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Real Estate Designations
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Business New Haven
10/20/1997
By: BNH
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One of the most important decisions in buying or selling a piece of property is choosing a real estate agent. Checking professional designations is one way of determining which agent has what qualifications. But what do all those initials mean? We asked Roberta O'Hara, executive vice president of the Greater New Haven Association of Realtors.
Where do designations come from?
The designations come from institutes affiliated with the National Association of Realtors. There are Counselors of Real Estate (CRE), Commercial-Investment Real Estate Institute (CIREI), Institute of Real Estate Management (IREM), Realtors Land Institute (RLI), Real Estate Brokerage Managers Council, Residential Sales Council, Society of Industrial and Office Realtors (SIOR), and the Women's Council of Realtors (WCR). .
Which designations given by these affiliates are the
most common or popular?
• CCIM - The Certified Commercial-Investment Member designation is granted by the Commercial-Investment Real Estate Institute (CIREI). Agents must prove their proficiency in commercial-investment real estate in several ways: the successful completion of an 18 credit-hour curriculum, the submission of a résumé of transactions and/or consultations showing extensive experience in the commercial real estate field, and passing a final comprehensive exam. .
• CRB - Certified Real Estate Brokerage Manager is granted through the Brokerage Managers Council. This is a residential designation given to agents who have two consecutive successful years of real estate brokerage management experience along with 18 hours of credit from the CRB management curriculum. All requirements must be met within five years.
• CRS - Certified Residential Specialist is also granted through the Brokerage Managers Council. Major requirements are specific course work and demonstrated experience in residential marketing.
• ABR - Accredited Buyer Representative is a new designation. This is important because agency law in Connecticut changed this year and virtually all real estate agents end up as buyer representatives.
• SIOR - Society of Industrial & Office Realtors is an international organization whose members specialize in commercial real estate, including of industrial and office properties.
• LTG - Leadership Training Graduate granted by the Women's Council of Realtors. LTG members must complete WCR's four core courses and meet certain experience requirements that demonstrate an understanding of leadership concepts on a local, state and national level.
Why are designations important?
Designations demonstrate that the agent has taken the time to become more proficient in his or her area of expertise - gone above and beyond the minimum requirements to sell real estate. To practice real estate, would-be agents must complete a 30-hour course on principles and practices given by the real estate school, and then pass a state exam. Once that's done, they don't have to do another thing. They don't have to become a Realtor. But, for instance, in order to be involved in a multiple listing service (MLS), an agent needs to become a Realtor. The Graduate Realtor Institute (GRI), is awarded after 90 hours of courses and exams, is the minimum required to be designated a Realtor. Designations show real dedication.
[put this in a box, Terr]
\hed\Other Real Estate Designations To Know
ALC: Accredited Land Consultant
CIPS: Certified Intl. Property Specialist
CPM: Certified Property Manager
CRE: Counselor of Real Estate
GAA: General Accredited Appraiser
GRI: Graduate Realtor Institute
RAA: Residential Accredited Appraiser
RCE: Realtor Assoc. Certified Executive
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