What is the difference between realtor and broker?

Definitions

realtor

- Referring to a licensed professional who works in the real estate industry.

- Talking about someone who helps clients buy, sell, or rent properties.

- Describing a person who is a member of the National Association of Realtors (NAR).

broker

- Referring to a licensed professional who acts as an intermediary between buyers and sellers in the real estate industry.

- Talking about someone who helps clients buy, sell, or rent properties.

- Describing a person who is authorized to manage real estate transactions on behalf of clients.

List of Similarities

• 1. Both are licensed professionals in the real estate industry.
• 2. Both help clients buy, sell, or rent properties.
• 3. Both have knowledge of the local real estate market.
• 4. Both work on behalf of their clients to achieve their goals.
• 5. Both earn a commission on successful transactions.

What is the difference?

• 1. Membership: Realtors are members of the National Association of Realtors (NAR), while brokers are not required to be members.
• 2. Scope: Brokers have a broader scope of practice and can manage real estate transactions beyond buying, selling, and renting, such as property management and leasing.
• 3. Responsibility: Brokers have more responsibility than realtors and can legally represent clients in real estate transactions, while realtors cannot.
• 4. Qualifications: Brokers require more education and experience than realtors to obtain a license.
• 5. Specialization: Realtors may specialize in a particular type of property, such as residential or commercial, while brokers may specialize in a particular aspect of real estate, such as investment or development.

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Remember this!

Realtor and broker are both licensed professionals in the real estate industry who help clients buy, sell, or rent properties. However, the difference between realtor and broker is their membership, scope, responsibility, qualifications, and specialization. Realtors are members of the National Association of Realtors (NAR) and may specialize in a particular type of property, while brokers have a broader scope of practice and can manage real estate transactions beyond buying, selling, and renting.