From a technical standpoint, the difference between a real estate agent and a real estate broker is the fact that they hold different licenses. In order to obtain the different licensing, a real estate broker must actually complete additional coursework beyond what a real estate agent must complete. Although many people use the terms real estate agent and real estate broker interchangeably, a broker actually has more schooling and bears more responsibilities throughout the transaction. Since a broker has more education and experience, real estate agents actually work beneath the broker. Therefore, a person that works as an independent realtor must be a broker as well.
Yes… Was that a statement or question
What I would like to know is what do you need a license to do? What activities are off limits unless your licensed?
Earning a commission on a real estate transaction… As long as youre a principle in the deal youre fine… What you cant do is be paid for hooking up buyers and sellers without a license…
In some states you can only assign so many deals without being a licensee… But dogging can be illegal if done the wrong way… With all of this said I haven’t seen the DRE police out lately… They and the FBI have been too busy investigating and arresting real estate agents and Brokers for lender fraud…
Good house hunting…
Briefly explained yet direct to the point. So much for confusion between the two. Good job indeed. :beer
Thank you peter.
To be technical a broker is the only one licensed to deal with the public as an agent. The non-broker licensee is only licensed to act as an agent for the broker, not the public.
Basically some more technical terms to add to Bay Area Brian’s reply: principle, fiduciary, and agent.
I think a real estate broker is normally the principle, and as Bay Area Brian mentioned is the only one incensed to deal with the public. The estate agent has a fiduciary relationship with the broker to act as on the brokers behalf.
A little tidbit for those looking at possibly becoming brokers.
You can be 50% owner in a company where your partner is a broker…essentially giving you all of the benefits of being a broker without the direct liability.
At least this is the case in Florida. Check the law where you live.
You can still sell / buy “buyer lists” completely legally, however, even though technically I suppose that is a kind of “finder’s fee”, right?