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Real Estate
The National Association of
Realtors (NAR)
The
members of The National Association of Realtors or NAR are also known as
"REALTORS". (Realtor is a frequently used colloquialism which is used to
describe any person or company involved in the real estate trade,
regardless of their NAR status or American connection.) This is North
America's largest trade association which has a representation of over 1
million members (as per reports in the year 2006). They are actively
involved in running NAR institutes, societies, and councils, and also in
all aspects of the residential and commercial real estate industries.
NAR also takes on the
mantle of a Self Regulatory Organization for real estate brokerages. NAR
also governs the hundreds of local Multiple Listing Services or MLSs which
are virtual information exchanges used across the nation by brokers and
these MLSs are usually independent of NAR. The membership in NAR is
composed primarily of residential and commercial brokers, salespeople,
immovable property managers, appraisers, counselors, along with others
engaged in all aspects of the real estate (immovable property) industry.
Members belong to one or more of a total of approximately 1,600 local
associations and boards, and over 54 state and territory associations of
realtors. They are pledged to a strict Code of Ethics and set Standards of
Practice, which includes duties to clients, the public, and other
realtors.
Agents and brokers are
provided exclusive licenses by the states. The NAR exercises substantial
power as a lobbying organization that advocates on behalf of agents and
brokers. Through a complicated series of arrangements, NAR sets the
policies for most of the Multiple Listings Services, which are essentially
their information exchanges for residential real estate.
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