FAQ’s from my students and practicing licensees
What is the difference between executory and executed contracts?
- An executory contract is one in which all of the terms have not been met yet. In other words, this is most often the case when a property is said to be “under contract.”
- An executed contract is one in which all of the terms have been met. This is what the contract becomes when we say it has “closed.” However, if there are items or terms that survived closing, then it is still executory.
Why can’t we refer to everyone who holds a real estate license as a Realtor?
There are a few things to cover here:
- Only those who are members of the National Association of REALTORS®can rightfully use the the title. This comprises of more than just real estate licensees, but attorneys, appraisers, loan officers and so on.
- REALTORS® are people who have promised to adhere to and uphold a strict Code of Ethics.
- REALTOR® and REALTORS® are registered trademarks of the National Association of REALTORS® and should only be used by those who are members.
- The appropriate use of the terms are to write the titles in all capital letters with the “registered” mark at the end.
- The term REALTOR® is a two syllable word and is pronounced, real-tor or real-tors.
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