What is the difference between a real estate broker and a salesperson?
A real estate salesperson must work under a real estate broker. A real estate salesperson operates as a sub-agent to their sponsoring broker and can perform all of the duties of a broker. The first license you must obtain is a real estate salespersons license. Once you get enough experience, you can qualify to take the real estate broker's exam and get your broker's license. When you have a real estate broker's license, you can open your own real estate office and have salespersons work under you.
Related FAQs
As a real estate agent, you make money in the form of a commission once a sale or rental deal closes. The commission usually equals a percentage of the purchase price, such as 5% or 6%. The total commission will get divided between the seller's and buyer's broker, who in turn, share the commission with the salesperson.
According to the Bureau of Labor Statistics, the average real estate agent earns $50,300 each year, while the top 10% of real estate agents make over $110,000 per year. However, these statistics include both part-time and full-time agents. Real estate agents have unlimited earning potential.
A sponsoring broker is a real estate broker that employs a real estate salesperson. State law requires all real estate salespersons to work under a sponsoring broker. The sponsoring broker will actually hold the license of the real estate salesperson.
A real estate license is required if you represent a seller or buyer of real property as an agent and earn a commission in the process. It is important to note that you do not need a real estate license to buy or sell your own home.
As a Georgia real estate broker or salesperson you can sell or lease all types of real estate in the State of Georgia, and earn a commission in the process. You can also represent buyers looking to purchase any type of real property in the State of Georgia and earn a commission from the seller's broker.
A REALTOR is a licensed real estate salesperson who also belongs to the National Association of REALTORS. Many people believe that a REALTOR is another word for a real estate agent. However, this is not the case. If a real estate salesperson does not belong to the NAR, they cannot call themselves a REALTOR.
Here are the steps you should take to find a sponsoring broker: 1) Google brokers in your area. 2) Reach out to 10 brokers. 3) Schedule interviews with 4 or 5 of the brokers. 4) During the interview, ask them about commission splits and training. 5) Select the broker that best fits your career goals.
A real estate salesperson must work under a real estate broker. A real estate salesperson operates as a sub-agent to their sponsoring broker and can perform all of the duties of a broker. Once you get enough experience as a salesperson, you can qualify to take the broker's exam and get your broker's license.
Yes, you can use your real estate license whenever you wish, including part-time. In fact, many real estate licensees choose not to work full-time. As an independent contractor, your sponsoring broker cannot tell you how many hours you have to work.