What's the difference between an Agent and a Broker?
There are many terms that are used for Real Estate Agents, just to clarify a few terms....here goes
Agent/Real Estate Agent- generic term for any person that holds a real estate license that is allowed to assist in the purchasing of a property including residential or commercial.
Leasing Agent- Any person that holds a leasing license. This person is allowed to assist in leasing/renting properties including residential or commercial.
Realtor - is a trademarked name by the National Association of Realtor. An agent is only considered a realtor if and only if they are a member of the national association of realtors (which includes fees for membership)
As a real estate agent, there are 2 categories including: (This is before the license law is effective in 2012)
Salesperson (2012 will be Broker) and Broker (2012 will be Managing Broker)
Real Estate Salesperson- this term is now being phased out by the state of Illinois. It describes any person holds a real estate salesperson's licence which allows one to assist in purchasing real estate but NOT allowed to manage a real estate agency also known as a brokerage. So in 2012, there will be no salesperson only broker and managing broker.
Broker- In Illinois, this is the term that will now replace the "salesperson" term. A broker was once a real estate agent that is allowed to assist in the purchasing real estate AND allowed to manage a real estate agency/brokerage, but because of the new license change, the title definition is that of the salesperson. So instead of holding a salesperson's license, an agent will hold a broker's license.
Managing Broker - Pretty much self explanatory a real estate agent that holds managing broker license. This allows them to manage or own a real estate agency/brokerage.
That is all I have for now........
No comments:
Post a Comment