Agents, Brokers, and Realtors
There are different kinds of people who work within the real estate industry. This can include but is not confined to agents, appraisers, inspectors, and salespeople. However, when it comes to certain terms many people get it confused and the roles of these professions get blurred. Real estate agents, brokers, and realtors for instance.
Though they may look identical the role of each is different. They are on their own when it comes to qualifications and where they are in the professional hierarchy.
Real Estate Agents:
To become a real estate agent is one of the most complex in the business. A real estate agent is one who takes and passes all the classes that are required to become one, and also passes the licensing exam. A license is mandatory to conduct the work. They can also be referred to as “real estate associates”.
They facilitate the conduct of the business in the field and can represent both buyers and sellers in a transaction. The job is to connect the demands of buyer’s agents to any available inventory. The one who is on the selling side does so by marketing the property to get the potential buyers. They work on a commission basis and receive a percentage of the sale.
Real Estate Brokers:
Real estate brokers are those who continue their education past the real-estate-agent level and pass the state real estate broker license exam. they can work independently or have other agents working for them. agents can also work under other brokers. brokers share in the brokerage profits beyond the commission level.
Conducting negotiations, finding properties that match the criteria, and assisting in the process. Brokers list and show properties, determine the market value of the properties, and help in the process that is important in conducting the work. they are paid a commission once a sale is completed. This will be outlined by the contract as to how much percentage of a sale will go to the broker.
Even though the world realtor is much confused with the real estate agent, the profession is a lot different. A Realtor is a real estate professional who is a member of the national association of realtors NAR. It is open to a wide number of professions like residential and commercial real estate brokers, salespeople, property managers, and appraisers.
To be a member of the NAR, you have to agree and abide by their standards and uphold the ethics. A realtor is the most confused by the general public, but the professional definition sets it apart from the others.
Every real estate agent has to abide by the state laws and are required to be licensed by the state. The license can be provided by the state government, not by the federal.