When it comes to buying or selling a property, many people rely on the services of a real estate professional to guide them through the process. However, it’s important to understand the difference between a real estate broker and a REALTOR® (there are no real estate agents in Oregon). While the terms are often used interchangeably, there are some distinct differences between the two. All REALTORS® are real estate brokers in the State or Oregon, but not all real estate brokers are REALTORS®.
A real estate broker is someone who has obtained a state license to sell and purchase properties on behalf of clients. In order to become a licensed real estate broker, individuals must pass a state-administered exam that tests their knowledge of the real estate industry and their understanding of real estate laws and regulations. Real estate brokers can work with buyers and sellers to help them navigate the buying or selling process, but they may not necessarily be members of a professional organization like the National Association of REALTOR® (NAR).
On the other hand, a REALTOR® is a real estate broker who has taken additional steps to become a member of the National Association of REALTOR®. REALTORS® are held to a higher ethical standard than real estate brokers and must adhere to a strict code of ethics. This code of ethics includes obligations to clients, the public, and other REALTOR®. REALTORS® are also required to complete additional training and education courses to maintain their membership in the NAR.
One of the key differences between real estate brokers and REALTOR® is the level of professionalism and expertise that REALTOR® bring to the table. Because they are held to a higher ethical standard, REALTORS® are often more knowledgeable about the real estate market and can provide more comprehensive services to their clients. They may also have access to additional resources, such as the Multiple Listing Service (MLS), which allows them to provide their clients with up-to-date information about available properties.
Another important difference between real estate brokers and REALTORS® is the level of accountability that REALTORS® have to their clients. REALTORs® are required to provide their clients with a high level of service and are held accountable for any ethical violations or breaches of the code of ethics. If a REALTOR® violates the code of ethics, they may be subject to disciplinary action, including fines, suspension, or revocation of their membership in the NAR.
While both real estate brokers and REALTORS® can help you buy or sell a property, REALTORS® have taken additional steps to become members of a professional organization and are held to a higher standard of professionalism and ethical conduct. When choosing a real estate professional to work with, it’s important to consider their qualifications, experience, and level of expertise in the industry. We are all Realtors at Strategic Realty and we think that is an important distinction for our clients.