Real Estate Acronyms and Abbreviations

By Missouri REALTORS posted 04-26-2016 03:04 PM

  
 Businessman confused with a lot of paperwork
 
Within the real estate industry, abbreviations and acronyms are often used in everyday language. While these terms may seem familiar, their actual meaning may be confusing or different than expected. We have listed some common terms in the industry and explained what they mean.
 
Industry Acronyms and Abbreviations:
 
  • ABR® (The Accredited Buyer’s Representative) *: Real estate buyer agents focused primarily on working with clients throughout the home-buying process.
  • ALCs (Accredited Land Consultants) *: These consultants are the most trusted and experienced experts in land and have successfully completed the LANDU education program. 
  • AE (Association Executive): REALTOR® association’s staff members
  • Affiliate: Board/Association membership for companies, organizations, or persons who have products and/or services that would be valuable resources for REALTORS® in their day-to-day business of assisting buyers in the home, commercial, and agricultural sectors, or those who are not otherwise eligible for regular membership.
  • ARELLO (Association of Real Estate License Law Officials): Members are real estate regulatory officials in North America
  • ASP (Accredited Staging Professional®)*: Professionals who stage homes prior to showing.
  • BOD (Board of Directors): This is an executive body governing the association and overseeing the committees.
  • CCIM (Certified Commercial Investment Member)*: This designation is earned through spending 200 hours in the classroom and experience requirements. 
  • CIPS (Certified International Property Specialist)*: Individuals with this designation understand aspects of international real estate transactions and are part of a network with more than 2,000 professionals.
  • COE (REALTORS® Code of Ethics): Professional standards and ethics established by NAR for all REALTORS®
  • CPM® (Certified Property Manager)*: Real estate management professionals who are experts and regularly display integrity to peers.
  • CRB (Certified Real Estate Brokerage Manager) *: This prestigious award is presented to REALTORS® who have met both educational and professional requirements. These REALTORS® are well equipped to integrate operations, new technology and trends.
  • CRE™ (Counselor of Real Estate™)*: International organization comprised of experts providing seasoned, objective advice on property and land topics.
  • CRS (Certified Residential Specialist)*: It is the highest certificate sales agents, brokers and managers can receive.
  • Crystal R: Individuals who donate to RPAC at the $2,500 level
  • DR (Designated REALTOR®): Within the firm, the individual who has authoritative professional standards.
  • E&O (Errors and Omissions): Association’s liability insurance to help associates and real estate firm’s reduce their risk
  • e-PRO® (Technology Accreditation from NAR) *: Certification teaches new technology to connect with consumers.
  • FICO (Fair Isaac Corporation): Number lenders use to determine the worthiness of credit
  • FPC (Federal Political Coordinator): An individual who works with a Member of Congress to establish and maintain its relationship with NAR.
  • FSBO (For Sale by Owner): When an individual sells their property without the help of an agent or broker.
  • GAA (General Accredited Appraiser) *: An individual is a qualified appraiser and has completed necessary coursework to be considered one.
  • Golden R: Individuals who donate to RPAC at $5,000 level
  • GRI (Graduate, REALTORS ® Institute)*: REALTOR® with extensive industry knowledge and understands a wide range of related topics.
  • IDX (Information Data Exchange): Agreement between firms in MLS that allow for MLS listings to be published and advertised on the firm’s website.
  • Major Donor: Individual who donates more than $1,000 to RPAC
  • MRP (Military Relocation Professional)*: Educates real estate professionals about helping current and former military service members find housing and use their benefits.  
  • MLS (Multiple Listing Service): A tool connecting listing brokers with potential buyers to sell their clients’ homes.
  • NAR (National Association of REALTORS®): Largest trade association in America, representing more than 1.1 million members who are involved in all aspects of the real estate industry, both commercial and residential.
  • NRDS (National REALTORS® Database System): An internet centralized database system, storing all REALTOR® records and information.
  • RAA (Residential Accredited Appraiser)*: Individuals well versed in appraisal industry and exceed state certification requirements.
  • RCE (REALTOR ® Association Certified Executive) *: Specifically designed for REALTOR® association executives, individuals with this designation are driven and experienced.
  • REALTOR®: Real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics, which is based on professionalism and protection of the public.
  • REBAC (Real Estate Buyer’s Agent Council): Large association focused specifically on representing the real estate buyer.
  • RLI (REALTORS® Land Institute): Organization created and run by land experts, who work to increase knowledge and business for members.
  • RSPS (Resort & Second-Home Property Specialist) *: REALTORS® who assist in the buying, selling or management of properties for investment, development, retirement or second homes.
  • ROTY (REALTOR® of the Year): Hosted by the National Association of REALTORS®
  • RPAC (REALTORS® Political Action Committee): Works to raise and spend money to help elect candidates that best represents the interest of REALTORS®.
  • Sterling R: Individuals who donate to RPAC at the $1,000 level each year.
  • SFR® (Short Sales & Foreclosure Resource®)*: Teaches finance, tax and legal issues to help sellers understand short sales, negotiation tactics, develop a short sale package, limit risk, protect your commission and buyers.
  • WCR (Women’s Council of REALTORS®): A network striving to continue to advance women as professionals and leaders within the industry.
  • YPN (Young Professionals Network): Network of young professionals helping one another by sharing tricks, hosting events and communicating with each other.
* Denotes designation, an accreditation earned by the individual through education and experience.
 
These are just a few frequently used terms. Are there any terms you would add to the list?
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