Board of REALTORS®

Detailed Definition

The Board of REALTORS® is a local group of real estate professionals who hold memberships in the state and National Association of REALTORS® (NAR). This board often plays a vital role in local real estate markets by providing members with educational resources, networking opportunities, advocacy support, and access to a Multiple Listing Service (MLS) that facilitates property listings and transactions.

Examples

Springfield Board of REALTORS®: The Springfield Board of REALTORS® consists of 200 members who meet monthly to discuss matters of business, receive educational updates, and leverage the Multiple Listing Service (MLS) exclusive to the Springfield area.
Los Angeles Board of REALTORS®: A large metropolitan group that hosts numerous events, educational workshops, and legislative information sessions keeping its members up-to-date with the latest in local and national real estate trends and regulations.

Frequently Asked Questions

What is the primary function of a Board of REALTORS®?

The primary function of a Board of REALTORS® is to provide its members with resources and support such as educational materials, networking opportunities, regulatory updates, and access to a Multiple Listing Service (MLS).

How do you become a member of a Board of REALTORS®?

To become a member of a Board of REALTORS®, one must be a licensed real estate professional and join their local association, which in turn provides access to the state and national REALTOR® associations.

What is the Multiple Listing Service (MLS)?

The Multiple Listing Service (MLS) is a centralized database provided by local Board of REALTORS® that enables real estate professionals to share information about properties for sale, thus facilitating cooperation between agents and brokers to find buyers and sellers.

Can non-members access the MLS?

Typically, access to the MLS is restricted to members of the Board of REALTORS®. Some external parties, like certain brokers, may receive limited access under special agreements.

What are the benefits of being part of a Board of REALTORS®?

Benefits include professional development opportunities, networking with other real estate professionals, advocacy support in legislative matters, ethical guidelines enforcement, and access to the MLS.

National Association of REALTORS® (NAR): The largest association of real estate professionals in the United States, setting national standards and providing resources for its members.
REALTOR®: A licensed real estate professional who is a member of the National Association of REALTORS® and adheres to its strict code of ethics.
Multiple Listing Service (MLS): A database provided by REALTOR® associations to help agents and brokers list and market properties.
Real Estate Licensees: Individuals holding a valid license to practice real estate either as agents or brokers.
Real Estate Broker: A real estate professional who has received education beyond the agent level and has passed a broker’s licensure exam.
Real Estate Agent: A professional helping clients to buy, sell, and rent properties who works under a licensed broker.

Online Resources

References

National Association of REALTORS®. (n.d.). About NAR. Retrieved from NAR About page
MLS - Multiple Listing Service. (n.d.). Retrieved from Flexmls Overview
Real Estate License Law. (2021). Retrieved from Real Estate Express

Suggested Books for Further Studies

Your First Year in Real Estate, 2nd Edition: Making the Transition from Total Novice to Successful Professional by Dirk Zeller
The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be! by Gary Keller
Real Estate Success in 5 Minutes a Day: Secrets of a Top Agent Revealed by Karen Briscoe

Real Estate Basics: Board of REALTORS® Fundamentals Quiz

### Is membership with a local Board of REALTORS® required to access the Multiple Listing Service (MLS)? - [x] Yes, typically membership is required. - [ ] No, anyone can access the MLS. - [ ] Only large real estate firms have access. - [ ] Only individual homeowners can list properties. > **Explanation:** Usually, access to the MLS is restricted to members of the local Board of REALTORS®. This ensures that users of the service are professional, licensed real estate agents or brokers. ### What organization must a real estate professional join to become a REALTOR®? - [ ] Local Chamber of Commerce - [ ] State Real Estate Commission - [x] National Association of REALTORS® (NAR) - [ ] Regional Real Estate Board > **Explanation:** To become a REALTOR®, a real estate professional must join the National Association of REALTORS® (NAR). ### What is a key benefit of joining a Board of REALTORS®? - [x] Networking opportunities - [ ] Tax exemptions - [ ] Guaranteed home sales - [ ] Free property listings > **Explanation:** One of the key benefits of joining a Board of REALTORS® includes networking opportunities with other professionals in the industry. ### Do all real estate professionals automatically become REALTORS®? - [ ] Yes, all licensed real estate agents are REALTORS®. - [ ] No, only brokers can be REALTORS®. - [x] No, they must join the NAR and adhere to a strict code of ethics. - [ ] Yes, if they pass their licensing exam on the first attempt. > **Explanation:** Not all real estate professionals are REALTORS®. They must join the National Association of REALTORS® and adhere to its code of ethics. ### What is an MLS used for? - [ ] Determining property taxes - [x] Listing properties for sale and facilitating cooperation among agents - [ ] Predicting market trends - [ ] Conducting home inspections > **Explanation:** An MLS, or Multiple Listing Service, is primarily used for listing properties for sale and facilitating transactions between agents. ### What is a Board of REALTORS® monthly meeting typically focused on? - [ ] Planning social events - [x] Discussing business matters and educational updates - [ ] Holding annual real estate exams - [ ] Awarding best property listings > **Explanation:** Board of REALTORS® monthly meetings usually focus on discussing business matters and providing members with important updates and educational resources. ### What are REALTORS® required to adhere to? - [ ] State tax regulations - [ ] Federal land-use laws - [x] A strict code of ethics - [ ] Local zoning laws only > **Explanation:** REALTORS® are required to adhere to a strict code of ethics established by the National Association of REALTORS®. ### What is the advantage of the educational resources offered by a Board of REALTORS®? - [x] They help maintain professional standards and keep members informed of industry changes. - [ ] They ensure real estate success. - [ ] They offer discounted home prices. - [ ] They help members avoid paying taxes. > **Explanation:** The educational resources help maintain professional standards and keep members informed of industry changes and regulatory updates. ### Why might REALTORS®' advocacy support be important? - [ ] To guarantee profitable transactions - [x] To influence legislative and regulatory policies that affect real estate - [ ] To inspect properties before listing - [ ] To offer free home appraisals > **Explanation:** REALTORS®' advocacy support helps influence legislative and regulatory policies, ensuring favorable conditions for the real estate profession. ### What must you have to use real estate depreciation as an income tax deduction? - [ ] An expired real estate license - [ ] Personal-use properties - [x] Income-producing properties - [ ] Membership in the local Board of REALTORS® > **Explanation:** To use real estate depreciation as an income tax deduction, the property must be used for income-producing purposes.

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