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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. In the United Kingdom, the equivalent
is the NAEA. The President of NAR for 2008 is Richard
F. (Dick) Gayorld.
The National
Association of Realtors was founded on May 12, 1908 as
the National Association of Real Estate Exchanges, the
founding group being located in Chicago, Illinois. In
1916, the National Association of Real Estate Exchanges
changed its name to The National Association of Real Estate
Boards. The current name was adopted in 1974.
NAR's membership
is composed of residential and commercial real
estate brokers, real estate salespeople, immovable
property managers, appraisers, counselors, and others
engaged in all aspects of the real estate (immovable property)
industry, where a state license to practice is required.
Members belong to one or more of some 1,600 local Associations
of Realtors and Boards of Realtors in the 54 state and
territory Associations of Realtors. They are pledged to
a code of ethics and Standards of Practice,[1] which includes
duties to clients, the public, and other Realtors. It
is this higher standard of practice that Realtor members
pledge themselves to that sets them apart from licensees.
Local Associations
are required to enforce the Code of Ethics through a Professional
Standards Council or Committee. Trained members of the
Association form hearing panels charged with the responsibility
of hearing testimony and evaluating evidence from complaints
filed by the public or other members against Association
members for alleged violations of the Articles of the
Code of Ethics. If the panel finds the member in violation
of an Article, disciplines recommended may be one or more
of the following: a letter of warning or reprimand, educational
courses, suspension or expulsion of membership, fines
up to $5,000 and probation. All recommended disciplines
by Professional Standards hearing panels are subject to
the ratification by the Association Board of Directors
before the discipline takes effect.
From Wikipedia,
the free encyclopedia.
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