Real Estate Agent Vs. Broker: What’s The Difference?
Real estate agents and brokers help people buy and sell homes. Both are licensed to provide real estate services and have similar duties. Because of this, many people use the terms interchangeably, but they are not the same.
The main difference relates to education. A real estate broker has gone above and beyond what an agent is required to do. They have taken additional education and have passed a broker’s license exam.
This means that a broker can do the same things a real estate agent can do. A broker can also work on their own and build a business. They can hire agents to work for them. Both make money off of commissions from buying or selling homes.
However, brokers must first work as real estate agents. They must then work with a broker and gain experience. They can then take a broker’s course and pass the exam.
Real Estate Agent vs. Realtor®
Real estate agents are licensed to help people buy, sell, or rent a home. Agents must work under the supervision of a broker. They are not employees, though, and are often considered independent contractors.
Real estate agents must complete a pre-licensing course and they can then take a licensing exam. Once they pass it, they can apply for a real estate license with their state. Agents will receive their real estate license certificate in the mail. They will be searchable on the organization’s website
So what is a Realtor®? A Realtor® is a licensed real estate agent who is also a member of the National Association of REALTORS® (NAR). Only members can use the title of “Realtor.”
Realtors® and real estate agents perform the same duties. The biggest difference is that Realtors® must abide by the NAR’s Code of Ethics. While real estate agents do not necessarily have a code of ethics that applies to them, they should still do their job in an ethical manner at all times.
When it comes to choosing a real estate agent, Realtor®, or broker, most consumers don’t know the difference, so the title isn’t usually that important. However, brokers tend to have access to more properties and can often give customers lower fees since they don’t have to share their commissions. Overall, all need to put the best interests of the customer in mind and use ethics at all times.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
Ethics are a major part of real estate deals. There is often a lot of money involved, which means real estate brokers and agents need to be honest and ethical.
Are you facing complaints of misconduct against your license? A Tampa real estate broker license lawyer from The Law Offices of David P. Rankin, P.A. can assist you. I have been involved in several hundred license discipline proceedings before the Florida Real Estate Commission and was the attorney for the Greater Tampa Realtors for 18 years. To schedule a consultation, fill out the online form or call (813) 968-6633.
Source:
foxbusiness.com/personal-finance/real-estate-broker-vs-agent