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- The Secret About Prescriptive Easement: Top Guide 1 Must Know - December 4, 2023
- About Home Equity Loans In Texas And How Can One Obtain It - November 27, 2023
About National Association of Realtors (NAR)
When you are planning to buy or sell a real estate property, you would need a help of a good real estate agent.
It is important to have a professional by your side who knows all the tricks and trades of the business.
Being a real estate agent means you need to be updated about the market and have a continuous education to be the best in the market.
These services are provided by the National Association of Realtors (NAR). In this post, we will understand what NAR is and how it functions.
What Is NAR (National Association Of Realtors)?
The National Association of Realtors (NAR) is one of the most massive professional trade establishments in the world.
It is made up of real estate agents and other entities involved in the real estate industry, such as property managers and property appraisers, counselors, etc.
These members create and perpetuate standards of ethical real estate practice. They also finance and preserve an extensive database of real estate data and recommend regulations related to the interests of the real estate domain.
Knowing what NAR does will help you understand why your realtor chose to become a member and what they can benefit from this membership.
Anyone who is looking forward to working in real estate can also learn how NAR membership can help you learn and give access to multiple tools.
History Of the NAR
The NAR was earlier founded as the National Association of Real Estate Exchanges in May 1908, with 19 Boards (local associations), one state association, and 120 members.
Its objective was to standardize real estate practices and to unite the real estate personnel of the country to successfully apply a combined impact upon matters affecting real estate domains. It was in 1913 that the NAR Code of Ethics was endorsed.
In 1949 and 1950 the NAR registered the term ‘Realtor’ with the United States Patent and Trademark Office which was a breakthrough in the organization’s history.
As a registered trademark, the real estate agents that hold membership with the organization have the word mentioned in all upper case.
Nowadays Realtors is usually used correspondingly with “real estate agent,” but there is a difference between the two.
All real estate agents are not Realtors — to earn Realtor designation, you must hold an active NAR membership.
How Does the NAR?
Any real estate agent who wants to join NAR must pay membership fees of $150 per year plus an additional advertising fee of $35 per year. This charge does not include any state and local association dues.
Just like any other professional corporation, NAR campaigns on behalf of the real estate industry to address problems that impact the industry.
This year, NAR has asked the FHA to reduce mortgage insurance premiums, requested to accept online notarization remotely, provided support for applicants for elected office, etc.
Apart from these supportive efforts, NAR also provides continued education for the members by offering courses about everything from writing contracts to financing investment real estate.
Potential real estate buyers and sellers can also find data from the organization’s research.
NAR publishes monthly reports that display housing inventory levels, median home prices, and other housing market information.
The information in this report could be useful for all buyers and sellers including the realtors to understand the current housing market trends and anticipate things like closing time for the transaction, and funds required to purchase a real estate property.
Conclusion
Working with a Realtor associated with the National Association of Realtors does not mean that you have to pay for their services.
As NAR provides all the necessary tools and additional education to its members, it is always beneficial to work with a NAR-approved Realtor.
The National Association of Realtors currently has over 1.5 million members and is one of the largest professional corporations in the real estate industry.
