Real Estate Agent Vs. Broker – Are There Differences In Oregon?
Real Estate Agent vs. Real Estate Broker – Many people hear these terms used every single day, especially when it comes to Real Estate but, sadly, the average home buyer doesn’t know the differences between the two.
In this post I will break down the differences between Real Estate Agents vs. Real Estate Brokers so that home buyers will be more informed about who they need to choose when it comes to buying or selling a home.
Understanding Real Estate Brokers
A Real Estate broker is an individual who is licensed to execute a Real Estate transaction, but in order for them to become a broker they must have knowledge of the Real Estate industry and even pass an examination in the state that they live.
Once a Real Estate broker passes their examination they will then be able to open their own Real Estate brokerage and be responsible for all of the day to day operations in that brokerage including paying for insurance, legal services and handling all liability for any issues that arise during a Real Estate transaction.
Real Estate Sales Persons
To become a Real Estate salesperson or listing agent one must also have knowledge of the Real Estate industry then pass a Real Estate exam for the state in which they live.
Once the Real Estate sales person has passed their exam they will then be able to sell Real Estate under a licensed Real Estate broker in their state.
Real Estate sales people (listing agents) have fewer liabilities and responsibilities than brokers but their jobs are equally important because, a Real Estate salesperson ultimately becomes a home buyer or sellers trusted advisor when it comes time to go through their Real Estate transaction.
Oregon Real Estate Transactions
In the state of Oregon all real estate licensees are brokers since several years ago the State did away with Associate Broker and Real Estate Sale Person, so at this point there are only Brokers and Principal Brokers.
Principal Brokers are required to have practiced real estate for a minimum of three years and also pass an additional board exam.
To learn more about the differences between Realtors vs. Brokers or to view the latest Bend Oregon homes for sale, contact me today by calling (541) 383-1426.