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I don't think they have to belong to an organization, but they do have to overtly proclaim racist views that are widely regarded as racist by both the left and the right. Take David Duke for instance - he's an actual racist who is broadly recognized as such by people on both the left and the right. That's a proper racist imo. Therefore, squandering the term on people like Trump only dilutes its value when its applied to the likes of Duke and Richard Spencer; two actual admitted racists.
No they just have to hold them.