and a real estate broker
Real estate agents are licensed real estate professionals like real estate brokers who have passed all required real estate classes and the real estate licensing exam. All real estate brokers start out as real estate agents, and most of the time real estate agents, are still learning from a mentor.
Commonly, new real estate agents are referred to as real estate associates, while they are getting their “feet wet” in real estate. You may consider this a rookie” real estate agent” as most real estate agents, will work as a real estate associate as part of their real estate classes in order to develop the real estate industry, terminology, and start making real estate deals while having a mentor to work with. Once a real estate agent passes the real estate license exam they are a licensed real estate agent.
Many times a real estate agent after passing real estate classes will strive to do more and take a bigger piece of the real estate pie. This is accomplished by becoming a real estate broker. Typically, real estate brokers are considered a partner in the real estate agency. Some real estate brokers work direct at banks, and some work as a sole proprietor and work from their home real estate office or agency, or an office in town.
Real Estate Brokers are real estate agents who have take real estate broker classes and passed the state real estate broker exam. Obviously the better the education and experience coupled with being a licensed real estate broker has its perks in a higher real estate broker salary, as well as opportunities to improve the real estate broker office or firm in decision making. Traditionally, real estate brokers are paid a higher commission for their services, almost as a partner share. Plus a real estate broker is allowed to work independently where a real estate agent is required to work under a licensed real estate broker.
No matter what real estate title you choose, States typically govern Real Estate Brokers and Real Estate Agents. Both of these professions are considered a licensed professional. Licensed professionals such as real estate professionals are required to follow a code of conduct administered by the appropriate licensing board. These boards may also discipline real estate brokers and real estate agents for misconduct. Likewise, all real estate professionals whether a real estate agent or a real estate broker, are required to carry Errors and Omissions insurance. The real estate industry is one of the only industries where its professionals are required to carry such a policy.
In conclusion, while real estate agents and real estate brokers typically share the same responsibilities a real estate broker is the preferred real estate professional title most real estate agents work to achieve. Real Estate Brokers are paid more, and have an advanced education in real estate classes, and may share in some real estate agency decision making.
That both professionals are required to pass real estate classes and follow the guidelines set forth by the state they are a real estate professional in.