Many people do not know that there is a difference between a licensed real estate agent and a licensed real estate broker. Buying and selling properties in Amarillo, Texas takes a certain amount of knowledge, education, and understanding of local laws and requirements. Finding the right agent or broker is an important step in selling or buying a home. The roles of agents and brokers are different, as are the pre-qualifications and education requirements for each title. Agents and brokers also have different legal responsibilities within their field.
Roles of real estate agents and brokers
A licensed agent is a person the buyer or seller works with. The Amarillo agent’s job is to list homes and show homes in the area. These licensed professionals take offers, draw up contracts, interact with sellers and buyers, and oversee contracts and transactions. Agents also make sure surveys, title insurance, and home loan documentation are completed properly. A licensed professional will keep a buyer or seller updated during every step of the home buying or selling process.
Real estate brokers can perform all the duties an agent performs. Brokers also have the responsibility of running the company and overseeing the activities of their agents. State law regulates that real estate agents must work under a licensed broker. Real estate brokers may interact with larger transactions or may work on property investments.
Pre-qualifications and education requirements of real estate agents and brokers
Real estate agents are required to complete a pre-determined number of hours in prelicensure courses and licensure courses. Once the mandatory hours have been completed, an applicant must pass a state exam in their state. Real estate brokers have passed all the same courses and tests as real estate agents, but have also completed an additional course or courses. Brokers must also pass an additional state exam after being properly licensed as an agent in good standing under another broker for a minimum of two years.
Legal duties of real estate agents and brokers
Both real estate agents and brokers have specific legal duties when conducting business transactions. While real estate agents are held responsible for their actions while conducting business, brokers may also be held liable in the event of a breach of ethics. After a sale, commissions are typically paid to the agent and then the agent in turn pays a percentage to their broker. The fee pays for the agent’s office space, use of the broker’s branding and logo, advertising, and communications, among other items.
Hiring an experienced agent or broker is important when selling or buying a home in Amarillo, Texas and the surrounding area. If you are thinking about purchasing a new home, or selling your existing home, contact the Amarillo real estate specialists at Elite Real Estate Group. You can call us at (806) 337-0883 or send us an email by clicking on Contact Us to learn more about our services. You can also view our available listings to see the properties we have to offer.