NAR - National Association of Realtors (NAR) | N | Definitions

Definition

The National Association of Realtors (NAR) is the largest trade organization in the United States, boasting over a million members including commercial and residential brokers, salespeople, property managers, appraisers, and others engaged in the real estate industry. The term “Realtor” is a registered trademark that identifies a real estate professional who is a member of NAR and adheres to its strict Code of Ethics.

Examples

Real Estate Broker: A managing individual or firm that represents buyers or sellers in real estate transactions. A broker who is a member of NAR is entitled to use the Realtor© designation.
Real Estate Agent: A person who is licensed to represent clients in buying, selling, or renting properties. Becoming a Realtor implies joining NAR and committing to ethical business practices.
Property Manager: Someone who oversees the operation of residential, commercial, or industrial real estate, ensuring that property conservation and tenant relations are prioritized. NAR membership can enhance credibility and professional integrity.

Frequently Asked Questions (FAQs)

What is the difference between a Realtor and a real estate agent?

A real estate agent is licensed to assist in the buying, selling, or renting of properties. A Realtor© is a licensed real estate agent who is also a member of the National Association of Realtors and adheres to NAR’s Code of Ethics.

How can I become a member of the National Association of Realtors?

To become a member, you must hold an active real estate license and join a local NAR-affiliated real estate association. Membership usually involves paying dues and committing to abide by NAR’s Code of Ethics.

What are the benefits of being a member of NAR?

Members of NAR can enjoy various benefits, including access to educational resources, market data, discounted services, networking opportunities, legislative advocacy, and the right to use the Realtor© designation.

What is the NAR Code of Ethics?

The NAR Code of Ethics is a set of guidelines that establishes standards of conduct for Realtors©, emphasizing honesty, fairness, and professionalism in real estate practices.

Does NAR provide educational resources?

Yes, NAR offers numerous educational programs and certifications to enhance the professional skills of its members, such as the Accredited Buyer’s Representative (ABR®) and Certified Residential Specialist (CRS®) designations.

Realtor®

A real estate professional who is an active member of the National Association of Realtors and adheres to its Code of Ethics.

MLS (Multiple Listing Service)

A comprehensive database of properties for sale, shared among real estate brokers to provide greater exposure for listings.

Real Estate Brokerage

A firm that employs real estate agents who represent clients in real estate transactions.

Code of Ethics

A framework of professional practices and moral guidelines that NAR members must adhere to, ensuring integrity and ethical behavior in real estate dealings.

Online Resources

NAR Official Website: Official site for the National Association of Realtors, featuring resources, market data, and membership information.
Real Estate Express: Online courses and continuing education for real estate professionals, often recommended by NAR.
Realtor.com: A real estate listing website operated by Move, Inc., and affiliated with NAR, providing listing services and market insights.

References

National Association of Realtors. (2023). “About NAR.” Retrieved from NAR Website.
Realtor.com. “What Does It Mean to Be a REALTOR®?” Retrieved from [Realtor.com].

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” by Gary Keller
“Real Estate Principles: A Value Approach” by David C. Ling and Wayne R. Archer
“The Honest Real Estate Agent: A Training Guide for a Successful First Year and Beyond as a Real Estate Agent” by Mario Jannatpour
“Shift: How Top Real Estate Agents Tackle Tough Times” by Gary Keller

Real Estate Basics: National Association of Realtors (NAR) Fundamentals Quiz

### What does the term "Realtor" signify? - [ ] Any licensed real estate agent. - [ ] Any member of a real estate firm. - [x] A licensed real estate professional who is a member of NAR. - [ ] A broker with over ten years of experience. > **Explanation:** The term Realtor© designates a real estate professional who is a member of the National Association of Realtors and adheres to its Code of Ethics. ### What is a primary benefit of joining NAR? - [ ] Reduction in property taxes - [x] Access to educational resources and a professional network - [ ] Free advertising - [ ] Exemption from licensing requirements > **Explanation:** NAR members have access to various educational resources, networking opportunities, and services beneficial for their professional development. ### Who can use the title "Realtor"? - [ ] Anyone working in real estate. - [ ] Anyone with a real estate license. - [x] Members of NAR who have adhered to its Code of Ethics. - [ ] Brokers only. > **Explanation:** Only members of the National Association of Realtors who adhere to its Code of Ethics are entitled to use the title "Realtor." ### What is NAR’s primary ethical guideline document called? - [ ] Annual Report - [ ] Membership Manual - [x] Code of Ethics - [ ] Professional Standards > **Explanation:** NAR’s primary document setting ethical guidelines is called the Code of Ethics, which its members must follow. ### What service does NAR provide to enhance property exposure? - [x] Multiple Listing Service (MLS) - [ ] Free online advertising - [ ] Discounted closing costs - [ ] Property management services > **Explanation:** The Multiple Listing Service (MLS) is a comprehensive database of properties for sale that NAR members can utilize to provide greater exposure for their listings. ### How often must a Realtor adhere to the NAR Code of Ethics? - [ ] During their first year - [ ] Only upon joining - [x] Continuously throughout their membership - [ ] Every third year > **Explanation:** A Realtor must continuously adhere to NAR's Code of Ethics throughout their membership. ### What type of education does NAR offer to its members? - [ ] Basic schooling - [ ] General business courses - [x] Real estate-specific education and certifications - [ ] University credit programs > **Explanation:** NAR offers real estate-specific educational programs and certifications to its members, enhancing their professional skills. ### What designation can a member use after joining NAR? - [x] Realtor® - [ ] Certified Agent - [ ] Elite Broker - [ ] Real Estate Specialist > **Explanation:** After joining NAR, a member can use the Realtor designation to symbolize adherence to the association’s standards and ethics. ### Can a person without a real estate license join NAR? - [ ] Yes - [x] No - [ ] Only if they are sponsored by a brokerage - [ ] Only if they pay additional fees > **Explanation:** One must have an active real estate license to join NAR. ### Does membership in NAR alone signify commitment to ethical real estate practice? - [x] Yes, through adherence to the Code of Ethics. - [ ] No, only state regulations impose ethical conduct. - [ ] Yes, but only in residential real estate. - [ ] No, NAR does not provide ethical guidelines. > **Explanation:** Membership in NAR signifies commitment to ethical real estate practice, particularly adherence to NAR's Code of Ethics.

NAR - National Association of Realtors (NAR)