Real Estate Report

(June 15, 2018) If you are in the market to buy or sell a home, you are probably going to retain the assistance of a real estate professional.

Practitioners in the field of real estate can hold various titles, and each of the titles comes with a different set of associated educational requirements.

The National Association of Realtors provides the following breakdown of the various titles for real estate professionals:

• Real estate agent: Anyone who earns a real estate license can be called a real estate agent, whether that license is as a sales professional, an associate broker or a broker. State requirements vary, but in all states you must take a minimum number of classes and pass a test to earn your license.

• Realtor: A real estate agent who is a member of the National Association of Realtors, which means that he or she must uphold the standards of the association and its code of ethics.

• Real estate broker: A person who has taken education beyond the agent level as required by state laws and has passed a brokers license exam. Brokers can work alone or they can hire agents to work for them.

• Real estate salesperson: Another name for a real estate agent.

• Real estate associate broker: Someone who has taken additional education classes and earned a brokers license but chooses to work under the management of a broker.

Most buyers and sellers will work with a real estate agent, an associate broker, or maybe even the broker. But the broker has additional responsibilities because he/she is the person ultimately responsible for the actions of the agents that hang their license at his/her real estate brokerage.

The broker also handles the earnest money deposits on transactions and holds these funds in a dedicated escrow account.

Real estate brokers (whether an associate or the designated broker) do have higher education requirements. In Maryland, the difference in education between agents and brokers is:

• A real estate salesperson must take 60 hours of classes and pass an exam with both state and national sections.

• A broker must take 135 hours of broker-specific classes, pass an exam with both state and national sections, and have actively worked as a real estate salesperson for three years.

— Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.