Real Estate Agent and Trainer, Robert Rico, explains the difference between the titles of Real Estate Agent, Realtor, Broker, and such. Do you want to see more video blogs? Subscribe here!
If you’re entering the Real Estate world, it can be confusing with all of the different terms and titles. There are differences between these professional titles, and it’s important to recognize them and know what they are, whether you are working in the field or working with a Real Estate professional.
Real Estate Titles Explained
Real Estate Agent
A real estate agent is anyone who is licensed to help people buy and sell commercial or residential property. A salesperson is the same as an agent.
In order to obtain a real estate license, agents must complete three courses and pass an examination prescribed by the state.
A real estate agent must work for an employing broker to be able to practice real estate. The employing broker is responsible for their real estate agents’ actions.
Many people use the term Realtor for any agent because it’s shorter and perhaps easier to say. But it’s important to know that not every real estate agent is a Realtor. Both an agent and a realtor have a real estate license, but an agent who is a member of the National Association of REALTORS® (NAR) is then a Realtor. The member must uphold the standards of the association and its code of ethics.
Real Estate Broker
A real estate broker is a step above a real estate agent. A broker generally has more continued education than an agent. The requirements in California is: 2 years of actually working as a real estate agent experience, 360 hours of broker pre-licensing courses, and to pass the broker state exam.
Brokers can run their own business and does not need to work for anyone else other than themselves. Brokers can also manage other real estate agents and thus becomes their employer.
What is a Broker Associate?
A broker associate is a real estate broker who works for another real estate broker. Although the broker could work for himself / herself, many choose to join a larger real estate network. Some pay a flat fee to the employing broker, and others earn a percentage (usually a higher commission than agents) per transaction.