what is the difference between a broker and a real estate agent? which is better to use when purchasing a home

Answer 1

In California you have to be an agent for 3 years before you can become a broker. ~
So, a broker would have more experience...

Answer 2

A broker helps you in all aspects of the transaction. They are able to give you credit counseling, they can point you in the right direction to get your loan, help you find inspectors, appraisers, etc. You normally have to pay the broker a perceentage of the purchase price at closing.
A real estate agent is basically going to show you houses and help you write your contract and whatnot. They don't really have quite the hands-on approach as a broker does. Usually you don't have to pay the agent out of your own pocket...they split the commission with the listing agent at closing.

Answer 3

It varies from state to state. In Ohio, you have to have a minimum of 2 years of college completed and 2+ years of experience with a minimum number of transactions, along with completing additional required education courses to obtain your broker's license.

So, like many of the other answers, because of those qualifications a Broker, in Ohio at least, is most likely going to have more experience and a better education than a sales agent.

Answer 4

For purposes of purchasing real estate, it makes no difference which you use. The additional levels of education required to hold a broker's license are mainly involved in operation of a real estate office, since that is what the broker generally does. In terms of real estate knowledge from YOUR point of view, there are no differences.

Answer 5

sales agent has less than 2yrs experience a broker has 2+ years experience with additional 25 hours of training. brokers have more hand on experience and recive the larger sum of the commission. use a broker rather than an agent they have more hands on knowledge and better access to listings.

Answer 6

Conventional financing has a five% down requirement while shopping a essential house. Mortgage coverage might be assessed as good, in a debt to revenue ratio are not able to exceed forty five% in any other case the mortgage turns into uninsurable. The FHA mortgage involves loan coverage up entrance and on per 30 days groundwork. The FHA product does have a three.five% down requirement nonetheless the loan is dramatically more expensive than the traditional path. If you'll be able to qualify persist with traditional. Most loan creditors have a minimal credit score rating on FHA loans of 640 traditional merchandise have minimal credit score rankings of 620. A lender that tells you some thing decrease, you're going to be difficult-pressed to honestly get the mortgage closed. Good success along with your financing:).