A guide to understanding Realtor lingo
This week’s column was written by Emily Morgan, director of public relations for the Arkansas Realtors Association.
Have you ever noticed letters behind a Realtor’s name on his or her business card or listing signs (i.e. John Smith, ABR, CRS, GRI), or noticed a Realtor wearing pins with these letters on them? If so, have you ever asked or looked into what those acronyms mean?
For the most part, the 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.
To help you decipher what some of these acronyms are, we’ve prepared the following list. The next time you work with a Realtor, you’ll have a better understanding of how much that professional values continuing his or her education to provide you with the best service possible.
ABR: Accredited Buyer Representative, a certification of the National Realtors Association for buyer representation
ALC: Accredited Land Consultant, a designation awarded by the Realtors Land Institute ARA: The Arkansas Realtors Association CCIM: Certified Commercial Investment Member, a designation awarded by the CCIM Institute COE: Realtor 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 Council of Residential Specialists ePRO: A technology certification provided by the NAR GRI: Graduate, Realtor Institute, an NAR designation awarded at the stateassociation level GRLA: The ARA’s Leadership Academy LFRO: Limited Function Referral Office, a company licensed for the sole purpose of providing referrals to another firm MLS: Multiple Listing Service, a private databases created, maintained and paid for by real estate professionals to help their clients buy and sell property NAR: The National Association of Realtors Realtor: A trademarked term denoting membership in the NAR. This is not a generic term; not all real estate agents are Realtors.
RLI: Realtors Land Institute, an affiliate of the NAR
SRES: Senior Real Estate Specialist, a designation offered by the California Association of Realtors, indicates that the holder specializes in selling to seniors
WCR: Women’s Council of Realtors, an affiliate of the NAR that’s primarily for women but 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 your property, it is important that you not only trust your Realtor, but also trust that this professional 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.