The Code establishes time-honored and baseline principles that come from the collective experiences of REALTORS® since the Code of Ethics was first established in 1913. Those principles can be loosely defined as:
Loyalty to clients;
Fiduciary (legal) duty to clients;
Cooperation with competitors;
Truthfulness in statements and advertising; and non-interference in exclusive relationships that other REALTORS® have with their clients.
A REALTOR® is a member of the National Association of REALTORS® and agrees to abide by the association’s standards and uphold it’s higher Code of Ethics
A real estate Salesperson is a real estate professional that has taken and passed all of the licensing requirements for the State of California. This is the starting point for most people going into the real estate field. A Salesperson must be employed by a real estate Broker who supervises and manages their activities.
A real estate Broker has additional education and experience required by the State of California. To apply for the license, they must have a minimum of two years of real estate experience and that experience must be verified by their employing Broker. Once the Broker license is obtained, they may choose to practice on their own and employ real estate Salespeople which they are responsible to manage or they may choose to work under another brokerage taking advantage of a business reputation and assets that are in place. In this case, the Broker is called an Associate Broker.