Real estate licensees and realtors
Posted on:3/30/2006
| In the United States, there are commonly two levels of real estate professionals licensed by the individual states, not by the federal government: |
In the United States, there are commonly two levels of real estate professionals licensed by the individual states, not by the federal government:
1) When a person first becomes licensed to become a real estate agent, the person obtains a real estate saleperson's license from the state in which the person will practice. To become a real estate salesperson, the candidate must pass some specific coursework and then pass a state exam on real estate sales. Then in order to work legally, these salespersons must be associated with (and act under the authority of) a real estate broker as described above. Many states also have reciprocal agreements with specific other states, allowing a licensed individual from a qualfied other state to take the second state's exam without completing the course requirements.
2) Then, usually after getting some experience in real estate sales, a salesperson may decide to become licensed as a real estate broker. Commonly more coursework and a broker's state exam on real estate must be passed. Upon obtaining a broker's license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate), become a real estate office branch manager, or become in charge of his/her own brokerage and be able to hire other salesperson (or broker) licensees.
Typically, a real estate license is needed to perform a "real estate act" (such as showing properties for sale) for compensation, but principals (sellers or buyers) can perform these acts themselves without a license.
A Realtor is a real estate agent who is a member of the National Association of Realtors and adheres to the association's Code of Ethics. (The NAR insists that the word be written "REALTOR®," typeset in all capitals with an accompanying ® symbol. However, most print publications ignore this and revert to their own style guide.) All Realtors are brokers/salespersons, but not all brokers/salespersons are realtors.
A La Carte Real Estate Services are professional real estate services that are given one transaction at a time instead of the conventional full-service, commission-based brokerage relationship. Some services are listed below.
1) Comparative Market Analysis
2) Facilitating a Purchase
3) Facilitating a Sale
4) FSBO Document Preparation
5) Full Residential Appraisal
6) Full Service Agent
7) Home Selling Kits
8) Hourly Consulting
9) MLS Marketing Service
Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients.
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