Consumers who do not have the experience of selling hundreds of homes would not understand the difference between a licensed Realtor and a licensed Broker or a licensed real estate agent.
Brokers and licensed Realtors are governed by a STRICT Code of Ethics. They are required by the National Association of Realtors (NAR) to protect the public utilizing this code of ethics and are not allowed to cause the public undue harm.
A licensed real estate agent is governed by the Department of Business and Professional regulation, but not to the same standard as the NAR-Code of Ethics. There is a difference between NAR agents and licensed real estate agents.
A real estate agent is anyone who is licensed to advise the public on real estate issues. You should never take formal advice on real estate from someone who isn't a licensed agent, by having taken appropriate real estate courses and exams.
Real Estate salespeople are required to work for Real Estate Brokers, although Real Estate brokers may work alone. The requirements to become a real estate agent: must be at least 18 years old and testing requires 60 hours of real estate principles and practices. Real estate salespeople have the legal and ethical side of real estate as the focus of their education, whereas brokers have management as the key focus to their courses. The brokers exam is usually longer and more difficult than the agent's exam. A key difference in a real estate sales person versus a Broker is the Broker takes on a larger role of liability for the actions of their salespeople.
Brokers main role is generally managerial. As a client, the buyer should look to the salesperson or the broker for:
· Help in determining what they can afford and apply for financing
· Assistance in finding suitable properties
· Negotiating the best price and terms
· Arrangement of inspections
· The assistance with contracts and legal documents for the transaction
· Only brokers will be able to handle "earnest money," which is a deposit handed up front, during a sale.
You might think that a broker is better than a salesperson at advising buyers. This is not necessarily true. As a buyer, what you need is an experienced agent that you can trust. Knowing a little about how brokers and salespeople work together can help you get the most out of your relationship with them.
At the GreatFloridaHomes Team we have over 50 years of combined experience as professionally, licensed real estate agents. We are here to serve your real estate needs in Broward and Palm Beach counties.