National Association of Realtors (NAR): Founded in 1908 (though not mentioned in this text), NAR trademarked "Realtor" to refer to its members who adhere to its code of ethics.
Real Estate Settlement Procedures Act (RESPA): Enacted in 1974, RESPA prohibits real estate brokers from receiving compensation from lenders for referring clients to specific lenders, ensuring transparency during settlements.
Flat-Fee Services: Some modern variations include flat-fee real estate agents who charge a fixed amount rather than a percentage commission; they list properties on MLS while leaving direct negotiations up to sellers themselves.
Changing Roles and Regulations:
These points highlight how the profession has evolved over time concerning licensing requirements, service roles, educational mandates, regulatory changes like RESPA, and industry innovations such as flat-fee services.