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Hearing Before The House Financial Services
Subcommittee on Housing and Community Opportunity
Entitled
“The Changing Real Estate Market”
Testimony of Pat Vredevoogd-Combs, ABR®, CRS®, GRI, PMN
2006 President-Elect
National Association of REALTORS®,
July 25, 2006
Real Estate Brokerage
While the world of real estate has changed dramatically over the years, the underlying principle of brokerage remains unchanged – the business of brokerage always has been and still is about bringing buyers and sellers together and independently counseling the principals in the transaction. Real estate brokers and agents are regulated at the state level; all 50 states and the District of Columbia have license laws requiring applicants to satisfy specific professional education qualifications in order to obtain and renew their licenses.1 “The purpose of real estate license laws is to protect the public from fraud, dishonesty and incompetence in real estate transactions.”2 Furthermore, regulators who grant real estate licenses have the authority to investigate consumer complaints against licensees and discipline these persons for wrongdoing.
Agency Relationships and Fiduciary Responsibilities
Types of Agency Brokerage Relationships with Consumers
Real Estate Professionals Add Value
Not All Real Estate Professionals are REALTORS®
1Fillmore W. Galaty, Wellington J. Allaway and Robert C. Kyle, Modern Real Estate
2Id.
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