Real estate agents are also referred to as real estate associates and real estate sellers. Requirements to become a licensed real estate agent vary by state (no federal license). In New Mexico, the Real Estate Licensing Act attributes to licensees no less than a dozen possible titles and designations. List includes Qualified Broker, Associate Broker, Licensee, Designated Agent, Dual Agent, Responsible Person, Subagent, Transaction Broker, Property Manager, Broker in Charge, Inactive Broker, and Facilitator.
Notably absent from the list are the seller and the real estate agent. So what do you call the licensed person who is sitting across from you? Most buyers and sellers refer to it as their seller, agent, broker, realtor, or some pet name that is best left to the imagination. A licensed real estate agent connects buyers and sellers to transact and represents them in legal negotiations. In general, agents are compensated by commission, which is a percentage of the sale of the house.
The percentage agents receive depends on their status and brokerage. A brokerage agency is the management house for agents, allowing them to use the company's brand, connections, and legal team. If you are interested in a career in real estate, read our post on how to become a real estate agent. A real estate agent is responsible for negotiations between the buying and selling parties and for arranging real estate transactions.
However, real estate professions not only involve helping people buy and sell properties, but there are also many other options for working in real estate that you may not be aware of. The agent won't be too involved in ordinary real estate transactions for typical buyers and sellers, it's still important to know in case any questions or complications arise in your transaction. All individuals in New Mexico who hold a real estate license are subject to the New Mexico Real Estate Licensing Act (61-29-1 to 61-29-29 NMAC for their attorneys). As a real estate seller, your income is determined primarily by how long you invest, how much you work and, ultimately, how many homes you sell.
In almost every state, a real estate agent must work with or be affiliated with a real estate agent (an individual or brokerage firm), who is more experienced and has a higher license. If you love real estate and like photography, you can take pictures of houses for realtors and brokers. The broker assumes the legal responsibility of the agent in the event of any dispute and helps ensure that real estate transactions comply with state and federal laws. Buyers and sellers typically look for a real estate agent, build that relationship, and then use whichever broker is licensed by their chosen real estate professional.
In addition to being subject to state and federal laws, real estate agents are also subject to NAR's strict Code of Ethics, which provides effective mechanisms for self-monitoring, handling consumer complaints, providing educational opportunities, and many other services that benefit both Real Estate Agents like the public. It is important for consumers to understand if a real estate agent represents the buyer, the seller, or both parties; obviously, the loyalty of the agent can greatly affect various details of the transaction, including the final price. That means realtors can work independently or hire other real estate agents to work for them. The big difference between a broker and an agent is that it is the broker's duty, whether he works for a brokerage agency or solely for himself, to ensure that real estate transactions are legal, that all paperwork is correct and complete, and that all money, such as funds in escrow accounts, is register and report correctly.
As in any career, compensation or salary can differ between positions or even for the same position, the same goes for real estate agents. A qualified broker owns or runs a real estate company (real estate agent or not) and is responsible for all licensees working under their control. . .
