Difference Between A Real Estate Salesperson And Broker
Introduction
Real estate is a lucrative industry with many job opportunities. Two of the most common roles in this industry are real estate salespersons and brokers. While the two jobs may sound similar, there are some significant differences between them. In this article, we will explore the difference between a real estate salesperson and broker.
What Is A Real Estate Salesperson?
A real estate salesperson is an individual who is licensed to sell real estate. They typically work under the supervision of a real estate broker. They are responsible for helping clients buy or sell real estate properties such as homes, commercial buildings, and land. They earn a commission on the sales they make.
Real estate salespersons are required to complete pre-licensing education and pass a state licensing exam. They also need to meet continuing education requirements to maintain their license.
What Is A Real Estate Broker?
A real estate broker is a licensed professional who has completed higher education and has passed a more rigorous licensing exam than a salesperson. They can also work as a salesperson if they choose.
Brokers can work independently or hire salespersons to work for them. They are responsible for managing the salespersons they employ and must ensure that they are following the laws, regulations, and ethical standards of the industry. Brokers can also provide additional services such as property management, real estate investment advice, and market analysis.
Differences Between A Real Estate Salesperson And Broker
There are several key differences between a real estate salesperson and broker:
Licensing requirements
Real estate salespersons are required to complete pre-licensing education and pass a state licensing exam. Brokers are required to complete additional education and pass a more rigorous licensing exam.
Responsibilities
Real estate salespersons are responsible for helping clients buy or sell real estate. Brokers have additional responsibilities such as managing salespersons and providing additional services.
Commission
Both real estate salespersons and brokers earn a commission on the sales they make. However, brokers may earn a higher commission percentage due to their additional responsibilities and expertise.
Supervision
Real estate salespersons work under the supervision of a real estate broker. Brokers can work independently or hire salespersons to work for them.
Educational requirements
Real estate salespersons are required to meet continuing education requirements to maintain their license. Brokers are also required to meet continuing education requirements and may need to complete additional education to renew their license.
Conclusion
Real estate salespersons and brokers play different roles in the real estate industry. While they may have some similar responsibilities, brokers have additional responsibilities due to their higher level of education and licensing requirements. Whether you are looking to buy or sell a property, it is important to understand the differences between these two roles to ensure that you are working with the right professional for your needs.