When it comes to navigating the complex world of real estate, you may hear the terms "Realtor" and "Broker" being used interchangeably. While both professionals play vital roles in the industry, it's important to understand the nuances and differences between Realtor vs broker.
In this blog, we'll unravel their unique contributions and how they can assist you in your journey.
A real estate broker in Oregon is an individual who has completed the necessary education, passed a state licensing exam, and obtained a real estate broker's license. Brokers are legally authorized to engage in real estate transactions, representing clients in buying, selling, or leasing properties. They can work independently or as part of a real estate agency.
Key responsibilities of a real estate broker include:
- Client Representation: Brokers can represent clients in real estate transactions, providing advice, guidance, and negotiating on their behalf.
- Market Knowledge: Brokers possess a comprehensive understanding of the local real estate market, property values, and trends.
- Legal Expertise: Brokers are knowledgeable about real estate laws and regulations, ensuring that transactions comply with legal requirements.
- Marketing and Advertising: Brokers market properties through various channels to attract potential buyers or tenants.
- Paperwork and Documentation: Brokers handle the extensive paperwork and documentation involved in real estate transactions.
Now, let's turn our attention to another integral part of the real estate industry…
In Oregon, a REALTOR® is a real estate broker who has taken additional steps to become a member of the National Association of Realtors (NAR) which holds them to a higher ethical standard than a broker. This key distinction of a Realtor is the commitment to uphold the NAR’s Code of Ethics, which encompasses:
- Loyalty: Realtors are duty-bound to act in their clients' best interests, providing undivided loyalty.
- Disclosure: Realtors pledge to disclose all pertinent information about properties and transactions.
- Fair Treatment: Realtors treat all parties involved in a transaction fairly and honestly.
- Confidentiality: Realtors maintain the confidentiality of client information, safeguarding their privacy.
- Professionalism: Realtors strive to provide a high level of professionalism and integrity in their dealings.
In essence, while all Realtors are licensed real estate brokers, not every licensed broker is a Realtor. Choosing a Realtor ensures that you are working with a professional who is committed to the highest ethical standards in the industry.
Legacy Real Estate
Here at Legacy, our team is made of experienced Realtors & Brokers who are passionate about helping clients achieve their real estate goals. We understand the importance of building meaningful relationships and delivering exceptional service. Whether you need assistance in finding your dream home or selling your property, we are here to guide you every step of the way.
Contact us today to learn more about how our team of Realtors and brokers can make your real estate journey in the Willamette Valley a truly remarkable one.