Most states differentiate between two types of professionals– agent and broker.
A real estate broker runs a real estate agency and must pass an exam and be licensed to be a broker, while a real estate agent must pass an exam and be licensed to sell property.
What are the different types of real estate?
There are four types of real estate:
- Residential real estate: These includes both new construction and resale homes.
- Commercial real estate: These includes shopping centers and strip malls, medical and educational buildings, hotels and offices.
- Industrial real estate:
What are the 4 types of real estate?
Four Types of Real Estate
The most common category is single-family homes. There are also condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational and vacation homes.
What are the 3 types of property?
In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).
What’s the difference between a real estate agent and realtor?
Although both must be licensed to sell real estate, the main difference between a real estate agent and a REALTOR® is the latter is a member of the National Association of REALTORS®. Adopted in 1913, the Code of Ethics is strictly enforced by local real estate boards.