The terms “real estate broker” and “real estate agent” are often used interchangeably by many. In addition, the term “REALTOR®” is also utilized for both as well. So what are the differences and do they matter to a buyer or seller? We will explain some of the differences below. As for buying or selling property, each of these licensees would be able to assist with a transaction as long as they have active licenses and are in good standing.
What is a real estate broker?
A real estate broker has passed the same exams and has the same qualifications as an agent. However, a real estate broker has also completed the additional training and educational requirements to be a broker. In doing so, a real estate broker may then manage their own real estate brokerage. This is different from a real estate agent that must work under the supervision of a real estate broker in a firm. A real estate broker may either choose to work independently or hire agents to work with them in their brokerage.
In addition, it should also be noted that both real estate brokers and real estate agents can also be REALTORS®. The REALTOR® designation is a trademarked term for an agent who is a dues-paying member of The National Association of REALTORS® and follows their strict code of ethics.
If a real estate agent wants to become a broker, there are training courses and exams they need to complete. In addition, there may also be additional requirements that will vary by state. For example, in the state of Florida, a real estate agent must work under the supervision of a real estate broker for a minimum of 2 years prior to being eligible to become a real estate broker. In addition, both real estate brokers and agents will also be required to complete a certain amount of continuing education hours every two years in order to keep their license in good standing.
Who should you hire to buy or sell a home?
As far as hiring a real estate professional to assist you with the purchase or selling of a home, you can hire either a real estate broker or a real estate agent. Since both types of licensees are able to broker a real estate transaction, it will likely come down to feeling comfortable with the professional that you are hiring. Of course, you will want to confirm that the broker or agent that you hire is knowledgeable in your current market.
Most of the time you will likely be working with a real estate agent. Therefore, this real estate agent will be working under a real estate broker’s supervision. Although it is not a common practice to meet your real estate agent’s broker, it would not hurt. Knowing that the real estate brokerage that you are hiring is professional, responsive, and knowledgeable is a critical component of the real estate transaction. Are you in the South Florida market? Live South Florida Realty, Inc. is your best choice for professional, responsive, and knowledgeable service. Feel free to contact our team today! In addition, don’t forget to download our free Florida Home Search app for your mobile device.