Updated: Apr 2
January 27, 2020
You might have heard the term real estate broker and assumed that it was the same as a real estate salesperson. After all, the two terms do sound similar, don’t they? However, there are some very important differences between the two. We are going to take a look at what a real estate broker is and the different types of real estate brokers in New York.
What Is A Real Estate Broker?
So, what, exactly, is a real estate broker? A real estate broker is ‘someone who has taken education beyond the agent level as required by state laws and passed a broker’s license exam’. Every state sets its own education and exam requirements and the coursework covers topics such as ethics, contracts, taxes, and insurance at a much more in-depth level than what’s taught in a real estate agent licensing course.New York real estate brokers learn about real estate legal issues and how the law applies to operate a brokerage, real estate investments, construction and property management. Most states require at least three years of experience as a licensed real estate agent before you can take the real estate broker exam.
Types Of Real Estate Brokers
Principal/Designated Broker- every real estate office has a principal/designated broker. This person oversees all licensed real estate agents at the firm and ensures that agents are operating in compliance with state and national real estate law. They are also in charge of reviewing all real estate contracts.
Managing Broker- a managing broker oversees the day-to-day operation of the real estate office and is in charge of hiring agents, training new agents, and managing administrative staff.
Associate Broker- an associate broker, sometimes called a broker associate, broker-salesperson, or affiliate broker, is typically not responsible for supervising other agents. Associate brokers work under managing brokers until they gain the knowledge and experience to become a managing broker themselves.
Contact iTraining Real Estate School
To learn more the industry’s leading real estate educational service, contact iTraining Real Estate School today and speak with a real estate training professional who can answer any questions you might have about receiving your New York Real Estate broker license.
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