Difference Between a Real Estate Broker and a Real Estate Agent

There are many differences between a real estate broker and a real estate agent. Some of these differences are  the number and kind of exam that both professions are required to have, their responsibilities and job descriptions.

The Cebu real estate industry has recently become a fast growing business  resulting to the increasing number of people becoming real estate agents or real estate brokers. But what is the difference between the two?  A lot of people probably think that a real estate broker and a real estate agent are one and the same. That is not true.  Although, both professions are required to take exams, their differences are several.

Who is the Boss

A real estate broker is a person or a company that has the license to operate real estate transactions. The real estate company may have several real estate agents working for it but may also just have one licensed broker. In other words, a licensed broker may have a number of agents working under him and using his license as a broker.

Requirements to Become a Real Estate Broker

A real estate broker has more education, training, and experience to be able to qualify for the real estate broker exam. This can be broken into 60-90 hours filed training, actual real estate marketing, and the comprehensive real estate exam.

Work Responsibilities

The burden of responsibility lies with the real estate broker and not with the real estate agent. Though transactions can be made by the real estate agents, ultimately at the end of the day - responsibility is shouldered by the real estate broker that all transactions are well done and preserved.

Capabilities of an Agent

It is usually the agent who meets up with buyers and sellers, and not the real estate brokers. It may seem to the consumers that there is very little difference in what a real estate broker and real estate agent does. That is because an agent has the license and capability in doing the basic chores that  consumers need to do but mostly want to be done for them. Real estate agents are the ones who will assess the needs of the clients, the  property listing they desire, and in filling-out the contracts. They also handle negotiations among two parties. So for example, if a buyer is looking for a house, the agent can show him many different houses and also get him a good deal for the property.  Similarly, if a seller wants to sell a  real estate property, the agent has access to all the same network as the broker that the agent is working for.

Having a real estate broker aside from the real estate agent is beneficial to the client because they can go to them when a problem occurs. It guarantees security on the part of the clients. For more information about Cebu real estate, please visit PhilCebu Properties

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