You probably aren't the only person who is confused about
the difference between a property agent and a real estate broker. Your
confusion is understandable because there are both similarities and important
differences.
Actually, to complete the sale or purchase of your home, you
will need the services of both an estate agent and a broker - but not at the
same time, and not for the same purposes.
Let's start with a very simplified description of each
estate representative:
A property broker also is licensed to sell property but has
taken additional education courses and passed a broker's license exam. The
broker can work entirely independently, or may hire agents to work with him or
her in a brokerage, or may become a co-broker, working with other brokers in a
joint business relationship.
Being
an estate agent
Each state has specific requirements for becoming an estate
agent. The requirements vary, but generally include completion of a minimum
number of property classes and passing a real estate exam to become licensed.
Upon successful completion of the coursework and licensing
exam, new agents must be sponsored by and work with an estate brokerage. Estateagents function as real estate salespersons under the supervision of the
broker.
This will be a valuable learning period and one of the
primary ways in which an estate agent begins to build a clientele.
The property broker already is a licensed agent with a
number of years of real estate experience and who chooses obtain a broker's
license. The agent will be required to complete additional property related
coursework, pass the state-mandated broker's exam and become licensed as a real
estate broker. Property brokers are held to a higher standard of industry
knowledge.
Property brokers are responsible for the actions of their
salespersons (the real estate agents) and oversee all activities of the
brokerage. He may serve as a mediator if there is a conflict between client and
agent. She may step in to help with more complex negotiations.
The broker is the person to whom the sales commission is
paid at the successful conclusion of a property transaction. The broker
determines how to split the commission with the property agent who was directly
involved in the transaction.
The broker also has the fiduciary responsibility for
receiving the "earnest money" deposit from the
home buyer, opening an escrow account and depositing that
money in the account.
Do you
need both an agent and a broker?
The short answer is yes. Sometimes, the agent and broker are
one and the same person. Whether purchasing or selling a home, you will be working
with a licensed estate agent. As the transaction reaches the point where money
is transferred, the broker will be handling the escrow deposit process. And if
any conflict arises or assistance is needed during negotiations, you and your
agent will call upon the experience and skills of the broker.
Ultimately, both the estate agent and the estate broker are
your allies and advocates throughout the sale or purchase of your home.
We are also one of the leading Real Estate Company based in
Moreno Valley, CA
And we have helped Tons of clients to find their dream home
so feel free to
Call us
English Speaking Dial: (951) 837-7060
Spanish Speaking Dial: (951) 453-6264
Korean Speaking Dial: (917) 566-2011
You can also visit our website as well
http://www.homesalesmadeez.com/
Also feel free to email us as well from the website