If you are thinking of buying or selling a home in Meridian, ID. you probably have talked to a realtor. You may refer to him or her as a real estate agent or talk about your visit with several real estate brokers before you decided on one firm. In fact, while the terms are used interchangeably, they are not identical. In fact, there are differences. These, although sometimes subtle in nature, are important for you to know.
Real Estate Agent
If you sign up with a real estate agent in Meridian, ID. you are working with someone who is part of a larger entity such as a real estate agency. A real estate agent is licensed to sell property of various types but cannot do so independently. In other words, real estate agents are usually employees of real estate brokers or realtors. They have achieved this entry level position after completing coursework on the subjects involved and successfully passed an exam on such things as:
*Encumbrances
*Appraisal
*Basic transactions
*Zoning
*Environmental laws
*Contract Law
*Freehold principles
*Real property
*Enablement
*Negligent misrepresentation
*State laws
*Variances
This does not rule out that a real estate agent in Meridian, ID. is not also a realtor, but sometimes, a real estate agent is simply that – a real estate agent. If he or she is a realtor, their business cards will indicate it to be so. The cards will feature the registered trademark of REALTOR®.
REALTOR®.
The distinguishing characteristic of a realtor is his or her membership in the National Association of REALTORS® (NAR). They are as trained in real estate as the average real estate agent. The do, however, have a specific REALTOR® Code of Ethics (17 articles in total) that they must adhere to. They must continue their ethics training every four years. As a real estate agent can be a realtor, realtors can be real estate brokers.
Real Estate Brokers
A real estate broker is real estate agent who has continued to study beyond the basic level and standards of the industry. As such, a broker has a more in depth understanding of all the different aspects of real estate and property law. He or she has passed the test in Meridian, ID. and received their real estate brokers’ license. This grants them the right to not only sell and buy real estate but also to work independently. Real estate brokers also have the right to hire other real estate agents and/or realtors to work for them.
Realtors, Real Estate Brokers and Agents
It has become common to refer to anyone who sells property as a real estate agent or realtor. In Meridian, ID. this is the norm for most people not involved in the business of buying and selling property in the area. Yet, a real estate agent may not be a realtor although the opposite is true. Furthermore, neither of them may be real estate brokers while the converse is often the reality.
Lee & Associates Idaho, LLC is the leading commercial real estate firm. They specialize in the sale, lease, and rental of commercial property of all types throughout the local area including retail, office, industrial, multi-family, and land.
