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| Things To Know About Realtors |
A realtor is the designation accorded to a member of the
National Association of Realtors (NAR). NAR is the largest trade
association of America. It has about 1 million members. The
membership to the association is voluntary therefore it contains
many other group members apart from the realtors. The idea
behind the formation of this union is to utilize the land in a
wise and best possible way.
The real estate professionals who are members of the NAR have to
adhere to a code of ethics. The code of ethics is inclusive of
duties to clients, customers, public and other realtors. The
main motive is to promote the best interests of the client, be
it the buyer, seller, landlord or tenant. The realtors are
expected not to mislead their |
clients in order to book higher
profits. The realtor is entitled to represent both the parties,
seller and buyer; and landlord and tenant in case of full
disclosure to both of them.
It is mandatory for the realtors to submit the offers and
counter-offers as soon as possible. The realtors are not
supposed to disclose information about the clients, which works
to their disadvantage, or in case a third party stands to
benefit from that information. However, realtor can disclose
confidential information in the following cases: upon consent of
the clients or the order of court or to disclose the ulterior
motives of the client or to defend themselves against wrong
accusations.
The clients should know the fact that the fees for |
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preparing
appraisals or valuations do not depend upon the amount of
appraisal or valuation. Although realtors are expected to avoid
misstating the facts or hiding useful information it is not
obligatory for them to find out the defects in the property.
Hence it is important to get the property checked by a third
party inspector.
In case the realtor seeks information from other realtors it is
mandatory for them to disclose their realtor status and clarify
the nature of interest, whether it is personal or on the behalf
of a client. The realtors are not supposed to misrepresent the
availability of access to a particular property. When acquiring
properties from their immediate families or friends the realtors
have to disclose their true |
position to the concerned parties.
You are entitled to know the financial fee or benefits that the
realtors get on the basis of recommending real estate products
or services such as insurance or mortgage financing. The
realtors are expected to give equal services to every person
regardless of their race, color, religion, sex, handicap,
familial status, or national origin.
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