In the attached video, the reporter delves into a crucial decision for those navigating real estate transactions: whether to work with a real estate agent or a realtor. Stressing the non-interchangeability of these terms, the reporter underscores the significance of having an expert guide during real estate dealings. The reporter clarifies that a real estate agent is licensed to represent buyers and sellers upon completing specific educational requirements and passing a licensing exam. Agents must pay annual fees and, in some states, undergo regular additional courses to keep their licenses active.
Conversely, a realty agent is a step further than a real estate agent who is a member of the National Association of Realtors (NAR). NAR membership entails a commitment to ensuring honesty and prioritizing clients’ interests. Being a realty agent, the reporter notes is significant for two reasons. Firstly, realty agents pledge to adhere to a code of conduct based on the golden rule, treating others as they would like to be treated. Secondly, there’s a cost associated with maintaining NAR membership, indicating that they are actively engaged in their profession. The reporter concludes by likening the relationship of the two types of agents to that of a fiduciary and a financial advisor, underlining the importance of choosing the right professional for you.