A real estate broker or agent is the person who acts as a mediator between one who wishes to sell and one who wishes to purchase real estate or real property. They also find the prospective seller and buyer for real estate.In the United Kingdom, the term estate agent is used to illustrate a person or organization who is mainly involved in marketing on behalf of their clients. But brokers and estate agents are not the same and have significant differences.
In the United States, real estate agents or brokers assist clients in the marketing and selling of their property for the highest possible price. Possessing a real estate agent or broker license is necessary for selling real estate in the United States. Realtors are the members of the National Association of Realtors, North America’s largest trade association who looks after almost every aspect of the residential and commercial real estate industries.
Very often people use the term realtor and real estate agent interchangeably but there are significant differences between a realtor and real estate agents. Being a member of the National Association of Realtors, realtors are supposed to follow very strict guidelines. Realtors are morally and ethically different from real estate agents.
Realtors follow rules such as they take an oath to do their job honestly and treat the parties impartially. They are not suppose to make any exaggerated statement and should depict the situation or condition of property as it is. They should always be ready to cooperate with other brokers when it comes to the interest of their clients. If they are personally involved in selling or buying the property, they should disclose it. They should not collect any interest without the knowledge of seller. They should also help in writing an offer which is easy to comprehend by both parties. There are many other rules and regulation realtors are expected to follow while performing their duties well.