What's a broker?

Did you ever wonder whether a real estate broker and a Realtor are the same thing?

Well, they're not. Not exactly, at least. Someone with a real estate license is a licensed real estate professional, or an agent. This person may also be a Realtor but isn't necessarily one.

We often think of any real estate agent as a Realtor, but to be one, he or she must be a member of The National Association of Realtors, which has trademarked the word "Realtor." Often when you see the word Realtor, it is capitalized and may even have a copyright sign next to it.

A real estate broker, meanwhile, has had additional training and holds a different license. Each Brokerage - or Real Estate Company - must have a Broker in charge, some where the buck stops. Coldwell Banker King Thompson, despite having many Real Estate offices throughout Columbus and Central Ohio, has only one broker in charge. Others in the company have acheived that level of education and experience but chose instead to work as a Realtor, not a Broker.

Don't think that you need a broker and not an agent, though. Either can serve you very well. Although many people casually refer to those who show and sell homes as brokers, they're often actually agents. Most people use the terms interchangeably.

If your agent isn't a Realtor, if he/she doesn't belong to the National Assocation of Realtors, then perhaps they haven't the level of experience or education you're seeking for representation.

*exerpts from the Motley Fool Home pages by Selena Maranjian