Realtor – What is, definition and concept | 2022

A realtor is a real estate professional who is certified and registered with the (NAR) National Association of Realtors.

In other words, a realtor is a real estate graduate. This concept has been coined in the United States. Since, to be licensed, the realtor must complete all the corresponding studies, and then take the required exams that allow him to obtain certification.

For that reason, the realtor must present two exams. The first must be passed at the business school where he received his professional training from him. The second exam must be filed with the Florida Department of Business and Professional Regulation. This entity is recognized by the acronym (DBPR) that corresponds to the Florida Department of Business and Professional Regulation.

Additionally, the Florida Department of Business and Professional Regulation requires a realtor to maintain current and ethical business conduct. For that reason, it requires the realtor to present and pass refresher exams and ethical conduct within the profession. These exams must be taken every two years to continue to maintain the license. It is important to note that the word or term realtor is used as a registered trademark by the NAR.

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What does a realtor do?

Without a doubt, a realtor performs a series of important functions or activities before, during and after the process of a real estate transaction is carried out. Since, a realtor is an appraiser, adviser and property manager.

The most important functions or activities of a realtor are the following:

1. Pre-interview the potential client

To begin with, the realtor interviews the potential client in order to better understand the client’s real estate needs. Also to know your employment and credit situation. With this information you can already determine if you acquire the necessary prequalification for the real estate purchase.

2. Look for real estate options

Then, look for the best real estate options that best suit the needs and purchasing power of the client. Generally, the realtor uses the information platform of the Real Estate of the State of Florida. Immediately, they send the possible proposals to the clients, so that they can choose the one that seems best to them. Likewise, they recommend the client to choose other options, in the event that the transaction cannot be completed with the first option chosen.

3. Prepare the required documentation

Next, the realtor proceeds to prepare and review all the necessary documents to carry out the transaction. Especially sales contracts or the rental contract. This in order that all acquired rights and responsibilities are clearly defined.

4. Guide the customer in the purchase process

Subsequently, the realtor must offer information to the client regarding amounts on taxes, insurance and any other important information that includes other payments. It could even locate them near institutions such as hospitals, schools or highways, among other important ones. All this data helps the customer to make the best purchase decision, taking into account all the aspects that must be considered.

5. Make comparisons with other properties sold

Also, it is convenient for the realtor to present the client with some comparisons of other previously sold properties. The purpose is that the client can know what the future price of the property may be. That way he can present a sale or rental price at the time a new buyer or tenant is presented.

6. Advise the client on the sale or rental process

Of course, a good realtor must explain, advise and accompany the client throughout the entire purchase or rental process. Especially when the inspection of the property is carried out. At the time of requesting a credit, in the event that the client requests financing. Likewise, when you fill out the documents to join the condominium.

7. Review and submit proposals to the owner or seller

On the other hand, if the client is the owner or the seller of the real estate, the realtor must present all the proposals received. Both for the purchase if he is a seller or for the rent if the owner wants to rent the property.

8. Review the final documents

Next, the realtor must take on the task of carefully reviewing all the documents related to the closing of the real estate transaction. This in order to verify that everything is clearly and correctly established within the agreed terms.

9. Maintain contact with the client

Finally, you have to follow up with the client, for this you must keep in touch with him. Above all, to make sure that everything works correctly and to clarify any doubts that the buyer may have.

What requirements must a realtor meet in order to operate?

Naturally, a person operating as a realtor has to act honestly and transparently. Above all, he must put the interests of his clients first in any real estate transaction he undertakes.

Among some of the requirements that must be met in order to operate are:

  • Join a local real estate association.
  • Pay a one-time amount or application fee.
  • Pay a membership each year to be able to operate.
  • Possess a license that is validated by the NAR and is in force.
  • Being involved in the real estate business sector. The real estate business is a concept that refers to everything related to the real estate market.
  • Lack of sanctions that are related to unethical or professional behavior or conduct.
  • Not be bankrupt.

In conclusion, it can be said that a realtor is a real estate graduate. A realtor is certified and registered with the (NAR) National Association of Realtors. For that reason, a realtor must work with irreproachable ethical conduct. First and foremost, you must put the interests of your clients first in any real estate transaction you make.

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