Real estate professionals go by different names. There are Real Estate Agents. Real Estate Brokers. Associate Brokers. Seller’s Agents. Buyer’s Agents. The list goes on and on…
There are some important differences between the roles of the various professionals, as well as different requirements for using specific titles. The real estate profession is regulated by state governments, which have different requirements for earning licenses.
In general, though, the titles you may come across include:
Real Estate Agent: Anyone who earns a real estate license can be called a real estate agent, whether that license is as a sales professional, an associate broker or a broker. State requirements vary, but in all states, you must take a minimum number of classes and pass a test to earn your license.
Real Estate Broker: A person who has taken education beyond the agent level as required by state laws and has passed a broker’s license exam. Brokers can work alone, or they can hire agents to work for them. In addition, the broker bears responsibility for the actions of the real estate agents under his or her supervision. While most real estate transactions go through without any glitches, a broker will step in if there are any problems with your home purchase or sale.
Real Estate Salesperson: Another name for a real estate agent.
REALTOR®: A real estate agent who is a member of the National Association of REALTORS®, which means that he or she must uphold the standards of the Association and its code of ethics.
Real Estate Associate Broker: Someone who has taken additional education classes and earned a broker’s license but chooses to work under the management of a broker.
Every day, RealCommissions works with real estate agents, brokers and REALTORS® to meet their cash flow needs. For brokers, RealCommissions balances the ups and downs of their agents’ commission-based income.