing local MLS
organizations into larger and more statewide or regional MLS systems, such
as in California and Virginia/Maryland/Washington DC's Metropolitan
Regional Information Systems.
In response to the case, NAR had proposed setting up a single Internet
Listing Display system which will not allow Participants to exclude
individual brokers (whether of a bricks-and-mortar type or solely
internet-based) but require a blanket opting out of display on all other
brokers' sites.[citation needed] This system is the IDX system. Although
it allows the public to view MLS listings, it still requires the listing
brokerage information to be placed on the listing (brokers legally "own"
the listings of their brokerage), every place it appears, in order to
prevent misrepresentation of the listing information, and to place
accountability for the information on the broker, also as the law
dictates.
The antitrust lawsuit was settled in May 2008.[11] The agreement
mandates that all Multiple Listing Service systems allow access to
Internet-based competitors.[11][12] The NAR will be required to treat
online brokers the same as traditional brokers and cannot exclude them
from membership because they do not have a traditional business model.[13]
The NAR admitted no wrongdoing, and it paid neither fines nor damages as
part of the deal.[13] The settlement will not be official until a federal
judge formally approves it, most likely in the summer of 2008.[13] While
the general counsel of the NAR believes that the settlement will have no
effect on the commission paid by the general public, a business professor
at Western Michigan University predicted that the increased competition
would cause a 25 to 50 percent decrease in commissions.[13]
[edit] NAR educational requirements and recognized
designations
As adherents to NAR's Code of Ethics, Realtors are
required to update their acquaintance with the Code every four years by
taking a course, available online or "live".
However, Realtors, as members of NAR, also have the option of studying
for additional certifications in a variety of specialties, several of
which are backed by NAR with offerings of certification and update courses
available nationwide.[14]
The most well known NAR sponsored designations are the following:
Accredited Buyer Representative (ABR). The Real Estate Buyers Agent
Council has over 40,000 members and is the largest association of real
estate professionals focusing on all aspects of buyer representation. Of
the REBAC members, over 30,000 have completed REBAC’s two-day course and
provided documentation of buyer agency experience. Linked to the ABR is
the ABRM, Accredited Buyer Representative Manager (ABRM) for managers.
Accredited Land Consultant (ALC). ALC’s are the recognized experts in
land brokerage transactions of all kinds of specialized land services
including farms and ranches, raw land sales and development.
Certified
Commercial Investment Member (CCIM). CCIMs are recognized experts in
commercial real estate brokerage, leasing, valuation and investment
analysis. There are more than 7,500 designees and an equal number of
candidates principally in North America, but also in Asia and Europe.
Certified Property Manager (CPM). Geared to real estate property
management specialists, designees handle all forms of management from
residential to commercial to industrial.
Certified Real Estate
Brokerage Manager (CRB). The designation is awarded to Realtors who have
completed the Council's advanced educational and professional
requirements. CRB designees consistently increase their level of industry
knowledge, advance their earning and career potential, increase their
firm’s profitability and benefit from active involvement in our network of
real estate professionals.
Certified Residential Specialist (CRS).
Designees, with 44,000 members - 4% of NAR members - who average 43
transactions per year and earn four times as much as the average Realtor,
belong to the Council of Residential Specialists which is the largest
affiliate of NAR. They are involved in over 27% of all transactions
because the consumer prefers to work with a more knowledgeable and
seasoned brokers or agents. Requirements for this designation include a
total of at least 25 transactions (or specific $$ volume of sales) over a
specific time period, significant experience, as well as complete rigorous
educational requirements.
Certification for Internet Professionalism
(e-PRO). An e-PRO is a Realtor who has undergone a new training program
presented entirely online in order to be certified as Internet
Professionals. NAR is the first major trade group to offer certification
for online professionalism which involves all aspects of doing business on
the internet.
Certified International Property Specialist (CIPS).
Realtors with the CIPS designation have both hands-on experience in
international real estate transactions, Whether traveling abroad to put
transactions together, assisting foreign investors, helping local buyers
invest abroad, or serving an immigrant niche in local markets. CIPS
designees have also successfully completed an intensive program of study
focusing on critical aspects of transnational transactions, including
currency and exchange rate issues and cross-cultural relationships,
regional market conditions, investment performance, tax issues and more.
The CIPS network consists of 1,500 real estate professionals from 50
countries who deal in all types of real estate.
Counselor of Real
Estate (CRE). A CRE designee is one of only 1,100 by-invitation-only
members of an international group of professionals who provide seasoned,
objective advice on real property and land-related matters.
Graduate
of the Realtor's Institute (GRI). The GRI designation is held by 19% of
Realtors and courses are offered through state Realtor associations with
90 hours of coursework on marketing and servicing listed properties to
real estate law. In a 2003 survey, NAR has determined that GRIs earned
over $33,200 more annually than non-designees.
Real Estate
Professional Assistant (REPA). Designed for administrative assistants or
employees of Realtors (who may or may not hold a real estate license), a
two-day certificate course provides an intensive introduction to the real
estate business and to the specific ways support staff can become valuable
assets to their employers.
[edit] Contributions to political campaigns
The NAR wields
substantial power as a lobbying organization on behalf of agents and
brokers; in 2005, NAR had the largest Political Action Committee in the
United States. According to the Center for Responsive Politics, the
association is the United States' third-largest donor to political
campaigns, having given since 1990 more than US$30 million. Of this sum,
an average of 47% has gone to Democrats and 53% to Republicans.[15] Key
political issues for the group revolve around federal regulation of the
financial services industry.
[edit] Radio
The NAR produces a weekly 2-hour radio program
entitled Real Estate Today. The show includes The Local Market Report, a
3-minute segment customized for individual stations.[16] The program is
distributed by Premiere Radio Networks, and as of February 2008[update],
the show is only heard on WMAL in Washington, D.C., and three channels on
Sirius XM Radio.
[edit] Other national real estate associations
Canadian Real
Estate Association
National Association of Estate Agents
[edit] See also
Real estate broker
Real estate trends
Estate
agent (United Kingdom)
List of real estate topics
United States
housing bubble
Housing Affordability Index
[edit] References
^ National Trade and Professional Associations
(2008), 43rd ed., ISBN 978 1-880873-56-4
^ NAR's current membership
report
^ http://www.realtor.org/about_nar/fullbio_mcmillan
^ NAR's 2007 code of ethics and standards of practice
^ "Lobbying
Spending Database : National Assn of Realtors : 2007". http://www.opensecrets.org/lobby/clientsum.php?lname=National+Assn+of+Realtors&year=2007.
Retrieved on 2008-10-25.
^ United States Patent and Trademark
Office, reg. no. 519,789, "Realtor"
^ United States Patent and
Trademark Office, reg. no. 515,200, "Realtors"
^ Jacob Zimmerman v.
Nat'l Ass'n of Realtors, Cancellation Nos. 92032360, 92040141, U.S. Patent
and Trademark Office, Trademark Trial and Appeal Board (March 31, 2004)
^ MLSpin website
^ United States v. National Association of
Realtors. United States District Court for the Northern District of
Illinois, Eastern Division. 2008-05-27. Retrieved 2008-05-27.
^ a b
Bartz, Diane. Realtors to open listings to settle lawsuit. Reuters.
2008-05-27. Retrieved 2008-05-27.
^ Jordan, Lara Jakes. Settlement
opens listings to online real estate agents. Associated Press. The Mercury
News, Silicon Valley. 2008-05-27. Retrieved 2008-05-27.
^ a b c d
Lichtblau, Eric. Realtors Agree to Stop Blocking Web Listings. The New
York Times. 2008-05-28. Retrieved 2008-05-27.
^ NAR Accredited
Designations & Courses. National Association of Realtors.
^ Center
for Responsive Politics's report on NAR's support of Democratic and
Republican parties, 1990 to 2006, retrieved 21 June 2007
^
RETRadio.com
[edit] External links
Realtor.com: Official website of the National
Association of Realtors; homes for sale
Realtor.org: NAR member
website
Kirstin Downey, "Realtors Back Away From Plan To Restrict
Access to Listings" The Washington Post, September 8, 2005
NAR
Grassroots Site
National Association of Realtors Political Action
Group (PAC) |
