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5 Key Takeaways on the Road to Dominating Properties

Purchasing 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, you can get help from many real estate professionals out there. The question is, which one of them – agent, broker or realtor? A lot of times, these terms are used interchangeably and by people who don’t really understand their differences. For one, a real estate agent is a person who’s completed some basic training course and passed a state licensing exam. In short, anyone can practice as a real estate agent as long as they work under a licensed broker. As well, they need to complete a specific number of hours of continuing education courses as a requirement for periodic license renewal.
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On the other hand, a real estate broker, is required to take more classes in different subjects before they qualify to take the broker’s license exam, and take continuing education courses to keep their license active. However, unlike sales agents, brokers can work independently, that is, without being affiliated with another real estate professional.
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In any real estate transaction, both brokers and agents will be able to represent buyers and sellers, provided they are licensed. One thing they are not allowed to do, however, is use the title, REALTOR(R), unless they are actually members of the National Association of REALTORS(R) (NAR). REALTOR(R) is basically a trademark owned by NAR, which follows a very strict Code of Ethics. A Buyer’s Agent and Reasons You 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 do not need a special license for this, but the NAR has instituted a certain course of study for those who want to be an Accredited Buyer’s Representative (ABR(R)). 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. If you’re a first-time home buyer, having a buyer’s agent represent you is, without a doubt, an excellent idea, what with their wide knowledge and experience dealing with buyers and the purchase process itself.