between a regular realtor and a broker?
i am in training for getting my real estate license, and i hear that you at least need two years with that license in order to get your broker's license, but my question is. What is the major diference.
2006-10-09 11:25:57 · 6 answers · asked by axon3_2001 3 in Business & Finance ➔ Renting & Real Estate
I can't believe the licensees who do not understand the difference. Being a REALTOR has absolutely nothing to do with licensee status.
A REALTOR is a member of the National Association of REALTORS. You can have a real estate license and not be a REALTOR. You can have a license as a broker or affiliate and be a REALTOR. If you are not a member of NAR you are a licensee only and not a REALTOR.
Most states have 2 tiers of licensees: The initial level is generally called something like Affiliate Broker, Salesperson, Associate Broker, etc. If a person has an interest in operating an office or just wants to become a broker they can obtain a brokers license. Each state has different requirements for this but generally it's 2-3 years experience, additional education and a passing grade on the brokers test.
Each office must have a broker in charge (BIC). This person, of course, must have a brokers license. The agents working under the BIC can be affiliate brokers or brokers.
Good luck with your test and please educate others who you hear using the terms wrong. Another pet peeve of mine is the pronunciation of the word REALTOR and realty. When you hear them say real-a-ter and real-a-ty explain to them there is no "a".
Good luck again!
2006-10-09 13:10:38 · answer #1 · answered by Karen R 3 · 2⤊ 1⤋
The major difference is that an "agent" or "Realtor" works for a broker. All the listings and the sales are done in the name of the broker, for this he/she gives you a percentage of the commission. The "broker" is the one who is ultimately responsible to the state's real estate agency and the principals to the transaction that all transactions are completed properly and to the best interest of the principals involved.
To be a "broker" usually involves training (2 or 3 years experience as an agent) and continuing specialized education. Check with your state's requirements.
2006-10-09 18:36:28 · answer #2 · answered by CMR2006 3 · 0⤊ 0⤋
Rather than explain the Real Estate and Business Brokers Act, I'll put it simply.
ReMax is the Broker (Actually it's the guy that owns the ReMax franchise in your area)......Joe Smith the Sales Representative is the realtor.
I'm a licensed Broker in Toronto, Ontario, Canada
2006-10-09 18:32:47 · answer #3 · answered by Jack 6 · 1⤊ 0⤋
In California a Broker is a licensed person able to negotiate a R.E. sale/purchase between a buyer and seller.
"Realtor" is a trademark. Only members of the Board of Realtors can use this title. Only licensed R.E. brokers and agents can join this association.
2006-10-09 19:58:31 · answer #4 · answered by Ren 3 · 0⤊ 0⤋
Congratulations on your decision.
It does vary by state but basically a Broker has more legal responsibility and frequently manages or owns the office. A broker can self-manage and does not have to work, or hang their license, with someone else. A real estate agent does.
http://www.AgentFastStart.com
2006-10-09 18:36:44 · answer #5 · answered by Tracy T 2 · 0⤊ 0⤋
It is a private club so they can get more dues out of your pocket. Real estate is a sham. It is an unusable middleman that takes 7% that does not need to be taken. A careful buyer and a shrewd seller can make the deal themselves. The buyer can save by not having to pay the vampire his share, and the seller can profit more by not having the leech sucking part of the transaction money away.
2006-10-09 18:35:23 · answer #6 · answered by damndirtyape212 5 · 0⤊ 3⤋