Well, there are many types of real estate agents. There are real estate brokers, realtors, listing agents, broker associates and so on. In this article Zack Childress catalogs, interprets and describes some types of real estate agents.
A realtor is a member of a body called National association of realtors. A realtor is eligible to belong to state and local trade unions. By becoming a member of the NAR, he has to conform to its system of principals. He has to implement the ethics laid down by this guild and also pay annual dues to it.
A buyer’s agent represents the purchaser of a home in a real estate deal. There are agents who work for buyers out and out and these people don’t work for sellers. Agreements between the investor and the buyer’s agent are a little relaxed and sometimes it is not even mandatory.
A dual agent acts as the buyer’s and the seller’s agent in a real estate transaction. If you are purchasing a home in North Carolina, then the agent whom you are working with will also serve as the home seller’s agent. Using a dual agent has an advantage in that he is well known and comfortable with both the buyer and the seller. This eliminates confusions and practical difficulties. A seller may pay lower commission rates to a dual agent since chances of such agents lowering commission rates is higher. Sometimes, when a listing agent and a buyer’s agent work for the same broker, this is also called as dual agency. Dual agency may not be legal all the time.
Real estate broker
He is a biggie in the field. He has passed the broker’s real estate test and holds a license. He is qualified to run his own firm and monitor agents who work for him. He is eligible for taking up the exam if he has a 4 year degree and 8 college level real estate programs. As a higher ranking real estate professional, he may have to perform duties such as governing market values, marketing properties for sale, arranging home tours, home inspections and helping out customers by deciding on appropriate homes for them.
He is the seller’s agent. He lists the seller’s home in the local MLS listings. A real estate listing agent gets commission from the seller.
He is one who helps a broker or an agent with organizational work. He assists in opening of escrow accounts, paperwork and managing deadlines.
They are entry level real estate brokers who have just cleared their licensing exams. These fresher brokers work under real estate brokers similar to agents.
He does not represent either buyer or seller. He just mediates or regulates the deal.
People use terms such as real estate agents, realtors, real estate brokers and so on without really knowing that they mean different things. This list of agents, definition and elaboration by Zack Childress will clear this confusion.