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.
The REALTOR®
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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