There are so many types of real estate agents that even agents sometimes confuse themselves. Some agents add titles after their names to help them stand out in a crowd. They might be associates, real estate consultants, salespersons, or REALTORs®, but they’re all licensed to sell real estate.
A real estate broker is a step above a real estate agent. A broker generally has more education than an agent, but not always. A real estate broker can work independently or hire real estate salespersons. The exact rules can vary from state to state, but most have somewhat similar requirements.
What Is a Broker Associate?
A broker associate is a real estate broker who works for another real estate broker. Although the broker could work for himself, many choose to join a larger real estate network. Some pay a flat fee to the employing broker and some earn a percentage of each transaction.
What Is a Real Estate Agent?
Agents are licensed salespersons. They’re not real estate brokers. A real estate agent must work for an employing broker and cannot work independently. Brokers are responsible for their real estate agents’ actions.
What Is a REALTOR®?
A REALTOR® can be a real estate broker or a real estate agent. All REALTORS® are agents or brokers, but not all agents or brokers are REALTORS®. It’s a title that means the individual belongs to the National Association of REALTORS® (NAR), subscribes to its extensive Code of Ethics, and pays annual dues. Not every real estate agent belongs to NAR.
What Is a Listing Agent?
Listing agents are also known as seller’s agents because they represent the seller. A listing agent can be a real estate broker or a real estate agent. These types of agents owe a fiduciary responsibility to the seller under a listing agreement and must protect that interest.
What Is a Buyer’s Agent?
A buyer’s agent is known as a selling agent, not be confused with a seller’s agent, a buying agent or, in some states, an exclusive buyer’s agent.
What Is a Dual Agent?
Agents enter dual agency when they represent both the seller and the buyer. Dual agency can happen even if there are two agents involved—a listing agent and a buyer’s agent—if both agents work for the same broker because the real estate broker creates agency. Dual agency is not legal in all states.
What Is a Transaction Agent?
In states where dual agency is not permitted, listing agents might find themselves in the position of writing an offer for the buyer. These agents can elect to become transaction agents. He doesn’t represent either party but simply facilitates the transaction.
source: The Balance