Definition
A Board of REALTORS® refers to a local organization of real estate professionals who are members of the state and national associations of REALTORS®. This group represents the interests of its members, offers continuing education opportunities, upholds ethical standards, and provides multiple listing services (MLS) for buying and selling real estate.
Examples
- Local Real Estate Board Meetings: Local Boards of REALTORS® frequently hold meetings to discuss legislative changes, professional development, and industry trends.
- Real Estate Ethics Committees: Many Boards of REALTORS® have ethics committees to handle disputes and ensure member compliance with the NAR Code of Ethics.
- MLS Services: Boards of REALTORS® often manage multiple listing services (MLS) which allow member agents to share and access property listings.
Frequently Asked Questions (FAQs)
What is the difference between a REALTOR® and a real estate agent?
A REALTOR® is a licensed real estate professional who is a member of the National Association of REALTORS® (NAR), adhering to its code of ethics. A real estate agent can be anyone with a state license to conduct real estate transactions, without necessarily being a NAR member.
How do Boards of REALTORS® support their members?
Boards of REALTORS® provide educational resources, networking opportunities, ethics enforcement, advocacy on legislative issues, and access to MLS services to support their members’ professional development and success.
What is the Code of Ethics for REALTORS®?
The Code of Ethics is a set of guidelines established by the National Association of REALTORS® to ensure members act in an honest, ethical, and transparent manner in all real estate transactions.
Can real estate licensees join a Board of REALTORS®?
Yes, licensed real estate agents who want to gain the benefits of membership and adhere to the NAR Code of Ethics can join a local Board of REALTORS®.
National Association of REALTORS® (NAR)
A leading professional organization representing real estate professionals in the United States. Membership provides various benefits, including advocacy, ethics, professional development, and access to industry resources.
Multiple Listing Service (MLS)
A service used by real estate brokers to share property listings, providing comprehensive data and facilitating cooperation among agents to find buyers and sellers for real estate.
Real Estate Licensing
State-mandated certification that allows individuals to legally conduct real estate transactions. It involves passing a state exam and fulfilling ongoing education requirements.
Code of Ethics
A set of principles and standards designed to guide REALTORS® in conducting business ethically and professionally, established by the NAR.
Online References
- National Association of REALTORS®
- Local Association of REALTORS®
Suggested Books for Further Studies
-
“The Millionaire Real Estate Agent” by Gary Keller
- A comprehensive guide on achieving success as a real estate agent, offering insights and strategies from top-performing professionals.
-
“Your First Year in Real Estate” by Dirk Zeller
- An essential book for new real estate agents, providing practical advice and tips on managing the myriad challenges faced by industry newcomers.
Fundamentals of the Board of REALTORS®: Real Estate Basics Quiz
### What is required for a real estate agent to become a REALTOR®?
- [ ] Passing an advanced real estate exam
- [x] Becoming a member of the National Association of REALTORS® (NAR)
- [ ] Attending a specific number of seminars
- [ ] Working in real estate for at least five years
> **Explanation:** To become a REALTOR®, a real estate agent must become a member of the National Association of REALTORS® (NAR) and adhere to its Code of Ethics.
### What is a key benefit of joining a Board of REALTORS®?
- [ ] Automatic commission increase
- [ ] Free property listings in the local newspaper
- [x] Access to the Multiple Listing Service (MLS)
- [ ] Guaranteed sales within six months
> **Explanation:** One of the significant benefits of joining a Board of REALTORS® is gaining access to the Multiple Listing Service (MLS), which facilitates the sharing and accessibility of property listings.
### What document must REALTORS® adhere to above their state laws?
- [ ] State Constitution
- [x] Code of Ethics
- [ ] The REALTORS® Handbook
- [ ] The Universal Real Estate Standards
> **Explanation:** REALTORS® must adhere to the National Association of REALTORS® (NAR) Code of Ethics, which often sets a higher standard of conduct than state laws.
### How do Boards of REALTORS® help ensure ethical conduct among members?
- [ ] By setting annual sales quotas
- [ ] By auditing all transactions
- [ ] By holding bi-weekly ethics training
- [x] Through ethics committees
> **Explanation:** Boards of REALTORS® help ensure ethical conduct through ethics committees, which handle disputes and enforce the ethical standards set by the NAR.
### What is one of the primary roles of the local Boards of REALTORS®?
- [ ] Providing legal representation in disputes
- [x] Offering continuing education opportunities
- [ ] Offering free marketing services
- [ ] Guaranteeing property sales
> **Explanation:** Local Boards of REALTORS® play an important role in offering continuing education opportunities to help members stay updated with industry developments and maintain their licensure.
### To whom does the term "REALTOR®" exclusively apply?
- [ ] All real estate professionals
- [ ] Property managers
- [x] Members of the National Association of REALTORS®
- [ ] Anyone with a real estate license
> **Explanation:** The term "REALTOR®" exclusively applies to those who are members of the National Association of REALTORS® and adhere to its standards and ethics.
### Which service manages comprehensive property data for REALTORS®?
- [ ] RE Database
- [ ] Property Data Hub
- [x] Multiple Listing Service (MLS)
- [ ] Real Estate Tracker
> **Explanation:** The Multiple Listing Service (MLS) manages comprehensive property data, allowing REALTORS® to share and access property listings efficiently.
### What aspect of the Board of REALTORS® helps in resolving disputes?
- [ ] Legal departments
- [ ] Mediation services
- [x] Ethics committees
- [ ] Annual meetings
> **Explanation:** Ethics committees within the Board of REALTORS® help to resolve disputes among members and ensure adherence to ethical standards.
### What is a frequent activity hosted by local Boards of REALTORS®?
- [ ] Property showcases
- [ ] Contract signings
- [x] Industry meetings and workshops
- [ ] Open house tours
> **Explanation:** Local Boards of REALTORS® frequently host industry meetings and workshops to discuss trends, legislative updates, and professional development topics.
### How often do real estate agents need to renew their membership to stay as REALTORS®?
- [ ] Annually
- [ ] Every two years
- [ ] Every five years
- [x] Membership renewal requirement may vary by local board regulations and dues cycles
> **Explanation:** REALTORS® generally renew their membership annually, although the specific renewal requirements and dues cycles may vary by local board.
Thank you for exploring our comprehensive guide to understanding the Board of REALTORS® and challenging our sample quiz questions. Continue to expand your real estate knowledge for a successful career!
