National Association of Realtors

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The National Association of Realtors (NAR), whose members are known as "REALTORS" is North America's largest trade association, representing over 1 million members (as reported in 2006), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage.

NAR governs the hundreds of local Multiple Listing Services (MLSs) which are the information exchanges used across the nation by brokers. Though there are many MLSs that are independent of NAR. MLSPIN is an example of one of the larger independent MLSs in North America.

NAR's membership is composed of residential and commercial brokers, salespeople, immovable property managers, appraisers, counselors, and others engaged in all aspects of the real estate (immovable property) industry. Members belong to one or more of some 1,600 local associations and boards and 54 state and territory associations of realtors. They are pledged to a strict Code of Ethics and Standards of Practice, which includes duties to clients, the public, and other realtors. (see [1]). Agents and brokers are also licensed by states.

The NAR wields substantial power as a lobbying organization on behalf of agents and brokers. In 2005, NAR had the largest Political Action Committee in the United States. See [2] for the top 20 PACs.

Through a complicated arrangement, NAR sets the policies for most of the Multiple Listings Services, which are essentially the information exchanges for residential real estate. In 2005, the Department of Justice filed an antitrust lawsuit against NAR alleging its MLS rules were the product of a conspiracy to restrain trade by excluding brokers who used the internet to operate differently. For a description of the DOJ action, see [3]. The MLSs are to residential real estate what NASDAQ and the New York Stock Exchange are to securities.

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Realtor - Colloquialism

Realtor is frequently used as a colloquialism in many countries to describe any person or company involved in the real estate trade, regardless of their NAR status or American residence. The word "Realtor" is a registered collective membership mark and can only be used commercially by National Association of Realtors members or licensees.

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