A real estate broker is anindividual with specialized expertise in the real estate industry. All real estate brokers were once licensed real estate agents — but not all real estate agents are licensed brokers. Brokers supply the people, process, and technology for real estate agents to carry out successful transactions for their clients.
People also ask
What is a broker?
Brokers are real estate agents who have completed additional training and licensing requirements. They can work independently and hire other real estate agents to work for them.
What’s the difference between a broker and a real estate agent?
However, if you work in the real estate industry, there is a very clear difference. All real estate brokers were once licensed agents — but not all agents are brokers. Brokers assume legal responsibility for the agents and the real estate transactions being managed through their brokerage.
What are the responsibilities of a broker when selling a house?
If you have hired a real estate agent to help you buy or sell a home, that agent typically reports to a broker. The broker handles the earnest money deposit and establishes the escrow account. In addition, the broker bears responsibility for the actions of the real estate agents under his or her supervision.
What do buyers and sellers look for in a broker?
For most home buyers, the broker isn the one maintaining the sales relationship. Typically, buyers and sellers look for a real estate agent, build that relationship, and then use whichever broker holds the license of their chosen real estate professional.