Definition of a REALTOR®
A REALTOR® is a real estate agent who is a member of a local real estate board, and of the provincial real estate association in the Realtor’s province. They may also be a member of the Canadian Real Estate Association (CREA) however, membership is voluntary.
The CREA represents more than 96,000 realtors in Canada. It is the largest trade association of real estate professionals in Canada, and is tied to the National Association of Realtors in the United States, the owner of the trademarked term, REALTOR®.
Code of Ethics
All Realtors in Canada agree to operate under a Code of Ethics prescribed by the Canadian Real Estate Association. The Code of Ethics prescribes, among other things, that the Realtor identifies the relationship in the transaction, whether as a buyer’s agent, seller’s agent or dual broker. In addition, Realtors agree to fully disclose all compensation they receive, including commissions, fees, gifts, rebates and referral fees. Earnest money, or down payments, must be protected by the Realtor. The Code of Ethics is in place to protect consumers.
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Code of Privacy
The CREA also maintains a Code of Privacy. This code requires the Realtor to maintain a degree of accountability, an assurance to collect a minimum of necessary personal information, obtaining consumer consent for the collection, disclosure and use of personal information, to take safeguards to protect personal information and a number of other requirements. This is a very important provision, since Realtors will have access to sensitive financial information.
Code of Completion
Realtors are sworn to a code of open competition in the real estate market. Commission rates and fees are set by individual members as they determine, not by the CREA. Advertising is controlled by the individual members, provided it is open and honest. All members are required to meet uniform educational standards, as well as financial prerequisites.
Realtors have access to the Multi Listing Service, a network listing of real estate for sale in a given area. The MLS, as it is called, it compiled by the local real estate board and is probably the largest listing of available real estate on a local level.
The Realtors primary function is to sell a house, whether representing the seller or finding a house for purchase, if representing the buyer. At First Foundation, we have relationships with real estate agents who are members of the CREA, as well as those who are not. The choice of becoming a real estate agent is yours to make, but we are willing to answer any questions you have, to the best of our knowledge.
If you are interested in learning more about REALTOTRS®, please feel free to contact us today!