POV: date=September 2008 for: Real estate broker
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POV: date=September 2008 for: Real estate broker
The National Association of Realtors (NAR), whose members are known as realtors (rē(ə)ltər; -ˌtôr), is North America's largest trade associationFact: date=May 2008 representing over 1.2 million members (as reported February 2008), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage. In the United Kingdom, the equivalent is the NAEA. The President of NAR for 2008 is Richard F. (Dick) Gaylord.
Overview
The National Association of Realtors was founded on May 12, 1908 as the National Association of Real Estate Exchanges, the founding group being located in Chicago, Illinois. In 1916, the National Association of Real Estate Exchanges changed its name to The National Association of Real Estate Boards. The current name was adopted in 1974. NAR celebrates its centennial in 2008.
NAR's membership is composed of residential and commercial real estate brokers, real estate salespeople, immovable property managers, appraisers, counselors, and others engaged in all aspects of the real estate (immovable property) industry, where a state license to practice is required. Members belong to one or more of some 1,600 local realtor boards or associations. They are pledged to a code of ethics and standards of practice, which includes duties to clients and customers, the public, and other realtors.
Local associations are required to enforce the code of ethics through a Professional Standards Council or Committee. Trained members of the association form hearing panels charged with the responsibility of hearing testimony and evaluating evidence from complaints filed by the public or other members against association members for alleged violations of the code of ethics. If the panel finds the member in violation, disciplines recommended may be one or more of the following: a letter of warning or reprimand, educational courses, suspension or expulsion of membership, fines up to $5,000 and probation. All recommended disciplines by professional standards hearing panels are subject to the ratification by the association's board of directors before the discipline takes effect.Fact: date=May 2008
The National Association of Realtors is also a member of The Real Estate Roundtable, a lobbying group in Washington, D.C.Fact: date=May 2008
Trademark status
Realtor is a frequently-used word in many countries to describe any person or company involved in the real estate trade, regardless of their NAR status or American residence. However, in the United States the National Association of Realtors in 1949 obtained preregistrations for the words realtor and realtors as collective trade marks. As long as the trademarks are maintained, the words cannot legally be used in commerce by other parties in a way that is likely to cause confusion as to the origin, sponsorship, or approval of goods, services, or commercial activities in the domain of real estate. The NAR only authorizes usage by National Association of Realtors members or licensees.
