Differences Between Realtors, Real Estate Brokers and Real Estate Agents

Today when people today decide that they want to order or sell a home, residence, condominium, vacant land or a constructing they say say that they need a Realtor. They say this considering that most consumers believe that anybody who is licensed or authorized to manage the sale or obtain of actual property is a Realtor. That belief, nevertheless, is incorrect. Realtor, broker and agent all have numerous meanings. Note: This article does not incorporate attorneys. They are grist for one more post.

Realtors: Men and women "who are involved in residential and commercial actual estate as any of the following, brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the genuine estate sector" (a quote from the NAR web page) and are members of the National Association Of Realtors. The National Association Of Realtors is a professional trade association and does not license people or enterprises to represent buyers or sellers in actual estate transactions. The NAR has trademarked the words Realtor and realtor and only members are allowed to call themselves Realtors.

Broker: A person who is licensed to negotiate or participate in the sale, acquire, exchange or in some situations the rental of real property for a fee or commission, to operate a genuine estate firm and to supervise salespeople. Different states have unique requirements for acquiring a brokers license. A individual holding such a license may well also perform for other brokers. If the broker joins the NAR then that individual can also use the term Realtor.

Agent or Salesperson: An agent or salesperson is also licensed to negotiate or participate in the sale, obtain, exchange or in some instances the rental of real property for a fee or commission but is not licensed to operate a genuine estate firm or to supervise other salespeople. A Broker can perform as an agent or salesperson but an agent or salesperson can not operate as a broker. A salesperson ought to function under the supervision of a licensed broker. The licensing requirements for a salesperson's license are considerably less rigid than the requirements for a brokers license. If the salesperson joins the NAR then that person can also use the term Realtor.

Note: This post is only a basic outline of the above terms and is not meant to be relied on literally as varied states have unique guidelines and regulations.