A realtor, also referred as a real estate agent, realtor or brokerage firm is a licensed individual who brokers realty or otherwise deals in the selling of realty or real assets. While a Realtor can work on his/her own, most often an agent will work for either a registered agent or an insurance firm to represent individual clients. A realtor can also be called upon by a lending institution to provide advice concerning the purchase and selling of commercial realty. Most often than not, a realtor is connected with a realty company, which may also function as an intermediary between buyers and sellers and/or sellers and developers. Have a look at Virginia Beach Realtor Association for more info on this.
In some communities, it may be necessary for the board of examiners of the National Association of Realtors to review the licensing records of a realtor or broker. When these reports are forwarded to the board, they are reviewed by the same people who decide if the Realtor should continue his/her career or retire. Once the reports come back, the board will make the final decision regarding license renewal, termination and liability for professional negligence. To become a registered realtor or broker in any state, the individual must pass the national exam known as the NAR examination. Licenses are renewed every four years, depending on where the license is issued from.
The National Association of Realtors is the largest trade association representing the realtor and brokerage industry. In addition to the national examination, the association also issues national Certifications in Real Estate, which certifies that the agent has met certain minimum standards of training, sales experience, knowledge of the real estate market and that he or she is properly qualified to represent and assist clients in real estate transactions. Another important service of the realtor and broker is to offer housing counseling. The Realtor provides important information to potential buyers before they make the decision to purchase a home. In some cases, they will assist the client with financing and other important aspects of purchasing a home.