What is the Difference Between Agent and Broker?

The main difference between an agent and a broker is the number of responsibilities they have and their representation in the real estate industry. Here are the key differences:

• Real Estate Agent: A real estate agent is a licensed professional who assists with real estate transactions, such as helping people buy, sell, and rent properties. They are responsible for bringing buyers and sellers together and are paid a commission for their services.
• Real Estate Broker: A real estate broker is a professional who has completed additional training and licensing requirements compared to an agent. They can work independently and hire other real estate agents to work for them. Responsibilities of a broker include ensuring that all real estate transactions are lawful, that all paperwork is accurately completed, and that all finances are accounted for.

In summary:

• Real estate agents assist with property transactions and work under the supervision of a broker.
• Real estate brokers have additional responsibilities, such as ensuring the legality of transactions, accuracy of paperwork, and proper accounting of finances.
• Brokers can work independently and hire other real estate agents to work for them.

Comparative Table: Agent vs Broker

Here is a table comparing the differences between an agent and a broker:

In summary, agents represent insurance companies or work for a brokerage firm, while brokers represent the insured and can work independently or start their own brokerage. Agents can bind coverage, while brokers cannot without handing off the account to an agent or insurer. Real estate agents help people buy, sell, and rent real estate, while real estate brokers have additional training and can work more independently, hiring other real estate agents.