Guide to understanding real estate terms, abbreviations
Have you ever noticed letters behind a Realtor’s name on a business card or listing sign (i.e. John Smith, ABR, CRS, GRI) or noticed someone wearing pins with these letters on them? If so, have you ever asked or looked into what those acronyms mean? For the most part, those acronyms stand for designations or certifications, indicating that Realtors have spent time and money to further their education in real estate in order to better serve their clients. The value that these designations and certifications provide is undeniable when working with a Realtor. The following list will help you decipher some of these acronyms. The next time you work with Realtors, you’ll have a better understanding of how much they value continuing their education to provide you the best service possible.
ABR: Accredited Buyer’s Representative, a certification awarded by the National Association of Realtors for buyer representation
ALC: Accredited Land Consultant, a designation awarded by the Realtors Land Institute
ARA: Arkansas Realtors Association
CCIM: Certified Commercial Investment Member, a designation awarded by the CCIM Institute
COE: Realtors’ Code of Ethics
CPM: Certified Property Manager, a designation awarded by the Institute of Real Estate Management
CRB: Certified Real Estate Brokerage Manager, a designation awarded by the Council of Real Estate Brokerage Managers
CRS: Certified Residential Specialist, a designation awarded by the Residential Real Estate Council
e-PRO: A technology certification provided by the National Association of Realtors
GRI: Graduate, Realtor Institute, a National Association of Realtors designation awarded at the state-association level
GRLA: Graduate Realtors Leadership Academy, administrated by the Arkansas Realtors Association
LFRO: Limited Function Referral Office, a company licensed for the sole purpose of providing referrals to another firm
MLS: Multiple Listing Service — these are private databases that are created, maintained and paid for by real estate professionals to help their clients buy and sell property
NAR: National Association of Realtors
REALTOR: A trademarked term denoting membership in the National Association of Realtors; not a generic term — not all real estate agents are Realtors
RLI: Realtors Land Institute, an affiliate of the National Association of Realtors
SRES: Senior Real Estate Specialist, a designation offered by the National Association of Realtors that indicates specialization in selling to seniors
WCR: Women’s Council of Realtors, an affiliate of the National Association of Realtors that is primarily for women, but is open to men
Regulations regarding real estate, as with every sector of the business world, are subject to change and may not come to the attention of most individuals. When purchasing and/or selling property, it is important that you not only trust your Realtor, but that you also trust that the agent is knowledgeable and dedicated to providing you with the best experience possible.
House to House is distributed by the Arkansas Realtors Association. For more information about homeownership in Arkansas, visit www.ArkansasRealtors.com.