Look Mom! I'm a Broker!

By
Real Estate Agent with Resources Real Estate

At the beginning of this year, anticipating a slow winter season I was encouraged by one of my fellow agents in my office to pursue my real estate broker's license.  It seemed more productive than waiting for the phone to ring and I figured I could DVR "American Idol" which posed a scheduling conflict with the class's nighttime schedule.

Having been an agent salesperson since 2002, I had never really felt the need to have a broker's license and indeed, wasn't sure if I wanted to commit the time to acquire it. (And until recently I was unaware of how significantly DVR can change your life!) But I followed my co-worker's suggestion and enrolled in the required courses, passed my state exam and am now a proud Broker-Salesperson.  Yeah!hat, Thomas McCormack, Broker-Salesperson

Although many use the terms "agent," "salesperson" and "broker" interchangeably, there's actually a significant difference between them in terms of training, testing and responsibility to the public.

  • An "agent" is anyone who is working on behalf of another and either a salesperson or broker can act as an agent. In New Jersey, your status of "salesperson" or "broker" (or "broker/salesperson") is a function of the state's licensing laws.
  • To qualify for a real estate salesperson's license an applicant must be 18 years of age or older, have a high school education or equivalency, complete a 75-hour prelicensure course at a licensed school and pass the license examination. After successfully completing the course and passing the examination the applicant must apply for a license through a sponsoring real estate broker. In addition the Commission must be satisfied as to the applicant's honesty, trustworthiness, character and integrity.
  • To qualify for a broker's license an applicant must have a high school education or equivalency and must successfully complete 150 hours of prelicensure education. Applicants must first complete a 90-hour general real estate course, and then two 30-hour courses on Agency/Ethics and Office Management and related topics. In addition, applicants must have been continually licensed and employed on a full-time basis as a New Jersey real estate salesperson for the three years immediately preceding application. An applicant must then pass the state's broker license examination.

As a broker you can work under another broker's supervision as a "broker/salesperson" or you can become a "broker of record" by acting as the supervising broker for an existing brokerage or start your own company.

All highly fascinating, I know. 

Aside from being able to change the title on my business cards and website, I am now held to a higher standard of care given my increased training and higher status in the hierarchy of real estate professionals.  While all this is good and it affords me new opportunities, I feel much the same today as I did before I got the official word of my change of status.

So let this now be the official introduction of my new moniker "Broker-Salesperson" (should I be concerned that its initials are "B-S"?)  Probably better to not dwell on that right now.... and besides, I've got to see who get's into the semi-finals for "America's Got Talent."

 

Posted by

Thomas McCormack
Managing Partner - Broker
Resources Real Estate
Rumson, NJ  |  Monmouth Beach, NJ  |  Red Bank, NJ
ResourcesRealEstate.com
732-212-0440

Comments (7)

Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

Maybe you shouldn't use just the initials! Then again, having BS behind your name should generate some good conversation!

Sep 01, 2010 04:49 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Thomas,

Congratulation on getting that brokers license.  I think it is better then GRI, ABR, etc.  The public know that term broker they don't have any idea what those designation even mean.

Sep 01, 2010 04:53 AM
Diane Casale
Coldwell Banker First, Huntsville, AL - Huntsville, AL
REALTOR®, ABR®, CNAS®, SNP, Selling North Alabama

Congrats!!! Here is to your new BS status!

Sep 01, 2010 04:53 AM
Thomas McCormack
Resources Real Estate - Rumson, NJ

Joetta:  Hopefully folks weren't already saying I was BS!

Richard: I agree. I'm a believer in continuing education but I do think the designations are lost on the public (and some designations I think were created just to provide a revenue source for the organization that issues them for all the "training" they provide.) Thank you.

Diane: Thank you.

Sep 01, 2010 05:14 AM
Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Congrats on your new achievement-  I too belienve that in a "slow"  market its a great time to take addl classes and work on new marketing ideas.   Best of luck to you.  Have a wonderful and safe weekend.

Sep 01, 2010 08:49 AM
Thomas McCormack
Resources Real Estate - Rumson, NJ

Michele:  Thanks so much... sometimes when it gets slow we generate too many good ideas... when it gets busy you don't have time to put any of them into action. 

Sep 01, 2010 09:59 AM
Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

Thank you for the update in your area,

Wishing you the best on future sales!

Sep 09, 2010 02:29 PM