What is Real Estate

Writen by Mark Nash

Curious what those initials stand for on some real estate agents business cards? Consumers should know the difference between professional designations and real estate license levels. The top three professional designations according to industry sources are the Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), and the Graduate REALTOR® Institute (GRI). Real estate license levels vary by state law. Broker and salesperson are typically the two levels of real estate licensure. Most states have a renewal period where licensees meet mandatory continuing education requirements.

Fast fact. Do REALTORS® with a professional designation earn more income? Sales agents holding professional designations have incomes that are $27,000 higher, while brokers with designations earn $18,900 more per year. (Source: 2001 National Association of REALTORS® Member Profile.)

Fast term. Continuing Education: Required review and updates of state real estate license laws with a defined hour requirement. The National Association of REALTORS® also has mandatory ethics training every four years for all members of its association.

Fast tip. Homebuyers should look for the Accredited Buyers Representative designation. The Real Estate Agent Council trains experienced real estate agents in specifically representing the real estate consumer.

Real estate help desk. Dear Mark: We're first time buyers and don't know the difference between a Certified Residential Specialist and a Graduate REALTOR® Institute, can you help us out? Sean, Kenosha, Wisconsin

Dear Sean: Graduates of the REALTOR® Institute earn the GRI designation by completing a national program of advanced education consisting of residential marketing, cost basis, appreciation methods, investment and taxes in real estate, construction, exchanges, capital gains and mortgage programs. Agents who hold the CRS designation have additional education and sales experience with focus on the latest in real estate professionalism, sales and marketing techniques.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, Associated Press,CBS The Early Show, Bloomberg TV, Bottom Line Magazine.CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor's Weekly, MarketWatch, HGTVpro.com, MSNBC.com, Smart Money Magazine,The New York Times, Realty Times, Universal Press Syndicate and USA Today.