Practical and Helpful Tips: Properties

Practical and Helpful Tips: Properties

Buying a Home with a Real Estate Agent, Broker or Realtor It can be daunting to choose someone to represent you in a real estate deal. But thanks to the Internet, not only will you find a real estate office on nearly every corner, but you’ll also be able to access to an almost infinite list of prospective agents and brokers. Going through all of this can be time-consuming and full of pitfalls along the way, particularly for first-time home buyers. Fortunately, there are real estate professionals who can always help. The question is, do you get an agent, a broker or a realtor? These terms are usually interchanged by people who have no real understanding of their differences, if they even know they’re not the same. A real estate agent is an individual who has passed a state licensing exam after completing a basic training course. In short, anyone can practice as a real estate agent as long as they work under a licensed broker. Also, they have to take continuing education courses as a requirement for renewing license periodically.
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On the other hand, a real estate broker has to take more classes in varied subjects before being qualified to take the broker’s license exam, and continuing education courses for their license to remain active. However, unlike sales agents, brokers can work independently, that is, without being affiliated with another real estate professional.
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Both real estate brokers and a sales agents, as long as they are licensed, can represent buyers and sellers legally in any real estate transaction. However, one thing they are not allowed to do is call themselves a REALTOR(R), except when they are members of the National Association of REALTORS(R) (NAR). NAR, which owns REALTOR(R) as a trademark, is known for its very strict Code of Ethics. A Buyer’s Agent and Why You’ll Need One Regardless of the strength or weakness of the housing inventory at any specific time in your target location, not all real estate professionals enjoy pursuing potential sellers just to rack up listings. However, some agents and brokers actually choose to represent strictly buyers, reason they are called buyers’ agents. They require no special license to do that, but the NAR has instituted a special course of study for it if they want to earn the Accredited Buyer’s Representative (ABR(R)) designation. On top of completing this course, agents and brokers who have this accreditation have worked on no less than least five transactions as well, acting exclusively as the representative of the buyers. Certainly, they also have to be members of good standing of NAR and the Real Estate Buyer’s Agent Council. As a first-time home buyer, being represented by a buyer’s agent is no doubt a wise idea, what with their expertise in promoting buyers’ interests and in the buying process itself.

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