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Every home buyer has heard of real estate agents and brokers, but many couldn't tell you the difference between the two. While both could assist you in finding your dream home, they do have aspects that differentiate the two from each other. By knowing the differences between the two, a home buyer can make a knowledgeable decison in choosing the right person to help them in their real estate venture.
When it comes to agents and brokers, the most well known proffesion would probably be the agent. Most home buyers know that agents can help them tremendously in their home search because they have access to many, many listings and can give a home buyer great advice. An agent is a person who has taken classes and aquired a certain number of class hours in order to take and pass a real estate agent exam. The required number of hours may vary from state to state as each state has its own regulations. Once they have aquired their license sometimes they are required to have a certain number of additional class hours each year to keep it. A real estate agent then is able to work for a broker and their company and assist home buyers in buying and selling properties.
A real estate broker must become a real estate agent first by taking the neccesary classes and passing the required exam. After this is completed, the agent then has to work for a certain amount of time to gain experience and take extra educational classes. Lastly, the agent then takes an another exam and if passed, recieves their brokers license. In this way, agents and brokers are somewhat similar because they both need to aquire an agent license. A real estate broker is different from an agent, however, because they are legally allowed to open their own real estate company and have agents work for them.
Now, even though brokers are required to take extra classes and pass another exam it doesn't always mean that a broker is a better decision for you. This is because a real estate agent could have many years of experience, yet they never had an interest in aquiring their brokers license. Some agents are content with being just real estate agents instead of dealing with the complications of opening their own business. Instead of making a decision based on a professional's title a home buyer should base their decision on the amount of experience one posseses.
You may have heard the term "realtor" in reference to an agent or broker. Many people don't know that not all agents and brokers can be called a realtor. To hold the title of realtor, a broker or an agent must be a member of an organization called "National Association of Realtors". This simply means that they've made a promise that they will comply with the organizations code of ethics which can be found here.
Work Cited: Glink, Ilyce R. Questions Every First-Time Home Buyer Should Ask. New York: Three Rivers Press, 2005.
NEXT BLOG: Be sure to check back with us for the next blog topic:
"How do I choose the right agent or the right broker?"
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