10-02-2005, 05:20 PM
| | The distinctions among the terms of agent, realtor, and broker
The terms agent, realtor, and broker are often used interchangeably, but it is important to recognize the distinctions among them.
Brokers are licensed to buy, sell, exchange, or lease property for others in exchange for a fee.
Agents or real estate salespersons are licensed to sell real estate as representatives of the broker for whom they work.
Brokers can own or manage a real estate office; agents cannot.
Realtors are agents or brokers who are affiliated with the National Association of Realtors, which has organizations at both the state and national levels.
Realtors agree to conform to the code of ethics of the association, agree to pay annual dues to maintain membership and, in the event of disputes arising under a transaction, must abide by its decision in dispute resolution.