Real Estate Jargon You Need to Know

code of ethics

A written system of standards for ethical conduct.

Why do i need to know that?

“There is something about the permanency and stability of land which should give like traits of character to the real estate man.” ~ Edward S. Hudd

Every real estate salesperson/broker has the option of joining the National Association of REALTORS and their local association as well. As a member of the these associations, a real estate salesperson/broker can now take on the title of ‘REALTOR’. This title has more meaning behind it than first meets the eye. The most important of which is that in order to be a REALTOR, the individual must complete an ethics course every two years, and is held to a strict Code of Ethics.
Interested in what all this entails? Read more by clicking here.

As you are deciding who to work with in your real estate dealings, it is worth noting if they use the title ‘REALTOR’. If not, find out why. Though there are some legitimate reasons people may have for not joining the association and taking on the title, many will join this professional organization that provides tools, resources, education, and training to those that choose to enter into real estate as a profession.

Finally, it is important to know that as a client or customer you are protected. As a REALTOR within the National Association of REALTORS, the member is held to a strict code of ethics and conduct. If a REALTOR does not follow this Code of Conduct, then they will be reprimanded based on the severity and frequency of their actions, all the way up to loosing their license. It is also important to know that in addition to being protected through the associations (both national and local), real estate sales people/brokers must work within state and national real estate laws. Each state has a commission that enforces these, and action can be brought against a salesperson/broker through the commission if there is wrong-doing.

Fun fact!

National Association of REALTORS Code of Ethics was adopted in 1913, and was one of the first adopted by any business group.

Interested in how REALTORS came to be? This is an 11 minute history illustrating how real estate sales have evolved.