The National Association of Realtors® Code of Ethics. All Realtors® are licensed to sell real estate as an agent or a broker but not all real estate agents are Realtors®. Only Realtors® can display the Realtor® logo. Realtors belong to the National Association of Realtors® and pledge to follow the Code of Ethics, a comprehensive list containing 17 articles and underlying standards of practice, which establish levels of conduct that are higher than ordinary business practices or those required by law. Less than half of all licensees are Realtors® this makes them just real estate agents. Both Realtors® and Real estate agents work for a real estate broker. By Law all fees paid in a real estate transaction must pass through the broker. Only a real estate broker can pay a Realtors® and Real Estate Agent commission. Realtors® are Self-employed and can move form Broker to Broker they work under the Broker with a Broker Agreement, In Michigan where I’m licensed, they are renewed annually.