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What is the Difference between a Real Estate Broker and a Realtor?

Every Real Estate Broker can’t call themselves a Realtor®. Realtor® is a trademarked word for a real estate professional that belongs to the National Association of Realtors® or NAR for short. Members of this Association are bound by a strict Code of Ethics and Standards of Practice. The Code was first approved in 1913 to set standards for the professional and ethical practice of real estate by it’s’ members. The 17 Articles that make up the Code of Ethics establish a standard of conduct that serves to protect the interests of clients and customers as well as other Realtors®. Failure to abide by this standard can result in disciplinary action. The Code is updated as needed and was just amended in January of this year. The 17 Articles that make up the Code of Ethics also contain Standards of Practice which help clarify the intent of the Articles in day to day practice. A Realtor® agrees to be bound by the Code of Ethics and is therefore held to a higher standard than a Real Estate Practitioner that is not a Realtor®. The Code of Ethics is intended to promote moral and ethical practice among its members, promote competent service to clients and customers and to uphold the public’s best interest and welfare. Realtors® are licensed in the state where they do business and must take continuing education in order to renew their license. In Illinois, our licenses are renewed every 2 years and a 2 ½ hour course on the Code of Ethics is required every time we renew. Each Article in the Code is a rule that...

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