The National Association of Realtors (NAR), whose members are known as realtors (rē(ə)ltər; -ˌtôr), is North America's largest trae association representing over 1.2 million members (as reported February 2008), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage. In the United Kingdom, the equivalent is the NAEA. The President of NAR for 2008 is Richard F. (Dick) Gaylord.