A Tale of Two Classes

Recently, I was engaged in a discussion about the distinction of classification between agents and REALTORS®. Our discussion was focused around the following notion: All REALTORS® are agents but not all agents are REALTORS®. The real estate industry in Canada has clearly made it an important item for consumers to be made aware of.

So the questions that have been asked are: What are the differences and why does it impact the consumer of Canadian Real Estate services?

Real Estate Categories
According to the Canadian Real Estate Association (CREA), the Ontario Real Estate Association (OREA) and other provincial real estate organisations, it is important for consumers to be aware that there could be serious financial risks by enlisting the services of an agent and not a REALTOR®.

So what’s the difference?
1. An agent is not always a member of any real estate association.
2. An agent does not necessarily have access to real estate industry resources.
3. An agent may not be subjected to a code of conduct or ethical standards.
4. An agent might not have insurance to cover any errors or omissions.
5. An agent might not always pursue educational updates and skill development.

By contrast,

1. A REALTOR® is a member of a real estate association.
2. A REALTOR® always has access to real estate industry resources.
3. A REALTOR® is subjected to codes of conduct, ethical standards, provincial and federal regulations.
4. A REALTOR® must have professional liability insurance to cover errors and omissions.
5. REALTORS® are required to obtain continuing educational credits and skill development.

Other details and questions are answered at http://www.howrealtorshelp.ca/faq.php.

At Royal LePage, we have been looking after the needs of our families, friends and clients for 100 years because we believe in the value of our network of REALTORS®. This is why we are among Canada’s strongest real estate companies with some 14,000 REALTORS® coast to coast and why I am proud to have been associated with this company for over 20 years.

http://www.InfoHome.ca

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