Definition
The REALTORS® Land Institute (RLI) is an affiliate of the National Association of REALTORS® (NAR) that focuses exclusively on land brokerage transactions. It is the only professional organization within the REALTOR® family that addresses the specialized needs of individuals dealing with various forms of land investments. Specifically, RLI caters to the following six categories:
- Farms and Ranches: Brokerage services for agricultural land used for farming and ranching activities.
- Undeveloped Tracts of Land: Deals involving raw land that is not yet improved or developed.
- Transitional and Development Land: Land that is in the process of being converted from one use to another, often involving zoning changes and permits.
- Subdivision and Wholesaling of Lots: The business of dividing land into smaller lots and selling them.
- Site Selection and Assemblage of Land: Identifying locations and accumulating parcels of land for development purposes.
The RLI offers specialized training, networking opportunities, and resources to its members, helping them stay informed about the latest trends and regulatory changes impacting the land brokerage industry.
Address and Contact Information
Realtors® Land Institute
Address: 430 N. Michigan Avenue, Suite 600, Chicago, IL 60611
Phone: 800-441-LAND (800-441-5263)
Website: www.rliland.com
Examples
Example 1: Farmland Sales
An RLI member brokers the sale of a 300-acre corn farm. The agent ensures the transaction complies with local agricultural regulations and evaluates the land’s productivity, sustainability, and market value.
Example 2: Undeveloped Land
A client wants to purchase a large tract of undeveloped land for future development into a residential community. The RLI member helps navigate local zoning laws, environmental regulations, and market assessment to facilitate the purchase.
Example 3: Land Assemblage
A commercial developer plans to build a shopping mall and needs to assemble several adjoining parcels of land. An RLI professional assesses the value of each lot, negotiates with multiple sellers, and ensures that the combined parcels meet the project’s specifications.
Frequently Asked Questions
What is the REALTORS® Land Institute (RLI)?
RLI is a professional organization under the National Association of REALTORS® that specializes in land brokerage transactions, providing resources and networking opportunities for land brokers.
What types of land transactions does RLI cover?
RLI covers a variety of land transactions, including farms and ranches, undeveloped land, transitional and development land, subdivision and wholesaling of lots, and site selection and assemblage of land.
How can I become a member of RLI?
Interested individuals can join RLI by paying a membership fee and meeting certain professional requirements, such as having experience in land brokerage.
What benefits does RLI membership offer?
Membership offers access to specialized education, networking opportunities, industry news, and various resources tailored specifically for land brokerage professionals.
How does RLI contribute to professional development?
RLI provides continuing education programs, certifications, and seminars that help members stay updated on industry standards, regulations, and best practices.
Is RLI membership recognized nationally?
Yes, RLI is an affiliate of the National Association of REALTORS®, making its certifications and memberships recognized across the United States.
Do RLI members need to adhere to specific ethical standards?
Yes, RLI members must follow the ethical guidelines and standards set forth by the National Association of REALTORS®, ensuring the highest level of professional conduct.
What is the Accredited Land Consultant (ALC) designation?
The ALC designation is a professional credential offered by RLI that signifies expertise in land transactions. It requires extensive education, experience, and testing.
Can RLI members represent both buyers and sellers of land?
Yes, RLI members can represent both buyers and sellers, providing comprehensive services tailored to each client’s specific needs.
How does RLI support the land brokerage community?
RLI supports its members through advocacy, professional development programs, networking opportunities, and resources specifically geared towards land transactions.
Related Terms
National Association of REALTORS® (NAR)
An American trade association for real estate professionals that sets industry standards and provides professional services to its members.
Accredited Land Consultant (ALC)
A prestigious designation awarded by the RLI to signify a professional’s expertise and experience in conducting land transactions.
Land Brokerage
The business of buying, selling, and managing land properties. This involves working with clients to facilitate transactions, ensuring compliance with local laws and regulations.
Zoning Laws
Regulations established by local governments that dictate how land can be used within certain areas, impacting development and property values.
Online Resources
References
- National Association of REALTORS®. “REALTORS® Land Institute.” www.nar.realtor
- REALTORS® Land Institute. (n.d.). Retrieved from www.rliland.com
Suggested Books for Further Studies
- “The Land Broker’s Guide: Unlocking the Secrets of Real Estate Land Sales” by Charles Luckey
- “Land Investing: A Comprehensive Guide to Buying and Selling Land” by Ralph Nichols
- “Real Estate Principles” by Charles S. Floyd and Marcus T. Allen
- “The RLI ALC Review Manual” by REALTORS® Land Institute
- “Agroforestry: Working Trees for Sequestering Carbon in the USDA Forest Service” by Elaine E. Matthews
