Wednesday, 27 November 2013

Realty Speak: On Agents, Brokers and Realtors

Real estate involves a wide web of people that you can contact, including agents, brokers, mortgage lenders, and home inspectors, to name a few. If you want to make sure that your transaction goes well, you should at least learn the basics about the people that make up the points in this web. Here are some information on three of the people home buyers and sellers often confuse:

The Agent

A real estate agent is one who is licensed by your province to sell houses. Hence, they are the ones who walk you through a list of potential houses if you're buying, or help you get the word out about your house if you're selling. An agent, however, must be employed by a broker before they can operate, as evidenced by the fact that the home listing should be in the broker’s name.

The Broker

Real estate brokers have a lot more education or training compared to agents, thus qualifying them to set up a firm of their own. Brokers also have more rights, such as the right to do appraisals and manage their own team of real estate professionals.


A realtor on the other hand, is different from the other two in that he has to be a member of the National Association of REALTORS® to qualify as one. This means that he will have to adhere to a set of rules and guidelines expected of a realtor through the association's code of ethics.

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