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In most states there are 2 types of licensed agent. The first is a salesperson and the next is a broker. Sometimes there is a third, that being a managing broker or broker of record. There has to be a broker in charge of an office where agents work and that broker is over and takes responsibilty for all the agents he or she sponsors.
The that broker may be the actual owner of the office and agency or may be empolyed by the owners who may or may not be licensed.
That broker may be paid a salary by the owner with or without employment benefits, or may work purely for a percentage split for the income brought into the office by the other agents or any variation in between. The broker might also go out and wok as an agent himself though that is not usual in larger offices.
It is also possible in most states for one person to be a broker owner by herself as a sole broker owner with no agents working for her. This has the advantages for the broker to be able to keep all the income without splitting with the office or broker as in most cases.
A brokers lic. exam is contains about 70% of the salespersons exam and is quite straight forward to obtain.
What else can I help you with?
What mean Broker of record in real estate?
The Broker Of Record is the Broker covering the listing or buying side in a Real Estate transaction. He/she is registered as the person responsible for the conduct of a brokerage and the agents who work for it.
Who does a real estate worker work for?
A real estate worker who is not a real estate agent can work for themselves and be a subcontractor or work for a real estate office(broker) and work directly for the owner. The difference will be how this individual pays taxes and gets paid. So there is a difference in your worker relationship. This is established when you are hired.
What is the difference between a realestate agent and a realestate broker?
A realtor is authorized to assist with peopling trade land, and is paid a commission when an arrangement is finished. The specialist might address either the purchaser or the dealer. A land representative does likewise work as a specialist however is authorized to work freely and may utilize specialists.
What is a principal real estate agent?
A person with a state/provincial license to represent a buyer or a seller in a real estate transaction in exchange for commission. Most agents work for a real estate broker or realtor.
What is the meaning of cobroke?
to work together or share profits. In real estate a co-broke contract would be between a listing broker and selling broker.
How old do you have to be to work as a real estate broker?
18 years old and a high school diploma or equivalency.
Can you work for a mortgage broker and a real estate broker at the same time?
Yes you can and many realtors do. There are certain restrictions and guidelines that must be followed to stay in compliance.
May CA real estate brokers legally work as broker of record for multiple companies simultaneously?
yes
Will transfer on death work for your house?
It all depends on just how the Real Estate Laws and Laws of Inheritance are worded in your state. You will need to check with a local attorney or real estate broker for this answer.
What is co broker in real estate?
A co - broker works with the listing brokerage to help sell the property. It is commonly referred as selling broker which will bring buyer and the listing broker will work seller to help complete the transaction.
What is the difference between a real estate agent and a real estate salesperson?
An agent (captive) works directly for a single insurance company and is limited only to that company's offerings. A broker represents many insurance companies and can therefor provide you a multitude of offerings. Some agents (those working for larger agencies) actually work much like a broker and do in fact represent more than one company. While captive agents may not like this it certainly is to the consumers advantage.
What is the work of a real estate broker?
The real estate broker runs the brokerage. He or she hires agents, fires agents, and runs the business. The following answer is not true, and it is not mine. His duty is to find the buyer and seller from the market and make a deal between them he is like a bridge between seller and buyer.
