Real Estate & Licensees
In the U.S., there are commonly two levels of real estate professionals licensed by individual states, not by the federal government:
# When a person first becomes a licensee to become a real estate agent, the person gets the license real estate salesperson in the state in which the person will practice. To be a real estate salesperson, the candidate must pass some specific courses and then pass a State on the sale of real estate. Then, in order to work legally, these vendors must be associated with (and act under the authority of) a real estate broker as described above. Many states also have specific reciprocity agreements with other states, which allows a qualified person licensed in another state, take the second review of another state without completing the course.
# A buyer’s agent represents the buyer during the transaction and has fiduciary duty to the buyer.
# A seller’s agent represents the seller during the transaction and has fiduciary duty to the seller.
# An agent is usually both the buying and selling agent at different times in his career, there are certain agents who will choose to work as an agent for buyers or sellers only.
# Then, usually after getting some experience in real estate sales, a salesperson may decide to become a licensed real estate broker. Commonly more coursework and a state exam on real estate must be approved. After obtaining a broker’s license, a real estate agent can continue working for another broker in the same capacity as before (often associated with an agent), become a branch office manager of real estate, or be in charge of his own brokerage and be able to hire another supplier (or broker) licensees.
Typically, a real estate license is needed to carry out a “real estate act” (such as showing properties for sale) for compensation, but principals (sellers or buyers) can perform these acts without a license.
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