Real Estate Broker
Definition of "Real estate broker"
One of the most recurring real estate doubts is regarding what is a broker in comparison to what is a real estate agent.
Well, it depends from state to state to tell exactly what a Broker can and cannot do, but it’s safe to say that, in every state, a Real Estate Broker is someone with more real estate education and experience than a real estate agent. To become one, you have to attend a certain number of Real Estate classes and pass the state exam. The duration of those classes is longer than the ones an agent goes through and the exam they take is more difficult to pass too. Summing up: although all Brokers can act also as Agents, not every Agent can act as a Broker.
In general, you could say that a Broker is the person with the certification necessary to list the property and sign the papers and overview the transaction between the home seller and the home buyer. But there is a large variety of other services he/she provides for home sellers and home buyers, like Comparative Market Analysis (CMA), preparing contracts and acting as the guardian of the escrow. Sometimes, the home seller or buyer doesn’t even meet the Broker, but a real estate agent that works under him/her.
The Broker is the one who collects the commission once the sale is made and he/she divides the value to all participating parts like the buyer’s agent and the seller’s agent – most of the times an employee of his, but, depending on the type of listing agreement (like an Open Listing) it can be someone independent from him/her.
Popular Real Estate Terms
Restraining a person or business from denying an appropriate conveyance of property evidenced by a deed has given. ...
The right to recover property taken away by foreclosure by paying the lender the total amount owed plus foreclosure costs. The right of a debtor in bankruptcy to recover personal ...
federal tax on gifts made and estate proceeds. ...
The definition of real estate owned (REO) is known by heart by house flippers or by real estate agents specialized in bank owned properties. These are properties that once used to be in a ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
Borrower's right to cancel, within three business days, a creditor contract in which his or her residence is used as collateral. This right does not apply to first mortgage loans. ...
Counter action by a defendant against a plaintiff. It is an independent action and just a denial of plaintiff's action. ...
Mortgage for residential property. ...
A backfill defines the act of replacing a vacant lot. People use a backfill as a replacement for an unoccupied position. Backfill in construction and archaeology! The most common ...
Have a question or comment?
We're here to help.