A real estate broker is a party who acts as an intermediary between sellers and buyers of real estate and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by reference to the mon law of agency with the broker having a fiduciary relationship with his clients. Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients.
In the US, real estate brokers and their salespersons commonly called real estate agents assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a Buyers agent with a signed agreement, they assist buyers by helping them purchase property for the best possible price under the best terms.
Due to the importance of this role, most brokers that seek to play the role of client advocate are now seeking out the services of Certified Mortgage Planners, industry experts that work in concert with Certified Financial Planners to align consumers home finance positions with their larger financial portfolios. Without an agreement, brokers may assist buyers in the acquisition of property but still represent the seller and the sellers interests.
In most jurisdictions in the United States, a person is required to have a license in order to receive remuneration for services rendered as a real estate broker. Unlicenced activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licenced.
In some states, lawyers are allowed to handle real estate sales pensation without being licenced as brokers or agents. While some people may refer to any licensed real estate agent as a real estate broker, a licensed real estate agent is a professional who has obtained either a real estate salespersons license or a real estate brokers license.
In the United States, there monly two levels of real estate professionals licensed by the individual states, not by the federal government: Real estate salesperson: When a person first es licensed to e a real estate agent, heshe obtains a real estate salespersons license from the state in which heshe will practice. To obtain a real estate license, the candidate must take specific coursework of between 40 and 90 hours and then pass a state exam on real estate law and practice.
In order to work, salespersons must then be associated with and act under the authority of a real estate broker. Many states also have reciprocal agreements with other states, allowing a licensed individual from a qualified state to take the second states exam pleting the course requirements, or, in some cases, take only a state law exam.
Real estate broker: After gaining some years of experience in real estate sales, a salesperson may decide to e licensed as a real estate monly more course work and a brokers state exam on real estate law must be passed. Upon obtaining a brokers license, a real estate agent may continue to work for another broker in a similar capacity as before often referred to as a broker associate or associate broker or take charge of hisher own brokerage and hire other salespersons or broker licensees.
ming a branch office manager may or may not require a brokers licence. Some states such as New York allow licensed attorneys to e real estate brokers without taking any exam.
A Realtor is a real estate salesperson or broker who is a member of the National Association of Realtors NAR. All Realtors are brokerssalespersons, but not all brokerssalespersons are Realtors.
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