Difference Between a Real Estate Broker and an Agent
Are brokers and agents the same thing? Well, in some states, yes. Brokers are agents, but not all agents are brokers. Generally, “real estate agent” is a generic term for a licensed real estate professional representing a buyer or seller in a sales transaction for a commission. Each state has different types of licenses and different requirements. How Do You Get a Real Estate License? You complete a pre-license course, pass a state licensing exam, submit an application, and find an established real estate professional to sponsor you, who is called a broker. What is the Difference between a Salesperson and Broker? In most states, the beginning real estate license is salesperson or sales agent. After a few years, you’re eligible to earn a broker license. But in some states, like Washington, there’re no salespeople, only broker licenses. Brokers can start their own brokerage firms and hire salespeople. Salary depends on experience, location, and other factors. Brokers generally make more than salespeople because they have more experience. What is the Difference between an Agent and a Realtor? While people use “Realtor” interchangeably with “agent,” not all agents are Realtors. But all Realtors must be licensed agents. A Realtor is a member of the largest real estate trade association: the National Association of Realtors (NAR). Only NAR members can use the term “Realtor” to describe themselves. To join NAR, you have to be a licensed salesperson or broker, submit the application, pay the fees, attend an orientation, and agree to adhere to the Code of Ethics. What is the Difference between a Seller’s Agent and a Buyer’s Agent? The seller’s agent, often called the listing agent, represents only the interests of the seller, and the buyer’s agent only represents the buyer. What About Subagents, Dual Agents, and Selling Agents? A subagent is from another brokerage firm who shows the buyer the house but does not represent him or her. A dual agent represents both the buyer and the seller in the same transaction, with written consent of both parties. A selling agent is the agent representing the buyers who purchase a house.