What Is The Difference Between A Broker And A Realtor?
Question Of The Day: What Is TheDifference Between A Broker And A Realtor?
If you’ve ever had to buy, rent, or sell a house, youwould have likely dealt with a broker or a realtor. Andyou’ve probably asked yourself: What is the differencebetween a broker and a realtor?
Let’s start with a real estate agent. A real estate agentis a licensed professional who can help you rent, buy, or sell realestate. They are also sometimes called real estate associates orsalespeople.
One of the main responsibilities of an agent is to match buyersand sellers. They are paid a commission, which is usually apercentage of the sale price.
An agent cannot work independently. They must work for a realestate agent broker, who is responsible for their actions.
A broker must have passed the broker’sexam. They can work independently or start their own real estatecompany and hire agents. They are also entitled to a share of theiragents’ commissions. They can also earn their own if theyclose a deal.
A Realtor is a trademarked term referring to a real estateprofessional who is a member of the National Association ofRealtors (NAR). It was founded in 1908 and is the largest tradeassociation in the U.S.
Becoming A Realtor
A Realtor can be an agent, a broker, a propertymanager, or an appraiser.
To become a Realtor, a real estate professional must meet thefollowing requirements:
- Have a valid and active license
- Be actively engaged in the business
- Not have an official record involving unprofessionalconduct
- Not have filed for any recent or pending bankruptcy
They must then join their local NAR, pay the application fee,and adhere to the strict Code of Ethics. There is also an annualmembership fee to retain their status as Realtor.
NAR members can use the Realtor trademark as part of their name,but it cannot be used as a designation of their professionallicense status.
According to NAR data, there are 1.5 million members as of May2021.
What Does A Real Estate Broker Do?
There are different kinds of brokers.
An associate broker works for another broker. A managing brokeroversees operations and administrative activities including hiringand training. A principal or designated broker ensures that agentscomply with state and national real estate laws.
In general, brokers have the same responsibilities as agents.Those who work with buyers scout properties that match theclient’s requirements, negotiate, prepare offers, and helpbuyers sort out any issues until the deal is closed.
Brokers who work with sellers assess the market value of theproperties, list them, present the offers to the clients, and closethe deal.
Saint Cloud, FL Real Estate Agency
In Central Florida, Corcoran Connect is a renowned realestate agency founded by veteran broker Jeanine Corcoran.
Jeanine has been in the business for over 16 years and is aresident of Saint Cloud, FL herself. As a proud local, she isdeeply invested in helping the community grow, through her work andher advocacies.
She leads an A-team of agents and brokers who are known andwell-loved by clients because of their timely,honest, and adaptable service. Their industry experience, intimateknowledge of the local communities, and commitment to superiorcustomer service have strengthened their position as one of theregion’s go-to real estate companies.
Check out their official YouTube channel to learn more aboutJeanine, her team, and to get free insights on some of CentralFlorida’s hottest real estate markets.
You can also call 407-953-9118 to organize a personalizedconsultation.