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National Association of Realtors
The National Association of Realtors (NAR),
whose members are known as "REALTORS", is North America's
largest trade association, representing over 1 million members (as
reported in 2006), including NAR's institutes, societies, and councils,
involved in all aspects of the residential and commercial real estate
industries. NAR also functions as a Self Regulatory Organization
for real estate brokerage.
NAR governs the hundreds of local Multiple
Listing Services (MLSs) which are the information exchanges used
across the nation by brokers. However, there are many MLSs that
are independent of NAR; MLSPIN is an example of one of the larger
independent MLSs in North America .
NAR's membership is composed of residential
and commercial brokers, salespeople, immovable property managers,
appraisers, counselors, and others engaged in all aspects of the
real estate (immovable property) industry. Members belong to one
or more of some 1,600 local associations and boards and 54 state
and territory associations of realtors. They are pledged to a strict
Code of Ethics and Standards of Practice, which includes duties
to clients, the public, and other realtors. (see [1]). Agents and
brokers are also licensed by states.
The NAR wields substantial power as a lobbying
organization on behalf of agents and brokers. In 2005, NAR had the
largest Political Action Committee in the United States . See [2]
for the top 20 PACs.
Through a complicated arrangement, NAR sets
the policies for most of the Multiple Listings Services, which are
essentially the information exchanges for residential real estate.
In 2005, the Department of Justice filed an antitrust lawsuit against
NAR alleging its MLS rules were the product of a conspiracy to restrain
trade by excluding brokers who used the internet to operate differently.
For a description of the DOJ action, see [3]. The MLSs are to residential
real estate what NASDAQ and the New York Stock Exchange are to securities.
Realtor - Colloquialism
Realtor is frequently used as a colloquialism
in many countries to describe any person or company involved in
the real estate trade, regardless of their NAR status or American
residence. The word "Realtor" is a registered collective
membership mark and can only be used commercially by National Association
of Realtors members or licensees.
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