What is a “realtor” and how do they differ from a real estate agent?

A realtor is indeed defined as a licensed real estate professional who is a member of the National Association of Realtors (NAR) and is committed to following a strict code of ethics. This membership distinguishes realtors from real estate agents, as not all agents are members of the NAR. The code of ethics requires realtors to maintain a higher standard of conduct, which includes responsibilities to clients and the community, as well as adherence to fair housing laws.

While it may be assumed that experience could vary between realtors and agents, the designation of realtor does not inherently indicate greater experience; both can possess varying levels of experience in the field. The specialization in commercial real estate transactions is also not accurate, as realtors can work in various areas, including residential, commercial, and industrial real estate. Lastly, the idea that realtors offer lower commissions than real estate agents is misleading; commission rates are typically set by individual agents and brokers, and being a realtor does not automatically influence pricing.

In summary, the primary distinction comes from the realtor's membership in the NAR and their adherence to its standards, emphasizing professionalism and ethical obligations in real estate transactions.