There are many terms that you will have to familiarize yourself with when you are interested in buying real estate. Terms such as adjustment date, blended rate, encumbrance, and land trust are all different aspects of real estate that may be unfamiliar to you at first. As well, it can be hard to distinguish between the various roles of agents that you will have to deal with when buying a new home. When it comes to real estate, it can be difficult to determine whether to call a real estate broker or an agent – aren’t they the same anyway? The short answer is no, they are not, and the problem is that many people do not know the difference and use the two terms interchangeably. Here are some of the major differences between a real estate broker and a real estate agent.
Real Estate Agent
A real estate agent is a licensed individual who has successfully completed a course of study as required under the Real Estate Act for their province. These licensed sales persons must work for an employing broker and cannot be independent since brokers are responsible for their real estate agents’ actions.
Real Estate Broker
In general a real estate broker has more training. To be a real estate broker, you must already be a real estate industry member with two years’ documented licensed experience and, depending on your province, completion of various real estate courses. A real estate broker can work independently and hire real estate agents onto a larger team.