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Difference between a Real Estate Agent & a Realtor

So once you decide on buying or selling a property in Canada, what is the first step you’ll take? Like most people, you’ll contact the nearest real estate consultant.

The procedure appears to be easy where you hire someone you can trust and let them take care of things for you. The main question that arises in this situation is whether to go for a real estate agent or a realtor.

For many of us, both appear to be very similar but in reality, they are not. There are a few major differences between them and everyone should know these before stepping into the real estate market.

Realtors Belong to the CREA:

There are certain rules and regulations that people dealing with real estate in Canada need to abide by. Both agents and realtors have to pass an initial training to become a qualified real estate assistant for buyers and sellers.

However, the Canadian government requires all realtors (not agents) to be a professional member of the CREA (Canadian Real Estate Association).

Check out their Business Cards:

You will not understand which one of the two categories the person you hired belongs to unless you ask. The best way to find out is viewing their job profile or checking out their business card.

Realtors have an official trademarked Realtor symbol on their cards which they present quite gladly.

Realtors Still Follow the Moral Code of 1913:

All Realtors in Canada have to follow a moral code and ethical values taught during their training. The moral code these realtors adhere to has been in place for 104 years.

The code cannot be explained here, however, some of the main practices it teaches are to disclose in writing who the realtor is representing and also have to disclose their identity as a realtor if they want to have a share in the interest of any property.

The certification of CREA verified Realtor is annulled if he is found guilty of breaking the code.

 

Realtors Must Keep Learning:

Certified Realtors have to study ethical values throughout their careers. They need to be well educated about the latest laws, regulations and customer behavior as well.

Supervised pieces of training are provided to keep them aware of the market situation and how they can help people close down deals more effectively.