I'm a Real Estate Broker now!

I was pretty proud that I completed the licensing requirements and passed the state exam, but my husband injected his usual dose of reality and, in all seriousness, asked "What's the difference between a Realtor and a Broker?" He saw me attend classes and study, but he didn't know what it all meant and I suppose neither do 90% of the general population.

Here are the definitions:

A Realtor® is any licensed real estate sales person or real estate broker, who are members of the National Association of Realtors®. Realtors® agree to abide by the Realtor® code of ethics.

A Real Estate Sales Person in Washington state is someone who has completed 60 clock hours of real estate fundamentals, has passed the state real estate sales person exam with a minimum score of 70%and works as a licensee under a managing broker. The person the public usually deals with is a real estate agent or salesperson.  The salesperson does not necessarily have to be a Realtor®, but must work for a broker, as all listings are placed in the broker's name, not the salesperson's.

A Broker in Washington state is an agent who has worked full time as a real estate sales person for at least two years, is (as a minimum) a high school graduate, has completed 120 clock hours of instruction in real estate including:
30 clock hours in real estate law,  30 clock hours in brokerage management, 30 clock hours in business management, and a 30 clock hour in an approved elective course, and has passed the state licensing exam with a minimum score of 75%. A broker can deal directly with home buyers and sellers, or can have a staff of sales persons or agents working for him or her. 

Although many people may use the terms "real estate agent" and "real estate broker" interchangeably, a broker actually has more schooling and bears more responsibilities throughout the transaction. Only an agent with a broker's licensed can work independently and run his/her own brokerage. While agents and brokers will perform many of the same duties, the broker is the one who is ultimately responsible for ensuring the transaction is completed properly.

Having an Realtor® working for you who is also a broker, means the assurance that he/she has additional real estate education and is held to a higher standard.

Sandy Nelson
Olympia Realtor®, GRI, ASP, Built Green
360-789-7505
www.SandyNelsonRealEstate.com

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All the real estate information on the Internet can not compare to the real time, on-the-ground expertise of a local, skilled Realtor ®. Among all the South Sound real estate resources available, the most powerful tool is my phone number.