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
Study of real estate activities including demand, price, location influence, and current trends. ...
revising the terms of a loan such as when the borrower is experiencing severe financial difficulties. For example, a homeowner lost his job and seeks relief by requesting the lender ...
Transfer of title based on a preceding title transfer of conveyance. A derivative conveyance increases, ratifies, moderates, renews or transfers the stake created by the original ...
Any structure projecting from a wall or other vertical element for the purpose of providing support for a weight or other object. ...
Recording an expenditure having a benefit of more than one year to the cost of the property. ...
Supporting beam or connecting member between two walls. A cross tie gives support for wall structures. ...
Written document by an official granting agency and signed by an empowered official certifying that some specific act including the fulfillment of certain requirements has occurred on a ...
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Financing of a home based on how much equity the homeowner has in it. The interest rate is typically a variable one. ...
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