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Whether you’re looking to start a career in real estate, already have one or are involved in real estate transactions, you may find yourself wondering about industry terminology and job titles. The industry acronyms alone look like alphabet soup. So, let’s start with the basics: What is a real estate broker vs. an agent?
To answer that, we’ll take a deep dive into the differences between the many types of real estate professionals, including a real estate agent and a real estate broker. Real estate agents and real estate brokers are both licensed real estate professionals who can assist buyers and sellers, but you should be aware of some key differences and state-specific distinctions. Let’s dive in!
Summary
What is a real estate agent?
A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions. Though most commonly thought of for residential deals, real estate agents can also help people buy, sell or rent commercial properties, land and more.
There are multiple types of agents — more on that below — but the common thread is that to become an agent, each professional must fulfill licensing requirements in accordance with their state. Much like lawyers needing to take a separate bar exam in each state they wish to practice in, real estate agents’ training and licensing requirements vary by state.
PRO TIP
You may see the terms “real estate agent” and “Realtor” used interchangeably. While a Realtor is indeed an agent, the term doesn’t work both ways. To be a Realtor, an agent must be a member of the National Association of Realtors® (NAR). To become a NAR member, licensed real estate agents must join a local NAR association and pay annual dues.
What does a real estate agent do?
A real estate agent’s tasks will…