What’s The Difference Between A Real Estate Agent, Broker & A Realtor?

What's The Difference Between A Real Estate Agent, Broker & A Realtor

When you ask somebody, “What do you call somebody who buys and sells houses?”, you may get a multitude of different answers. Real estate agents, brokers, and realtors are often used interchangeably. While it may be true that these job titles refer to the same industry, there are some key differences to be aware of.

The qualifications and standards of each job title differ greatly. For example, while a nutritionist and a dietician both study food science, a dietician is held to much higher standards and is regulated by the law. Let’s check out the differences between a real estate agent, a broker, and a realtor.

Real Estate Agent

While it’s often seen as an umbrella term for anyone who buys and sells houses, the job title of real estate agent holds the least weight of the three positions. Real estate agents focus exclusively on buying and selling.

If you want to become a real estate agent, there are a few qualifications/steps that you need to take:

  • You are 18 years of age or older
  • You have graduated grade 12
  • You are a legal citizen of Canada
  • You can complete the licensing course in your province
  • Join a brokerage agency
  • Take the licensing exam
  • Get any insurance and one-to-one training required in your province

Real Estate Broker

The key difference between a real estate agent/salesperson and a real estate broker is training. When somebody already has the position of an agent, it’s relatively easy for them to move up the ladder and become a broker by taking additional courses and receiving further education in their field.

Agents and brokers alike have to follow the Real Estate and Business Brokers Act of 2002, and all of the licensing requirements remain the same. The broker job title allows somebody to manage or own their own brokerage, allowing them to hire other real estate agents

REALTOR®

Written most commonly as REALTOR®, this is the most protected term in the industry and acts as a registered industry trademark. Anyone who has sold a property with the help of a brokerage may have heard the acronym CREA – this stands for the Canadian Real Estate Association.

CREA operates across 90 real estate boards all over Canada and is often the primary medium of putting out house listings. To become a REALTOR®, you must be a CREA member in good standing. REALTORS® have access to a world of resources that the other two professions do not. REALTORS® generally run the largest brokerages in the country.

Looking For An Experienced REALTOR® in Pickering & Durham Region?

If you are looking for a REALTOR® in or around the Pickering area or the Durham Region, then you’re in luck!

The Bansal Team consists of a qualified team of REALTORS® who can assist anyone looking to buy or sell a home in the area. To find out how we can help you with all of your buying and selling needs, contact us today.

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