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Real Estate Terminology

ID-100206803 (Small)Once a week, we will attempt to give you insights to the world of real estate, familiarizing you with terms and phrases. So, when you decide to list a property, or to buy one, you will be acquainted with real estate language. We, at McKinney Realty, LLC want to guide you toward confidently communicating with the parties involved in your real estate transactions.
Let’s start with REALTOR®

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics.

Generally this code requires; Loyalty to clients, cooperation with competitors, a legal (fiduciary) duty to clients, and truthfulness in all statements, contracts, advertising and non-interference in exclusive relationships other REALTORS® have with their clients.

A real estate agent is not necessarily a REALTOR®. A REALTOR® has successfully completed coursework and has demonstrated specific skills, performance and knowledge within the real estate industry. Duties include helping clients sell and buy property, as well as advising on prices and market conditions. Realtors® typically guide sellers on how to price their property accurately, and how to prepare their home for market. A REALTOR® also assists buyers in finding a property that best fits their needs, by generating a list of properties for sale, and by accompanying their buyers to properties of interest. Finally, they guide their sellers and buyers in negotiations toward a final purchase price.
It’s possible for people to buy or sell their home without using a REALTOR®, but a professional makes the process easier and more effective. A successful REALTOR® is well aware of their communities including, schools, distinguishing features, activities and of course it’s geography.

Many ask; “What is the difference between a Broker and an Agent. Brokers are licensed to manage their own businesses, while an Agent must work under the management of a Broker. Their jobs are similar in most other respects.

At McKinney Realty, LLC, our Realtors are Scott McKinney, Bill McKinney, Dale Thomas and Mike Best who are members of the Realtors Association of Northwestern Wisconsin. Our Broker is Stacey McKinney. The owners are Scott and Stacey McKinney who are intimately acquainted with their listing area as a third generation family. They believe in the merits of their community by raising their children here, and by supporting local businesses and services. Scott and Stacey involve themselves and their children in community events through volunteerism and financial commitment.

Image by Stuart Miles
www.freedigitalphotos.net

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