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Simple English definitions for legal terms
Realtor
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A quick definition of Realtor:
Term: Realtor
Definition: A person who sells houses and belongs to a group called the National Association of Realtors. They can be either a real estate agent or a real estate broker, but not all agents or brokers are realtors.
A more thorough explanation:
Definition: A person who is involved in the buying and selling of real estate and is a member of the National Association of Realtors. A realtor can be either a real estate agent or a real estate broker, but not all agents or brokers are realtors.
Example: John is a real estate agent who is a member of the National Association of Realtors. He is a realtor.
Explanation: John is a realtor because he is a member of the National Association of Realtors and is involved in the buying and selling of real estate. This means he has agreed to abide by the association's code of ethics and standards of practice.
Example: Sarah is a real estate broker who is not a member of the National Association of Realtors. She is not a realtor.
Explanation: Sarah is not a realtor because she is not a member of the National Association of Realtors, even though she is a real estate broker. This means she has not agreed to abide by the association's code of ethics and standards of practice.