Whats the difference between a Realtor and a Broker?
First, a realtor is a member of the local real estate board. Not every real estate agent or broker is a member, but you want one that is in most cases. A little town with a couple agents, it probably doesn’t matter, but in a larger urban or suburban area, find an actual realtor. Now the distinction is actually between an agent and a broker. The broker is the guy who can actually list houses and represent the buyer/seller. The agent is a sales/listing specialist who works through the broker, sort of as a sub-contractor. The broker has one type of license and the agent has a different type. The broker actually holds the agent’s license, and an agent cannot work without the backing of a broker. When commission is paid, the listing broker generally gets 55% and the selling broker gets 45%. The rationale is that the listing broker paid for the advertising, got the listing in the first place, etc. They split the commission with their own agents, so that the listing agent will get 50% of the
