Real Estate is a Profession - Not Just a Business

In a recent real estate dot com one REALTORS® blog discussed perception and credibility concerns of the professions. The discussion quoted a recent Harris Interactive Poll stating, "out of 11 of the most popular consumer service professions, real estate agents were one whose advise was least trusted, 2nd to last place, just above stock brokers."

The fact is there are perception and credibility problems in every profession.

As a professional body, there has been no confrontation of the problem through mainline media.

Home ownership and the freedom to own and sell property is a tremendous privilege. Those who work in the profession respect and uphold those principals. One basic phrase echoed through all licensure training is "The Land Is Under All." No matter what else is, until oblivion, real estate professionals know and respect that the land will be there. And, they hope to confer the knowledge of the right to own a personal space of real estate to be a unique treasure expressing personal liberty and freedom.

The right to own property in the United States is a basic freedom granted by the Founding Fathers. Under the European feudal system only the King owned property and granted the use of it in return for military service. In the United States, the constitution established the right to own property. However, it was not until the mid to late 1800's when laws were passed in the United States clearly stating women had the right to own property apart from their husbands.

As such, this article hopes to provide the general public some knowledge of the professional core of the real estate profession to begin to dispell any perception and credibility misconceptions the reader might have. While there may be unscrupulous realty agents and brokers, the vast majority are highly, dedicated, ethical professionals who take serving the public interest of their clients and customers very seriously.

The Practice of Real Estate: A Profession

Real Estate brokers, affiliate brokers, and real estate agents are trained, licensed professionals engaged in the practice of real estate. The practice of real estate qualifies as a profession under the following guidelines: "a profession arises when any trade or occupation transforms itself through the development of formal qualifications based upon education, apprenticeship, and examinations, the emergence of regulatory bodies with powers to admit and discipline members, and some degree of monopoly rights." (Wikipedia.com)

The profession of real estate requires every person who enters the profession to have class room hours, ethics training if they are REALTORS®, and sit for a licensing exam. Each state sets their own requirements for licensing. For example, Texas requires prospective agents to hold 180 class room hours. A real estate agent carries professional insurance and must sit for 16 hours a year continuing education to renew the license.

Finally, the professional practice of real estate is regulated by laws passed by every state, by federal regulations, and regulating bodies within each professional community. Today it is common to find colleges and universities offering a 2 or 4 year degree in real estate thereby further establishing the practice of real estate as a business profession essential to the economy of the United States.

A Definition of Real Estate

Did you know you own the air above your property? Real estate is defined as the earth's surface extending downward to the center of the earth and upward to infinity; including all things permanently attached to it by nature or people. A property refers both to the physical article owned, and more importantly to the rights or interests involved in its use and ownership. Real estate ownership is most commonly described as a "bundle of legal rights."

The 'bundle of legal rights" included in the Right of Ownership are:

1) possession
2) control within the framework of the law
3) enjoyment in any legal manner
4) exclusion (to keep others from entering or occupying the property)
5) disposition (to be able to sell or otherwise convey the property)

REALTORS® do more than just show and sell property. They are informed and educated to provide the buyer and/or the seller with all the information they need to locate and purchase the property they desire. They offer information to assist their clients obtain financing and direct the client to other professional service providers crucial to the process.