What is the Difference Between Realtor and Broker?

The main differences between a Realtor and a Broker are their roles, responsibilities, and education requirements. Here are the key distinctions:

Definition: A Broker is a licensed real estate professional who has completed additional training and licensing requirements beyond those of a real estate agent. They can work independently and hire other real estate agents to work for them. On the other hand, a Realtor is a licensed real estate agent or broker (or other real estate professional) who is a member of the National Association of Realtors (NAR) and must comply with NAR's strict Code of Ethics.
Role: Brokers can do everything an agent can do, but they have additional responsibilities such as ensuring all real estate transactions are lawful, all paperwork is accurately completed, and all finances are accounted for. Realtors, as members of NAR, adhere to a strict Code of Ethics, which sets them apart from non-member agents and brokers.
Responsibilities: There are three main tiers of real estate brokers, each with varying degrees of responsibility:
Associate brokers have broker licenses but choose to work under another broker.
Managing brokers oversee the day-to-day operation and transactions of the office and typically train new agents and manage administrative staff.
Principal/designated brokers oversee all licensed real estate agents at the firm and ensure that agents comply with regulatory requirements.
Income: While real estate agents and brokers are both primarily paid on commission, brokers typically make more money each year since they receive commission on their own deals as well as on the deals of the agents they employ.
Education Requirements: Brokers are required to complete additional education beyond what is required for a real estate agent license and must pass a broker's license exam.

In summary, a Broker has a more advanced role with greater responsibility and independence, while a Realtor is a member of the National Association of Realtors who adheres to a strict Code of Ethics. Both can help clients buy or sell property, but their roles, responsibilities, and education requirements differ.