Vocabulary: REALTORS®, Brokers and a few Professional Designations

Tuesday, March 22nd, 2016 at 4:40pm.

Group of business people in a line

Seller's representative (also known as a listing agent or seller's agent)

the REALTOR® hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract.

Buyer's representative (also known as a buyer’s agent)

REALTOR® hired by prospective buyers to and works in the buyer's best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer's rep may be paid by the seller or through a commission split with the seller’s agent.

Associate Broker

is a real estate professional licensed by the New Mexico Real Estate Commission (NMREC) after completing the background check, fingerprinting, finished the 30-hour pre-licensing courses in Real Estate Principles and Practice, Real Estate Law, and Broker Basics, and passed the NMREC broker exam.

Qualified Broker

is a real estate professional licensed by the New Mexico Real Estate Commission (NMREC) after completing the background check, fingerprinting, holding their active Associate Broker’s license with a real estate brokerage for 2 of the last 5 years, completed the 30-hour Brokerage Office Administration course and passed the NMREC broker exam.

Brokerage

A brokerage is a real estate company with at least one licensed qualified broker.
REALTOR® – an associate or qualified broker that is an active member of the National Association of REALTORS® and subscribes to their strict Code of Ethics. In New Mexico, close to 60% of associate and qualified brokers are active REALTORS®.

Accredited Buyer's Representative® / ABR®

The Accredited Buyer’s Representative (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients at every stage of the home-buying process.

Accredited Land Consultant / ALC

The esteemed Accredited Land Consultants (ALCs) are the most trusted, knowledgeable, experienced, and highest-producing experts in all segments of land. Conferred by the REALTORS® Land Institute, the designation requires successful completion of a rigorous LANDU education program, a specific, high-volume and experience level, and adherence to an honorable Code of Conduct.

Certified Residential Specialist / CRS

The CRS designation is the highest credential awarded to residential sales agents, managers, and brokers. On average, CRS designees earn nearly three times more in income, transactions, and gross sales than non-designee REALTORS®.

Seller Representative Specialist / SRS

The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate practitioners by the Real Estate Business Institute (REBI) who meet specific educational and practical experience criteria.

Certified Real Estate Brokerage Manager / CRB

The Certified Real Estate Brokerage Manager (CRB) is one of the most respected and relevant designations offered in real estate business management and is awarded to REALTORS® who have completed advanced educational and professional requirements. CRB Designees are better positioned to streamline operations, integrate new technology and apply new trends and business strategies. Join today and discover a new approach to enhancing knowledge and leveraging opportunity.

Graduate, REALTOR® Institute (GRI)

REALTORS® with the GRI designation have in-depth training in legal and regulatory issues, technology, professional standards, and the sales process. Earning the designation is a way to stand out to prospective buyers and sellers as a professional with expertise in these areas.