Real Estate Agents, Realtors, And Brokers: What’s The Difference?
If you’re looking to work in the real estate field, you may have come across several terms that relate to those who sell houses: real estate agents, Realtors, and brokers. But what exactly is the difference? Aren’t they all the same?
For the most part, they have similar duties. Plus, all have to abide by a code of ethics. If they don’t, they could be subject to licensing issues.
Real Estate Agents and Realtors
The main difference between a real estate agent and a Realtor is that a Realtor is a real estate agent who’s a member of the National Association of Realtors.
To become a Realtor, a real estate agent must:
- Join the local chapter of the National Association of Realtors
- Pay their dues
- Take the online course about the Code of Ethics and pass the test
Adhering to the Code of Ethics is an important part of maintaining status as a Realtor. Some standards Realtors must follow include the following:
- Realtors must not mislead buyers about their property value or the possible benefits of using a Realtor.
- Realtors must be objective when submitting offers and counteroffers.
- Realtors must maintain their clients’ privacy.
- Realtors must be diligent when managing a property for a buyer or seller
- Realtors must be truthful and disclose relevant information to buyers.
- Realtors may represent both the buyer and seller only if both parties agree to it.
Real estate agents must also be licensed in the state in which they intend to work. Both real estate agents and Realtors have to abide by ethical standards, although Realtors face much stricter requirements.
What Does a Broker Do?
A broker often serves as a manager and may hire a team of agents to manage their properties. Florida law requires that the broker supervise the sales associates whose licenses are associated with their brokerage. They have these agents show homes and look for buyers. They also ensure everyone is properly licensed and has their Realtor membership up to date.
Brokers oversee all the transactions and keep track of all these details. They also keep track of all the paperwork, which can be mounting from all the inspections and agreements required.
There’s also new information to learn in the real estate field, so brokers provide additional training and resources. This training can help the firm sell more houses, which leads to more profits.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
Brokers and sales associates need licenses to provide the best customer experience and conduct themselves ethically. Ethics training and proper licensing is important. Without one or both, the sales associates can face serious penalties.
Tampa real estate broker license lawyer David P. Rankin can assist you with real estate licensing issues. He has 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, call (813) 968-6633 or fill out the online form.