What is the difference between a Broker, a Realtor and a real estate agent?

 

Real estate agents who belong to the National Association of Realtors are allowed to call themselves Realtor or use the associated registered trademark of REALTORS. They subscribe to a stricter code of ethics, usually better skilled, more education, and more professionalism. Both Broker and Realtor are real estate agents, but not all real estate agents or brokers are Realtors. However, all Realtors are real estate agents and all real estate agents subscribe to the State's standard code of ethics.

Brokers all have at least two years of experience, are 18 years or older, have a high school diploma or equivalent, taken 120 specialed education credit hours, and have passed the State's broker's exams. Whereas, a real estate agent does not need to have a high school diploma or 120 specialized education credits. They are only required to have 60 hours to obtain a license and 30 hours to renew their license every two years. There are three types of brokers: a designated broker (sometimes referred to as a broker owner), managing broker, and an associate broker.

A broker may be a person, a corporation or a partnership, licensed to represent the public in real estate transactions for a fee. A designated broker is a corporate officer or general partner who is authorized to act as the broker for a licensed corporation or partnership. A managing broker is an associate broker who has been delegated or hired to manage the real estate company or a branch of the company. An associate broker is a real estate agent who has met the requirements to become a broker but is affiliated with another broker's business, or where they "hang" their license with a licensed broker's business.

Learn more with these links:

• National Association of Realtors
• Washington's state requirements for real estate agents.
• Broker requirements for Washington state.