![]() ![]() ![]() This person typically is not responsible for supervising other agents. (Note: Some principal/designated brokers also serve as managing brokers.)Īssociate broker: This real estate professional-sometimes called a broker associate, broker-salesperson, or affiliate broker-has a broker’s license but is working under a managing broker. Managing broker: This person oversees the day-to-day operation of the office and typically takes a hands-on approach to hiring agents, training new agents, and managing administrative staff. Consequently, their earnings can fluctuate from month to month, depending on the volume and types of transactions completed by the agents at the firm. Like real estate agents, principal brokers get paid on commission-taking a cut of the commissions of the sales agents they supervise (although many principal brokers receive an annual base salary). Hence, “oftentimes if an agent is having an issue with another agent in a transaction, it is common for the broker of that agent to reach out to the cooperating agent’s broker to discuss the issues and determine a resolution,” says Baxter. Think of it as a similar safeguard to how stockbrokers must work at a licensed firm to trade stocks, rather than just winging it on their own.Ī principal broker is also often tasked with resolving transaction disputes with other brokerages (say, a disagreement over a home inspection), says Baxter. Consequently, this person is in charge of reviewing all real estate contracts. This person oversees all licensed real estate agents at the firm and ensures that agents are operating in compliance with state and national real estate law. Principal/designated broker: Each real estate office has a principal/designated broker. To sit for the broker’s exam and obtain licensure, real estate agents must have a certain level of experience under their belt-typically, three years as a licensed real estate agent. Prospective brokers also learn about real estate legal issues and how the law applies to operating a brokerage, real estate investments, construction, and property management. The extra coursework covers topics such as ethics, contracts, taxes, and insurance-at a more in-depth level than what’s taught in a real estate agent prelicensing course. What to know about a real estate brokerĪ real estate broker is someone who has taken education beyond the agent level as required by state laws and passed a broker’s license exam, says Jennifer Baxter, a broker at Re/Max Regency in Suwanee, GA.Įach state sets its own education and exam requirements. If you’re a first-time homebuyer, here’s what you need to know. Many people think that real estate agent and real estate broker are interchangeable titles, but there are actually key differences. ![]()
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