Real estate agent and broker question?

Question

What is the difference between a real estate agent and a broker (education, licenses required to practice, job duties, etc)? Thanks.

Answer 1

.   In Arizona, you work for a broker.  You are an agent and you sell houses.  The broker handles the paperwork and runs the office.  After 3 years as an agent, you can take the test to become a broker.  If you pass you are a broker.  You can open your own office.  If you are not ready (or don't want to) open your own office, you are still a broker but you work for another broker just like before.  To stop confusion, the head of the office is the Designated Broker.  The former agent, now a broker, is called an Assistant Broker (even tho you aren't assisting in the running of the office).

Answer 2

the education and licenses required will vary by state.  Basically, an agent is an "agent of the broker" or a representative of the broker.  The broker has completed more education and carries more liability.  The broker is the manager of the Real Estate office and manages the agents who work in that office.  In general, the person working directly with the buyer or seller is an agent.  Any commission on the sale of a house is split between the agent and the broker. Occasionally, an agent will complete the education and license requirements and purchase the necessary insurance to become a broker and will work independently as a broker/agent.

Answer 3

In Illinois it's a different license. A "regular" agent has a salespersons license and a broker has another- almost like a real estate masters if you were to compare to college. Provided one is at least 21 years old he/she can successfully complete the pre-license 45-hour basic transactions course and pass the state exam to become a salesperson. Successfully complete an additional 75 class hours of broker courses at a real estate school approved by the Illinois Office of Banks and Real Estate and pass the state of Illinois exam to become a broker.

Answer 4

In Virginia both have to be a licensed Agent but the Broker has extended education plus min of 2yrs as a Selling Agent.  Meaning that you would have to been licensed and listing/selling properties not just having your license hanging in an office not being used.  Duties are like any other Managers position as you are the head of the office.  Hire/fire, train, hold meetings, P&L, making sure all legal requirements are met.

Answer 5

the difference is, a broker, usually owns or runs the office, the agent, actually sells the houses, most of the time the broker doesnt compete, due to respect for the agents. to become and agent you just have to take classes and then pass a test, to become a broker, you have to be an agent for three years and take more classes. at least that is how it is in texas, it is different in every state because there are different laws and different practices in different states. if you need mroe info feel free to message me, i just took my final test to get my license yesterday [e-mail]