The Difference Between Salespersons and Brokers
Before the Multiple Listing Service (MLS) was introduced in 1967, when brokers (and their agents) only represented sellers, the term "real estate salesperson" may have been more appropriate than it is today, given the various ways that brokers and agents now help buyers through the process rather than merely "selling" them a property. Legally, however, the term "salesperson" is still used in many states to describe a real estate agent.
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Real estate education: To become licensed, most states require that an applicant take a minimum number of classes before taking the state licensing exam. Such education is often provided by real estate brokerages as a means to finding new agents.
In many states, the real estate agent (acting as an agent of a broker) must disclose to prospective buyers and sellers who represents whom. See below for a broker/agent's relationship to sellers and their relationship to buyers.
While some people may refer to any licensed real estate agent as a real estate broker, a licensed real estate agent is a professional who has obtained either a real estate salesperson's license or a real estate broker's license.
In the United States, there are commonly two levels of real estate professionals licensed by the individual states, but not by the federal government:
Read more about this topic: Real Estate Broker
Famous quotes containing the words the difference and/or difference:
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—Babette Deutsch (1895–1982)
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—David Hume (1711–1776)