Real Estate Agent 101 - What Is The Difference Between A Realtor And A Broker?

Real estate careers can be both exciting and challenging. There are many aspects to real estate, from the people you meet to the type of properties you represent. It can be confusing for many people to distinguish between "real estate agent", broker, and "realtor". Estate Agent What does the title make? You can become a Luxury Real Estate In Sedona Az estate agent to get the title of Realtor. Let's begin at the point where have met all licensing and education requirements for your state. Although you are now an estate agent, you cannot work on your own. To transact business with clients, you must join an estate brokerage. You are an "estate agent" but you are not a REALTOR. REALTOR Being a realtor is an option, not a requirement. Both estate agents and realtors can perform the same type of real estate transactions. Some agents join the National Association of REALTORS. NAR holds members to high standards, including the realtor Code of Ethics as well as its Standards of Practice. The Code of 17 points is a commitment to members. NAR members can also be members of state or local trade associations. Any client who has filed an ethics complaint against a realtor can file it with the local NAR board. A non-NAR member estate agent cannot use the term "realtor" (or REALTOR(r)). Broker 

• A broker and realtor can be made out of a property agent.
• A realtor is a property agent who can be a broker
• An estate broker can be considered a real-estate agent, but may also choose to become a realtor.

 It takes longer to become a broker than a property agent. Additional education is required and a broker must pass the exam. While the requirements may vary from one state to another, a broker must have at least one year of experience working as a property agent. A property broker has some responsibilities and benefits. 

• Brokers can work independently and open their own brokerage. A realtor or property agent cannot legally open a brokerage.
• A broker might hire realtors or property agents to work for him.
• A broker might choose to work as a co-broker alongside another broker.
• Under his or her supervision, the broker oversees all property-related activities.
• The broker handles the client's "earnest money deposit" and creates the escrow account.
• Brokers can be contacted by clients with concerns about their agent.
• A broker is often used as an intermediary in the event of problems during the sale or purchase of a house.

 Moving forward It is never too early to start your real estate career. A brokerage may be the best place to start your career. Although it is not required to become a realtor, adhering the NAR Code of Ethics can be reassuring to clients that you are committed to providing outstanding and honest service. You will be expected to uphold higher standards of knowledge as a broker.