Final answer:
REALTORS® as part of the NAR should be knowledgeable about market trends, which are crucial in real estate for predicting various market dynamics. Additionally, a Realtor's understanding of government trade policies and economic interest groups can directly impact real estate markets and values.
Step-by-step explanation:
As a member of the National Association of Realtors (NAR), REALTORS® should be knowledgeable about laws, proposed legislation, government relations, public policies, and market trends. Understanding market trends is crucial for real estate professionals to predict housing demands, price fluctuations, and investment opportunities. Knowledge of market trends allows REALTORS® to provide valuable insights and services to their clients.
Governments enact trade policies at various levels, including through administrative agencies, laws by legislatures, regional negotiations, and global negotiations like the World Trade Organization. As trade barriers have declined, international trade agreements have been used to commit to free trade and protect against domestic special interests. This policy landscape impacts real estate markets, as economic changes can influence property values and investment opportunities.
Additionally, economic interest groups like business groups and trade associations may lobby for policies that affect the real estate industry. Environmental concerns also play a role, with multinational firms potentially moving production to countries with lax pollution standards, impacting both the local and global environment, which consequently can have ramifications for real estate development and property values.