In today's video, I'm going to cover the difference between a real estate agent vs. broker.
Some other things I'm going to cover include:
Common misconceptions related to terminology
Advantages of having a brokers license over an agent or salesperson license?
What is required to get a broker license vs. an agent license?
Disadvantages of having a brokers license vs. an agent license?
Things To Note First
“Salesperson” license is what MOST people receive.
Easier test with low pass/fail threshold (70% score gets you a pass)
Salesperson's license is useless unless you work for a broker. You cannot represent someone else or accept ANY commissions without a sponsoring broker.
“Realtor” is NOT a generic term. Member of Natl. Assoc. Of Realtors. Realtor code of ethics.
Operate on your own
Can start a brokerage and recruit other agents to work for you
“Broker/Owner or Broker Associate” title may give you an edge versus other agents in the minds of your prospective clients.
How To Earn a Broker License
In some states, like WA, all real estate salespeople are titled “Brokers”. However, there may be different levels of brokers. Broker vs. Managing Broker
In almost all states, the requirement to obtain a broker's license is much higher than a salesperson's license
Typically, there’s a requirement for the length of time as a salesperson
The required amount of experience
Pass the broker exam
Held to the highest level of the law
Much harder exam to pass with higher pass/fail limit
Possibly higher insurance and licensing costs
Liable for the actions taken by salespeople whose license you’ve sponsored
Build a team
Join a brokerage that allows you to build revenue or profit share
This episode originally aired on my weekly live show, The Monday Mastermind. To join in on the next conversation, go to themondaymastermind.com every Monday at 6pm CST.
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