The real estate agent is any person who has got a real estate license whereas a real estate broker is a person who has passed a real estate brokerage exam. The fundamental difference between a real estate broker and a real estate agent is that the real estate broker can own a real estate brokerage or a real estate firm such as Baudinet real estate brokers and can engage real estate agents to work for his or her clients. However, the real estate agents besides having a license of a real estate agent, need to complete the training course in order to get certain certification and can perform independently or get associated with any real estate brokerage.
Besides the eligibilities in terms of certification or qualification and license, the roles and responsibilities of a real estate agent and a real estate broker are different. The average income of a real estate agent comes around $33750 annually whereas a real estate broker earns around $ 54670 to $ 96150 a year. This income of the real estate agent comes through his or her works in terms of rent, buying and selling of properties on behalf of the clients. On the other hand, a real estate broker generates his or her real estate activities such as performing negotiations, arranging and overseeing the real estate transactions and running the real estate brokerage.
There are several types of real estate agents based on their real estate roles, responsibilities, functions, and specializations. The listing agents usually sell homes or properties, and agents who perform dual responsibilities of both doing listings for the seller clients as well as perform for the buyer clients are called dual agents. Similarly, a listing agent can also become a transaction agent if he or she writes an offer for the buyer when the buyer is unrepresented. At the same time, the listing agents, as well as seller’s and buyer’s agents, can also join the National Association of Realtors to become a realtor.
Similarly, there are usually three basic types of real estate brokers based on their functions and specializations. The real estate brokers normally choose their path or type of real estate specialization when they build their career based on their ambitions. The three types of real estate brokers are (1) the designated real estate brokers, (2) managing real estate brokers, and (3) the associate real estate brokers. Each of these three types of real estate brokers has specialization and function in different segments and nature of working in real estate business and perform separate types of duties and responsibilities.