The terms real estate broker, agent, and Realtor are often used interchangeably, but they have different meanings and roles in the real estate industry. Here’s a description of the differences between them:
1. Real Estate Agent:
- Definition: A real estate agent is a licensed professional who assist clients in buying, selling, or renting property.
- Role: They act as mediator between buyers and sellers or landowners and tenants, helping to facilitate transactions. Real estate agents work under the supervision of a licensed real estate broker.
- They get a both side commission from buyer and seller.
2. Real Estate Broker:
- Definition: A real estate broker is one step above a real estate agent. Broker have additional education and training beyond the agent level. They have more references and contacts for buying and selling properties.
- Role: Brokers can work independently. They own a real estate brokerage, and hire agents to work under them. They are responsible for overseeing the work of the agents they supervise and ensuring that all transactions comply with the laws.
- They get a both side commission from buyer and seller
3. Realtor:
- Definition: A Realtor is a real estate agent or broker who is a member of the National Association of Realtors (NAR). A professional organization for real estate professionals. They can help you to invest in real estate sector. Also help to buying, selling, renting and lease property.
- Membership: Realtors hold a real estate license (either as an agent or broker) and have agreed to follow the NAR’s strict Code of Ethics.
- Role: Realtors are set of professional standards that focus on fairness, integrity, and transparency in all real estate transactions. The term “Realtor” is a trademarked term and can only be used by members of the NAR. While all Realtors are real estate agents or brokers, not all agents or brokers are Realtors.
- They not take any commission from client.
Summary: Understanding these differences can help clients know what level of service and expertise they are engaging when working with real estate professionals.
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