A real estate agent is anyone who has earned a real estate license.
A real estate broker is an agent who has also passed their broker license exam.
The primary difference between a real estate agent and broker is that a broker can own a real estate firm or hire agents to work for them.
Do brokers make more than real estate agents?
The gross median salary for licensed real estate brokers in the U.S. was $69,640 in 2016, according to NAR data published in 2017. A big part of the reason that salaries for real estate brokers were significantly higher than sales agents’ salaries is that it’s common for agents to work part-time while in other jobs.
Do you have to be a real estate agent before a broker?
Depending on their state’s requirements, prospective brokers must spend one to three years working as a real estate sales agent before they can apply for licensure. It may take additional weeks or months to complete the required training course and pass the broker licensing examination.
What does a broker do?
A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. A broker also refers to the role of a firm when it acts as an agent for a customer and charges the customer a commission for its services.
What is a Home Broker?
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually work under a licensed broker to represent clients.
Can real estate agents make millions?
But unlike W-2 jobs, a commission-based job like real estate agent or broker has limitless income potential. Some agents make over a million dollars a year. You get back in income what you put into it in effort and time. New agents typically have to give more to their brokers because they require more training.
Can a real estate agent be a broker?
A real estate agent must work for an employing broker and cannot work independently. Brokers are responsible for their real estate agents’ actions. Requirements for a real estate salesperson license can vary from state to state as well.