The biggest difference between a broker and an independent realtor actually comes down to the licensing requirements for each. You might have heard the terms referred to interchangeably, and maybe you’ve wondered exactly what the difference really is between the two. As with most things, there really is no clear-cut answer. However, as with most things in life, it’s easier to understand the requirements of one type of professional than it is to understand the requirements of the other.
In general, real estate professionals are licensed by the state in which they practice. This is usually determined by the most recent appraisal of the property they have been hired to evaluate. Most states require that realtors have at least a bachelor’s degree in a related field; something such as property assessment or business administration would be ideal. Many states also require that they pass a licensing exam in order to legally practice in the state, although this is not a requirement for most realtors.
If a broker does not pass the exam required by his state, he may still be able to work in the state under certain circumstances, and he may even be allowed to participate in national exam programs offered by real estate franchisors.
On the other hand, real estate agents do not hold a license. These people are not realtors, and they do not have to meet any state licensing requirements. Although they are considered brokers, they do not have to disclose their profession on their business cards or in any other way, and they don’t need to hold meetings in spaces set aside for the industry. While some states, like Nevada, do require that realtors register with the division of insurance policies and practices and perform advertising for them, there are no legal penalties for not doing so. In addition, registered real estate agents may serve as a liaison between buyers and sellers in different states.
Montrose Realtor Delphine Jaod job usually consists of showing homes and helping buyers find homes. However, real estate agents can also help you obtain mortgage loans or find properties for rent. A realtor is not a loan officer, though he may sometimes be referred to as such. He will try to find a home that suits your needs, and he will guide you through the process from start to finish. Even if he does not close the deal on your behalf, the realtor is responsible for collecting all payments and making sure that they go to the right people.
Because realtors do not hold a real estate license, they are not subject to the same laws and regulations as realtors who do hold a license.