All You Need to Know About Real Estate Agent Titles
Provisional brokers, dual agents and brokers-in-charge, oh my! So many real estate titles, so little time to research them all. No worries! We have the short list of the most common real estate designations and types of agents you can find—and all right here in one place. What do they mean? What do they do? Which one is right for you? Find out here.
A provisional broker’s license is issued when a person has met all license qualification requirements (including passing the license exam). They may generally perform the same acts as a broker so long as he or she is supervised by a broker-in-charge. Once licensed, a provisional broker must complete a post license course of at least 3 – 30 hour courses within 3 years after licensure. Once this is completed a provisional broker will be issued a broker’s license and may either continue to work for other brokers or brokerage firms or open and operate your own real estate business.
REAL ESTATE BROKER
A real estate broker is someone who has taken education beyond the agent level as required by state laws and has passed a broker’s license exam. The extra coursework covers topics such as ethics, contracts, taxes, and insurance at a more in-depth level. Prospective brokers also learn about real estate legal issues and how the law applies to operating a brokerage, real estate investments, construction, and property management. Real estate brokers must already have a certain level of experience under their belt—typically, three years as a provisional broker plus post-licensure course completion.
In order to become a Realtor—a licensed agent with the ability to use that widely respected title—an agent needs to be a member of the National Association of REALTORS®. As a member, a person subscribes to the standards of the association and its code of ethics—while also maintaining a high standard of service. Membership in the NAR also comes with access to real estate market data and transaction management services, among other benefits.
A dual agent represents both the buyer and seller in a real estate transaction but only with consent of both parties—and should be neutral with regard to any conflicting interest of the seller and buyer. That means a dual agent can't satisfy fully the duties of loyalty, full disclosure, obedience to lawful instruction but still owes a duty of confidentiality of material information and accounting of funds. Written consent for dual agency should come from both the buyer and seller.
Designated agency is when one agent within the firm represents the seller and another represents a buyer. Only your designated agent represents your interests. A real estate licensee, typically the broker of record, is the one who designates the agents to represent separate parties in the transaction. In this arrangement, the broker of record becomes a dual agent. Written confirmation and agreement is mandatory by both a buyer and seller in a designated agency relationship. With this arrangement each of the parties has representation.
In addition to helping people buy and sell homes, many real estate professionals help people find properties to rent. Sometimes a rental agent will guide your search from the very start, helping you find the right neighborhood, apartment size, and price range, then go with you to open houses. More likely though, you'll already have a lot of that information decided, and the agent will send you listings that might be of interest to you. Once you've decided on a rental, your agent should help you read and understand your lease.
Are you ready to meet Sun-Surf Realty's professional and experienced real estate agents? You can find your Emerald Isle realty specialists right here!
You can read more about the different types of real estate agents and designations at Realtor.com.
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