Real Estate Broker
Definition of "Real estate broker"
One of the most recurring real estate doubts is regarding what is a broker in comparison to what is a real estate agent.
Well, it depends from state to state to tell exactly what a Broker can and cannot do, but it’s safe to say that, in every state, a Real Estate Broker is someone with more real estate education and experience than a real estate agent. To become one, you have to attend a certain number of Real Estate classes and pass the state exam. The duration of those classes is longer than the ones an agent goes through and the exam they take is more difficult to pass too. Summing up: although all Brokers can act also as Agents, not every Agent can act as a Broker.
In general, you could say that a Broker is the person with the certification necessary to list the property and sign the papers and overview the transaction between the home seller and the home buyer. But there is a large variety of other services he/she provides for home sellers and home buyers, like Comparative Market Analysis (CMA), preparing contracts and acting as the guardian of the escrow. Sometimes, the home seller or buyer doesn’t even meet the Broker, but a real estate agent that works under him/her.
The Broker is the one who collects the commission once the sale is made and he/she divides the value to all participating parts like the buyer’s agent and the seller’s agent – most of the times an employee of his, but, depending on the type of listing agreement (like an Open Listing) it can be someone independent from him/her.
Popular Real Estate Terms
A relatively unknown term, laches or the” doctrine of laches,” means failure to assert one’s rights or a claim in a given matter in time. Failing to take action on a ...
The US real estate market is filled with several confusing legal terms. One of those terms is "attorney-at-law." But who exactly are they? And how do they differ from real estate lawyers? ...
Largest form of owner ship giving the owner complete control including the development off an inheritable estate. ...
Construction of commercial property in a manner that enables each lessee or tenant to have access to the main strip or thoroughfare running through the property. For example, this mode of ...
The National Association of REALTORS® (NAR) is not only a commonly used term in the real estate industry, but it is also the largest trade association in the US. With over 1.4 million ...
The definition of obligee is the person to whom a debt or obligation is owed. An obligee is one party of a contract to who the other party, the obligor, is obligated. An obligee is also the ...
The concept of a release can define various meanings in the financial and real estate business. Typically, it establishes a discharge or literal escape from a loan borrower's economic ...
Regarding the definition of the term adjoining, we see a term used most often to describe a particular position that objects, items, or properties have regarding each other. In the case of ...
An activity by a property owner annoys or seriously disturbs other property owners making it discomforting to use their own property. A wide range of activities can be classified as ...
Have a question or comment?
We're here to help.