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®.
Related Terms
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
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
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