As a prerequisite to selling real estate, a person must be licensed by the state where he works. Before issuing a license, each state has basic standards of education, testing and experience. After receiving the license, many agents join the National Association of Realtors, and are renamed Realtors. Realtors must adhere to the Code of Ethics, which in many cases is stricter than state laws. On the other hand, agents who are not Realtors do not have the same ethical requirements.
OBLIGATIONS OF REALTORS
Agents have legal obligations to their clients: Put the interests of the client above their own; maintain the confidentiality of the client’s information; obey the client’s instructions, within the legal framework; report to the client all information that may be useful; give an account of all the money involved in the transaction.
Under the Code of Ethics of the National Association of Realtors, a Realtor must obey standards of conduct much more demanding than those of the non-realtor.
THE DIFFERENCE BETWEEN A BUYER AGENT AND ONE OF THE SELLER
Suppose you put a bid of $ 100,000 to buy a house and as the market is competing, you tell the seller’s agent (that is, the one with the sign in the yard of the house), that you would offer $ 110,000 to make the house. The seller’s agent must defend the rights of his client, not his own, and will be obligated to communicate this information to the seller. This will not favor it since the seller knows that you are willing to pay more, you will want to receive a higher offer.
The solution: work with an agent that represents you as a buyer. In most cases, it will not cost you a dime, and you will have someone to help you throughout the process and defend your interests.
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