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The National Association of REALTORS®' latest consumer guide tackles the question of what makes a real estate professional an agent, and — subtly — some of what makes an agent a REALTOR®.
It starts with the basics: "A licensed real estate professional is your agent when you have hired them to represent you as you buy or sell a home."
And while this may seem obvious, the guide takes pains to point out that sellers usually establish this relationship via a listing agreement, and many buyers now follow a different path than they would have before August 17.
The guide starts with single agency, where an agent represents either a homebuyer or seller. It also explains dual agency, "which allows an agent to represent both the buyer and seller at the same time."
Why NAR is doing these guides: It's part of the ongoing series designed in part to help NAR get ahead of antitrust concerns after having the Department of Justice "implicitly indicting us for not educating the consumers," association CEO Nykia Wright told NAR's board of directors last month.