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The Real Estate Profession

The real estate profession is essentially a profession of service, and the human element enters into every sale and purchase of real property. As no two clients are the same, neither are any two buildings, which may differ in size, shape, construction and value, and are subject to deterioration and obsolescence. To contain this variety of clients and products, several professional organizations serve the marketing and management functions of real estate, and all are affiliated with the National Association of REALTORS (NAR). (REALTOR is a federally registered collective trademark, and only active brokers who are members of state and local NAR boards are permitted to use this trademark).

The profession, however, was not always so well governed. Before laws required real estate agents to have licenses, local professional real estate organizations called real estate boards invited agents to join on a voluntary basis. Many veteran real estate agents, however, recognized the need for a more controlling organization. Greater supervision of agents' activities, they believed, would achieve two important ends: establish a discipline of professional performance and elevate the status of agents and of the profession in the public's mind. To form this controlling organization, local boards were gradually grouped into state associations. By 1908, these associations combined to form the National Association of Real Estate Boards (NAREB). In 1914, the board drafted a model licensing law, which became the basis for the real estate license laws in most states. In 1974, the NAREB was succeeded by the NAR, and the local boards remained as fundamental units.

When the NAR was formed as an aggregation of local boards and state associations, one of its first decisions was to reserve the term REALTOR for the exclusive use of members of the NAR, who, by accepting membership, pledged themselves to abide by the association's Code of Ethics. Su...

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The Real Estate Profession. (1969, December 31). In LotsofEssays.com. Retrieved 02:46, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1690795.html