Real estate license
Encyclopedia
Real estate licenses are those authorizations issued by a state administration that gives agents and/or brokers the legal ability to represent a home seller or buyer in the process of buying or selling real estate
in the United States.
A Real estate agent and/or Real estate broker
is required to be licensed when conducting real estate transactions in any of the fifty States of the United States of America
(USA), as well as in many countries internationally.
Through a complicated arrangement, the National Association of Realtors
(NAR) sets the policies for most of the Multiple Listings Services
and, in the late 1990s with the growth of the internet, NAR evolved regulations allowing Information Data Exchanges (IDX) whereby brokers would allow a portion of their data to be seen on the internet via brokers' or agents' websites.
There were attempts to limit access to some or all of that data to certain brokers operating solely on the internet
and, in 2005, this prompted the Department of Justice
to file an antitrust
lawsuit against NAR alleging its MLS rules in regard to these types of limitations on the display of data were the product of a conspiracy to restrain trade by excluding brokers who used the internet to operate differently from traditional "brick and mortar
" brokers.
agreements set in place that allow licensees from other states to become licensed in that state. The details of each reciprocal agreement varies from state to state. Some states will have certain education
requirements that must be met by the agent while others will only require that the agent fill out a reciprocal license application with the State.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
in the United States.
A Real estate agent and/or Real estate broker
Real estate broker
A real estate broker, real estate agent or realtor is a party who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy...
is required to be licensed when conducting real estate transactions in any of the fifty States of the United States of America
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
(USA), as well as in many countries internationally.
Through a complicated arrangement, the National Association of Realtors
National Association of Realtors
The National Association of Realtors , whose members are known as Realtors, is North America's largest trade association. representing over 1.2 million members , including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries...
(NAR) sets the policies for most of the Multiple Listings Services
Multiple Listing Service
A multiple listing service is a suite of services that enables real estate brokers to establish contractual offers of compensation , facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly...
and, in the late 1990s with the growth of the internet, NAR evolved regulations allowing Information Data Exchanges (IDX) whereby brokers would allow a portion of their data to be seen on the internet via brokers' or agents' websites.
There were attempts to limit access to some or all of that data to certain brokers operating solely on the internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
and, in 2005, this prompted the Department of Justice
United States Department of Justice
The United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...
to file an antitrust
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
lawsuit against NAR alleging its MLS rules in regard to these types of limitations on the display of data were the product of a conspiracy to restrain trade by excluding brokers who used the internet to operate differently from traditional "brick and mortar
Brick and mortar
Brick and mortar in its most simplest usage is used to describe the physical presence of a building or other structure...
" brokers.
License reciprocity agreements
Some of the U.S. states have reciprocityReciprocity (international relations)
In international relations and treaties, the principle of reciprocity states that favours, benefits, or penalties that are granted by one state to the citizens or legal entities of another, should be returned in kind....
agreements set in place that allow licensees from other states to become licensed in that state. The details of each reciprocal agreement varies from state to state. Some states will have certain education
Education
Education in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
requirements that must be met by the agent while others will only require that the agent fill out a reciprocal license application with the State.
See also
- Housing bubble
- Real estate trendsReal estate trendsReal estate trends is a generic term used to describe any consistent pattern or change in the general direction of the real estate industry which, over the course of time, causes a statistically noticeable change...
- List of real estate topics
- Real estate pricingReal estate pricingReal estate pricing deals with the valuation of real estate and all the standard methods of determining the price of fixed assets apply....
- National Association of RealtorsNational Association of RealtorsThe National Association of Realtors , whose members are known as Realtors, is North America's largest trade association. representing over 1.2 million members , including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries...
- Real estate appraisalReal estate appraisalReal estate appraisal, property valuation or land valuation is the process of valuing real property. The value usually sought is the property's Market Value. Appraisals are needed because compared to, say, corporate stock, real estate transactions occur very infrequently...
- Real estate economicsReal estate economicsReal estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand...
- Real propertyReal propertyIn English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...