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The National Association of Realtors (NAR), whose members are known as Realtors, is North America's largest trade association. representing over 1.2 million members (as reported November 2008), including NAR's institutes, societies, and councils, involved
in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage. A real estate broker is a term in the United States and Canada which describes a party who acts
as an intermediary between sellers and buyers of real estate (or real property as it is known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by
reference to the English common law of agency with the broker having a fiduciary relationship with his clients. In the US, real estate brokers and their salespersons (commonly called "real estate agents" or, in some states, "brokers") assist sellers
in marketing their property and selling it for the highest possible price under the best terms. When acting as a Buyer's agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission
unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms. Without a signed agreement, brokers may assist buyers in the acquisition of property but still represent the
seller and the seller's interests. In most jurisdictions in the United States, a person is required to have a license in order to receive remuneration for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers
acting as principals in the sale or purchase of real estate are not required to be licensed. In some states, lawyers are allowed to handle real estate sales for compensation without being licensed as brokers or agents.
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