If you’re new to the real estate world, you may have heard
people refer to themselves as brokers, agents, and professionals. Sometimes
those titles are used interchangeably, but that is actually a mistake. Each
real estate title means something different. Luckily, Landmark Home Warranty
has created this handy article for you to learn what each title means. Don’t
forget to download the infographic and keep it handy so you can quickly look at
it and remind yourself what “Jennifer Brown, REALTOR®,” does when you’re
introduced to her.
Hopefully you remember the old face-guessing game, Guess Who? The best home warranty company (that's us!) has created a spin-off of that game called "Who's Who?" for this infographic. As always, you can download the infographic here and share it with your friends and clients!
Real Estate Agent
A real estate agent is anyone who has a real estate license.
There are different licenses for real estate agents, some of which require more
classroom hours than the average real estate license. A real estate license is
awarded to individuals who complete a number of classroom hours and take a
state-licensing exam. Each state has different regulations on how many hours a
real estate agent needs to be in the classroom as well as what those
regulations mean in terms of title. Sometimes a Real Estate Agent is known as a
Real Estate Salesperson.
Real Estate Managing
Broker
A real estate
managing broker generally manages a brokerage firm. The managing broker takes
legal and financial responsibility for all of the real estate agents who hang
their real estate license under the broker’s. A broker generally has taken more schooling
and passed a more rigorous test than a normal real estate agent licensee. In
Texas, a salesperson or agent only takes 180 hours of classes, while a broker
has 900. A broker can work alone, but generally hires real estate agents to
work for them in a firm. A real estate
agent will hang their license under a managing broker’s license. When you hire
a Real Estate Agent, he or she most likely reports to a broker.
Real Estate Associate Broker
An associate broker
can be a number of different things depending on what state you live in.
Generally, an associate broker is an agent who has earned their broker’s
license, but works under another broker in their brokerage firm. However, in
some states, every agent is called a broker and they have a real estate
license.
REALTOR®
A REALTOR® is a real
estate agent who is a member of the National Association of REALTORS®.
The NAR has specific ethic codes a member has to live by in order to be able to
call themselves a REALTOR®. Choosing a member of the NAR may make some buyers
more comfortable in their choice of realtor because of these ethics. If there
is a complaint against a REALTOR® it will be heard by a local board.
Listing Agent
A listing agent
could be an agent or broker, but represent the seller.
Buyer’s Agent
A buyer’s agent
could be an agent or broker, but represent the buyer.
Dual Agent
A dual agent could
be an agent or broker, but represent both the seller and buyer. There could be
a dual agent even if two real estate agents are involved, as long as they work
for the same broker.
Some real estate
agents get more schooling in order to focus on certain parts of a home sell.
Here is a list compiled from Inman that goes into some of those extra letters,
and what they mean.
ABR:
Accredited Buyer Representative;
ABRM:
Accredited Buyer Representative Manager;
ALC:
Accredited Land Consultant;
AHWD:
At Home with Diversity Certification;
CAE:
Certified Association Executive;
CCIM:
Certified Commercial Investment Member;
CIPS:
Certified International Property Specialist;
CPM:
Certified Property Manager;
CRB:
Certified Real Estate Brokerage Manager;
CRE:
Counselor of Real Estate;
CRS:
Certified Residential Specialist;
e-PRO:
Electronic Professional Certification;
GAA:
General Accredited Appraiser;
GREEN:
Green Designation;
GRI:
Graduate Realtor Institute;
PMN:
Performance Management Network;
RAA:
Residential Accredited Appraiser;
RCE:
Realtor Association Executive;
REPA:
Real Estate Professional Assistant Certification;
RSPS:
Resort & Second Home Markets Certification;
SIOR:
Society of Industrial & Office Realtors;
SRES:
Senior Real Estate Specialist;
TRC:
Transnational Referral Certified
When you begin to work with a real estate agent, make sure you ask them about home warranties. A home warranty can help you sell your home faster and for more money. As a buyer it provides a sense of security. It's hard to move into a new home and not know the state of the systems and appliances. A home warranty will cover failed systems and appliances for a $60 service call fee. For more information on home warranties, or home repair insurance and appliance warranty, go to www.LandmarkHW.com.
http://www.realtor.com/advice/whats-difference-real-estate-salesperson-broker/
http://homebuying.about.com/od/realestateagents/f/031708_TypesAgt.htm
http://en.wikipedia.org/wiki/Real_estate_broker