2006-10-12 11:12:01 · 3 answers · asked by ctrlaltdeltabesc 1 in Business & Finance ➔ Renting & Real Estate
The term "real estate agent" is generic to all license status.
A real estate agent who is not a broker must work under the supervision of a full broker. A full broker may work for another broker or operate their own real estate firm. You do not have to be a broker to own a real estate firm, only to operate it.
Full brokers are held to a higher level of accountability than lower levels of licensed agents, commonly refered to as "affiliate" or "associate" brokers. Brokers are required to have a greater working knowledge of real estate, more hours of education and have an affiliate or associate level license for 2-3 year period of time to qualify to sit for a brokers license exam. In some cases if they have a college degree in real estate the time to hold an associate or affiliate broker license is reduced somewhat with the college degree counting as time towards the broker license. There is no "theory" to it, a broker MUST pass the exam and meet the education requirements.
A broker typically earns 25% more income than an affiliate or associate broker while charging the same real estate commission as a lesser class licensed agent. That is not just because they may own a real estate firm, but primarily because they have the additional knowledge, experience and willingness to use it to get the job done. It cost no more commission wise to employ a full broker over an affiliate ro associate broker; it may cost you a sale to employ a less experienced and educated agent.
I encourage every affiliate broker in my office to go forward and qualify for their brokers license.
2006-10-12 11:51:38 · answer #1 · answered by hithere2ya 5 · 4⤊ 0⤋
more requirements for a broker. A broker can work independantly representing clients whereas an agent must work under the supervision of a licensed broker. Go to your state's dept of real estate.
2006-10-12 18:27:41 · answer #2 · answered by jd 2 · 1⤊ 1⤋
A broker is necessary to open an agency, and is responsible for the transactions of the agent. He / she also in theory has passed a higher level knowledge exam.
2006-10-12 18:16:06 · answer #3 · answered by The Advocate 4 · 1⤊ 1⤋