What’s the Difference Between a Real Estate Broker and A Real Estate Agent?
The process of buying a home can be confusing. All the legal jargon and terminology can be overwhelming to someone not familiar with the lingo. Knowing who you’re dealing with is imperative to having an effortless process. You’re going to rely heavily on your real estate representative during your transaction. You’re trusting this person to find the perfect home for you and your family. Real estate salespeople come with many titles: agents, REALTORS®., Brokers, Associate Brokers, Buyer’s agents, Seller’s agents. Knowing who falls under which title and what type of salesperson you need is imperative to having a pleasant experience through your home buying journey. Let’s discuss the difference between a real estate Broker and a real estate agent.
Real Estate Agent: According to Realtor.com, anyone earning a real estate license can be called a real estate agent. Requirements vary from state to state; however, all states require a minimum of hourly training in real estate. Upon completion, a real estate exam must be passed to acquire licensing.
Real Estate Broker: A Broker is someone who has completed further real estate education beyond real estate licensing. Again, this requirement varies from state to state, however, a broker’s license exam must be passed, as well. Brokers may work alone or hire agents to work for them. An Associate Broker is someone who has acquired a Broker’s License, but chooses to work under another Broker’s management.
REALTORS®: Realtors which are members of the National Association of REALTORS®, ensuring they are held to a standard of ethics with NAR.
When buying a home, you’re most likely to deal with an agent or an Associate Broker working under a Broker. Your Broker will most likely handle your earnest money deposit and set up your escrow account. Ultimately, your Broker is responsible for the actions of the agents working underneath his/her supervision. If you’re having issues with your agent, your first step is to contact the Broker and provide them with the ability to remedy the situation.
To break it down and keep it simple, all Brokers are agents, however, not all agents are Brokers. Brokers have acquired more education in the real estate industry. They are usually the supervisor of a firm, managing sales people and office staff. Real estate professionals are required to disclose who they represent. When in doubt, feel free to ask your real estate salesperson exactly what their title includes.
When choosing the right candidate to help you in your home search, we recommend choosing someone who is a REALTOR®, Having someone committed to a code of ethics brings reassurance and peace of mind to your sales transaction. Once you’ve chosen that perfect representative, hop on our website and find that perfect home! We’re waiting to hear from you!