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Broker vs Realtor - What is a Broker? - YouTube
Channel: Ashley Palmer, REALTOR
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Today we are talking about the
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difference between a broker and a
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realtor and we are starting right now!
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Hello everyone, welcome to my channel!
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My name is Ashley Jurney and I'm a realtor
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and buyer specialist with Town in
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Charlottesville Virginia. You can learn
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more about us by visiting our website at
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towncville.com.
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Real estate professionals go by
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different names. There are agents, brokers,
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Realtors, associate brokers, sellers
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agents, buyers agents, the list goes on! If
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you're entering the real estate market
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for the first time you may find real
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estate professionals various titles a
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little confusing. Sometimes we use these
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titles interchangeably but there are
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some important differences between the
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roles of various professionals as well
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as different requirements for using
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particular titles. The real estate
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profession is regulated by state
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governments which have different
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requirements for earning a license. In
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general though, the titles you may come
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across include a real estate agent.
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Anyone who earns a real estate license
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can be called a real estate agent
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whether that license is as a sales
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professional and associate broker or a
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broker. State requirements vary but in
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all states you must take a minimum
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number of classes and pass a test to
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earn your license. Real estate
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salesperson another name for a real
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estate agent. A salesperson must take 60
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hours of classes and pass an exam with
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both state and national sections. Realtor,
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a real estate agent who is a member of
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the National Association of Realtors
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which means that he or she must uphold
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the standards of the Association and its
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code of ethics. Real estate broker, a
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person who has taken education beyond
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the agent level as required by state
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laws and has passed a broker's
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since exam brokers can work alone or
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they can hire agents to work for them.
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Real estate Associate Broker, someone who
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has taken additional education classes
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and earned a broker's license but
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chooses to work under the management of
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a broker. Well, you are more likely to
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work directly with a real estate
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salesperson or an Associate Broker some
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brokers provide services for buyers and
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sellers themselves like my broker Gary
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Palmer. If you have hired a real estate
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agent to help you buy or sell a home,
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that agent typically reports to a broker.
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The broker handles the earnest money
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deposit and establishes the escrow
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account in addition the broker bears
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responsibility for the actions of the
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real estate agents under his or her
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supervision while the majority of real
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estate transactions go through without
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any glitches. A broker will step in if
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there are any problems with your home
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purchase if you are unhappy with your
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real estate agent and cannot resolve the
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issues directly your next step should be
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to talk with a broker to ask for help
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and perhaps another agent for you to
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consult. Real estate brokers not only
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have higher education requirements than
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real estate sales persons. They also must
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have experience working as an agent, for
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example, in Virginia the license
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requirements are that a broker must take
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pass an exam with both state and
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national sections and have actively
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worked as a real estate salesperson for
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36 of the previous 48 months. When you
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are looking for a real estate
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professional it is wise to work with a
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member of the National Association of
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Realtors who is committed to maintaining
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the professionalism of the real estate
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business you can choose to work with a
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salesperson or a broker but in any case
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you should take the time to interview
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your agent and ask for references. If you
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want to work with someone new to the
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profession you may want to ask to meet
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the broker as well so you can feel
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comfortable that someone with experience
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will be
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representing your best interests. Thank
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you so much for watching my video! Please
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subscribe to learn about all things real
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estate and things to do around
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Charlottesville. If you liked this video -
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give it a thumbs up! I make new videos
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every Wednesday so make sure you tap the
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Bell so you don't miss next week's video!
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See you next time!
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