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Qualifications of licensed Realtors throughout state

By Lauren Bunting | Apr 05, 2018

 

 

printed 4/6/18

(April 6, 2018) Have you ever wondered what qualifications your Realtor encompasses?

To be a licensed Realtor, there is a detailed list of requirements, not only to obtain your license initially, but also to maintain your license with ongoing, continuing education.

To initially obtain a license from the state of Maryland, Realtors are required to complete a course of instruction in Real Estate Principles and Practices for Salespersons.

This course of instruction shall be either the Realtors Institute of Maryland (G.R.I.) Course I, consisting of a minimum of 60 clock-hours of instruction and sponsored by the Maryland Association of Realtors; or a course approved by the Maryland Real Estate Commission, consisting of a minimum of 60 clock-hours of instruction.

The minimum 60 clock-hour educational requirement for a salesperson shall include the following areas of study: Principles of Real Property; Landlord-Tenant Relationship; Real Estate Contracts; Rules of Agency and Listings; Transfer of Title to Real Property; Title Insurance and Settlements; Fundamentals of Appraising; Real Estate Finance; Maryland Real Estate License Law; Regulations of the Real Estate Commission; Details of the Code of Ethics; Laws and Practices Covering Human Rights and Community Relations; Basic Mathematics Pertaining to the Real Estate Industry; Property Condition Disclosure; and Laws and Regulations Covering Hazardous Substances.

Once a Realtor license is obtained, the continuing education requirement in the state of Maryland is currently 15 hours every two years that include the following: Maryland Real Estate Commission Agency-Residential course; Legislative course, Fair Housing course, MD Code of Ethics course, and 4.5 hours of electives.

Quadrennial ethics training is also a membership requirement in the National Association of Realtors. This required ethics course covers NAR’s Code of Ethics and describes specific Articles throughout the document. As an example, here are a few of the Standards of Practice from Article 1 of the Code of Ethics, which is the first Article that addresses a Realtors duties to clients and customers.

• Standard of Practice 1-3: Realtors, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.

• Standard of Practice 1-4: Realtors, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits that might be realized through use of the Realtor’s services.

• Standard of Practice 1-5: Realtors may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties.

• Standard of Practice 1-6: Realtors shall submit offers and counter-offers objectively and as quickly as possible.

If you are interested in reviewing the entire NAR Code of Ethics, visit www.realtor.org.

— Lauren Bunting is a licensed REALTOR®with Bunting Realty, Inc. in Berlin.

 

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