Real Estate

Difference between Broker, Realtor and a Real Estate Agent

If you have been looking for property in the last few days, then there are chances that you have come across the most confusing terminologies in the Real Estate directory. A Real Estate broker and a Real Estate agent are two terms that you will hear from time to time. But what exactly is the difference between the two? Well for starters, an agent may be a person who works under a registered broker. Or in certain cases, a broker does not have anyone working under him and he prefers to be the agent as well. In most cases the person that you deal with when finalizing Real Estate deals is a Real Estate agent.

Both these people have licenses but the realtor/broker has more credentials to his name. The training and the experience that one needs in order to be a realtor is much more when compared to a Real Estate agent. Most realtors are members of an organization called the National Association of Realtors. This is an extremely professional organization which has strict code of ethics. These codes are a way of proving to the public that this is a profession that requires a lot of dedication and integrity. Agents are also required to have certain credentials when it comes to acquiring a license but it is far lesser than a realtor. Confidentiality, obeying property rules, giving priority to the interests of the clients, reporting any issues etc, are some of the obligations of the agent. The broker also follows these regulations but he also follows much more stringent regulations under the NAR.