Difference Between a Real Estate Broker and a Real Estate Agent
Real estate agent and real estate broker has many distinguishing marks.They can be the training and the exams that they need to pass. The job description and their responsibilities also differ.
The Cebu real estate industry has recently become a fast growing business resulting to the increasing number of people becoming real estate agents or real estate brokers. But what is the difference between the two? A lot of people probably think that a real estate broker and a real estate agent are one and the same. That is not true. Although, both professions are required to take exams, their differences are several.
Who Works for Whom
A real estate broker is a person or a company that has the license to operate real estate transactions. The real estate company may have several real estate agents working for it but may also just have one licensed broker. In other words, a licensed broker may have a number of agents working under him and using his license as a broker.
How to Become a Real Estate Broker
To become a real estate broker, an agent has to do the following: additional coursework of 60 to 90 hours field training, a time-period of actually doing real estate marketing, and take and pass a comprehensive written examination. The exam is about the basic laws and transactions of real estate. And the length of real estate marketing experience required may range from one to three years. So a real estate broker has more schooling and more experience compared to an ordinary real estate agent.
Work Responsibilities
Real estate brokers’ main responsibility is to be tremendously knowledgeable about the laws that govern real estate purchasing and financing options. The real estate agents may be the ones doing most of the transactions, but it is ultimately the responsibility of real estate brokers to make sure that these transactions are done and completed properly. If a consumer has questions or concerns about his agent, he may go to the broker and request for a different one. He can also ask the broker directly to explain about transactions that concerned him as well.
Capacity of the Agent
It is usually the agent who meets up with buyers and sellers, and not the real estate brokers. It may seem to the consumers that there is very little difference in what a real estate broker and real estate agent does. That is because an agent has the license and capability in doing the basic chores that consumers need to do but mostly want to be done for them. Real estate agents are the ones who will assess the needs of the clients, the property listing they desire, and in filling-out the contracts. They also handle negotiations among two parties. So for example, if a buyer is looking for a house, the agent can show him many different houses and also get him a good deal for the property. Similarly, if a seller wants to sell a real estate property, the agent has access to all the same network as the broker that the agent is working for.
Knowing the real estate broker and not just the agent is an added security in the part of the buyer or seller. Anyway – at the end of the day, all transactions are the responsibility of the real estate broker. So why not know your broker. For more information, visit http://www.philcebuproperties.com
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February 18th, 2010 - 9:40 pm
Thank you for the above information. However, is the 60 to 90 hours field training a requisite before anyone to take an examination for the licensing as a licensed broker? I know some licensed brokers never take field training before they take the licensing examination and eventually become a licensed broker. They just need to be a 4 years course college graduate with 144 units. Then they are qualified to take the licensing examination.