Understand your job before you do it. Types of real estate agents, brokers and the difference between them

ImageWhen you are thinking about what real estate career path to follow, you might get some headaches.There are so many types of real estate agents and it’s becoming very confusing even for them but most of all for your clients. In order to do your job, it’s obvious that you must understand what you have to do and then you can work on how you do it:

Real Estate Agent

Agents are salespersons with a license. A real estate agent must work for a broker and cannot work independently. Brokers are responsible for their real estate agents’ actions.This sounds great right?

Requirements for a real estate salesperson license vary from state to state.

REALTOR®

Now this is confusing! A REALTOR® can be a real estate broker or a real estate agent. The title means that the he belongs to the National Association of REALTORS® (NAR), follows and respects its Code of Ethics and pays annual dues. Not every real estate agent belongs to NAR so this is like a superior agent.

Real Estate Broker

A real estate broker generally has more experience, certifications and it is said that he knows more than an agent, but this doesn’t always apply (that’s why there are good brokers and bad brokers). In California, a broker can get his licence in three different ways.

Those who have a four-year degree and have completed eight college-level real estate courses can qualify to take the broker’s real estate exam.
The others, Without a four-year degree the Department of Real Estate, must have two years of real estate sales experience, and completion of eight college-level real estate courses.
The broker’s exam is generally longer and more difficult than a salesperson’s exam. Brokers are must have higher standards of knowledge.

Broker Associate

A broker associate is a real estate broker who works for another real estate broker, of course!A broker associate could work for himself but many choose to join a larger real estate network (it’s a sure thing – days go by, money comes, no stress and no headache. Some pay a flat fee to the employing broker, and others earn a percentage of each transaction.

Listing Agent

Listing agents are also known as seller’s agents representing the seller, of course. A listing agent can be a real estate broker or a real estate agent. (Still following? Good!) The listing agents owe a fiduciary responsibility to the seller under a listing agreement and must protect that interest.

Buyer’s Agent

A buyer’s agent is known as a selling agent (not to be confused with a seller’s agent). Exclusive buyer’s agents do not work for sellers but most of them work with both sellers and buyers (not in the same transaction). Buyer’s agents may or may not require a buyer to sign a buyer’s broker agreement, depending on local custom.

Dual Agent

They represent both the seller and the buyer. A dual agency can happen if the there are two agents involved (a listing agent and a buyer’s agent) if both agents work for the same broker. That’s because it is the real estate broker who creates the agency. Dual agency is not legal in all 50 states.

Transaction Agent

In those 50 states where dual agency is not legal, listing agents who find themselves in the position of writing an offer for the buyer may choose to become a transaction agent. This agent does not represent either party but simply facilitates the transaction.

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Top British Columbia’s Real Estate Companies of 2013

The BC companies were extracted from a list of 250 Canadian companies. The chosen ones were featured in the first 100 Canadian companies and the top was made by Transaction Ends.

RANK Company City Province
1 Sutton Group – West Coast Realty Vancouver BC
13 Royal Pacific Realty Group Vancouver BC
14 RE/MAX Metro Realty Vancouver BC
15 RE/MAX Crest Realty North Vancouver BC
26 RE/MAX 2000 Realty Surrey BC
27 Macdonald Realty Ltd. Vancouver BC
41 RE/MAX Nyda Realty Chilliwack BC
42 RE/MAX Select Properties Vancouver BC
45 Prudential Sussex Realty North Vancouver BC
46 RE/MAX Camosun Victoria BC
60 RE/MAX Kelowna Kelowna BC
66 Pemberton Holmes Ltd. Victoria BC
81 RE/MAX Little Oak Realty Abbotsford BC
85 RLK Realty Ltd. O/A Royal LePage Kelowna Kelowna BC
89 RE/MAX of Nanaimo Nanaimo BC
94 RE/MAX Action Realty (1991) Inc. Fort St. John BC
96 Royal LePage Coronation West Realty Coquitlam BC

Persistence

Today’s Advice!

Whittier Strong

Yesterday a relative pointed out to me some troubles with yesterday’s post. She said, first off, that I painted my mom to be more naïve than she was. After all, she said, her first husband–before my father–had slept around and run off on her. Second, I had the facts of the divorce decree simply wrong. Our father could take us out of the county but not out of the state, that this is a standard clause in custody arrangements. I maintained that I was right because I remembered. My relative pointed out that she, unlike me, had actually read my parents’ divorce decree.

To the first point: One of the things I don’t like about blogging is the demand for conciseness. Though I could in theory write a 5,000-word blog post, I don’t have the time to write it, and no-one wants to take that long to read a…

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On dreaming reality and realizing dreams

Nothing related to real estate but a great example of how and why you should follow your dream no matter the sacrifice! You can do everything you want as long as you really want it

infinite satori

Press play. Repeat.

I dreamt about this. Literally, just a few months back. Before I flew to this side of the world. I dreamt about walking through its dilapidated concrete structure. I dreamt of looking over the hills that rolled to the crater lake with Taal Volcano in the distance. I dreamt of touching the walls and the handle rails of the stairs. In my dream this place was empty.

It wasn’t until I saw it with my own eyes again, that I realized. I have been here before. A long time ago.

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When I was little, I went to my school field trip and this was our stop over. Then I remembered those benches and a much younger version of me hopping from one bench to the next. It gave me goosebumps. 15 years later and here I am. I often think about these things. About growing up and…

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Welcome to Excel Realty Academy!

8451891_m - ready for a race

Perhaps you’re here because you are anxious to get your real estate license, yet you know there’s one challenging obstacle in your way — the UBC Exam! Or maybe you’ve already started the UBC course and now realize you may need some help. You may be frustrated, angry, or even doubting your choice to become a Realtor. You’ve come to the right place!

The blog is an informal, friendly place where we can share thoughts, ideas, fears and accomplishments. We will have some fun with study materials, pictures from classes, professional advice but we will also discuss other matters (like why the cats are so popular on the internet). We want to bring you inside our academy and to share the experience of being a real estate student or, why not, a professional. Our materials are presented in fun and interesting ways during class. At Excel Realty Academy, the instructor may role-play with you to help you grasp a concept. Or tell funny stories to help you remember a real estate law. You won’t know what to expect every day you walk into class — maybe there will be snacks, or an interactive lesson, or even dancing! So we want to give you a piece of that atmosphere virtually.

Enjoy the Excel Realty Academy Experience.