Agent vs Realtor
So, agent vs realtor, whats really the difference? People often refer to real estate agents as “Realtors.” But technically, this trademarked term applies only to members of the National Association of Realtors (NAR), which holds its members to a code of ethics and professional standards. So not all real estate agents are Realtors®, but all Realtors are real estate agents. Gateway Realty LLC’s team consists only of Realtors.
As long as they’re licensed, either an agent or Realtor can legally represent you. And either one can be great. But arguably, a Realtor is more accountable.
Broker vs. agent
It also helps to understand that there are real estate Brokers, and there are the real estate Agents who work for them.
Both are licensed by the state, but brokers have taken their real estate education a step further. Brokers can work independently, and they can also hire agents to work for them in an agency, such as our team at Gateway Realty LLC. Agents must work under a licensed broker who is legally responsible for them.
Brokers and agents can represent the buyer, the seller, or both.
Agent vs realtor vs broker? Turns out there’s even more to it than that!
A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and ﬁdelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.
A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and ﬁdelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s ﬁnancial ability to perform the terms of the transaction and, if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.
A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction-broker concerning a property or a buyer’s ﬁnancial ability to perform the terms of a transaction and, if a residential property, whether the buyer intends to occupy the property. No written agreement is required.