Representation in Real Estate

Buyer Broker, Buyer Agent or Realtor?

December 27, 2022
Representation in Real Estate

Buyer Broker, Buyer Agent or Realtor?

December 27, 2022
Representation in Real Estate

Buyer Broker, Buyer Agent or Realtor?

December 27, 2022
Representation in Real Estate

Buyer Broker, Buyer Agent or Realtor?

December 27, 2022

There are different names or titles used by people working in real estate.

This article defines the following;

buyer broker, buyer agent and Realtor 

Let’s start by answering the following question. What is a real estate agent?

A real estate agent is someone who has passed a real estate examination and obtained a license to work in a state or jurisdiction.

In the Greater Washington D.C. area, many real estate agents are licensed in the District, Maryland and Virginia. This allows the real estate agent to work in each state and the District of Columbia. 

A real estate agent becomes a Realtor by joining the National Association of Realtors. 

The National Association of Realtors is a membership composed of residential and commercial real estate agents, brokers, property managers and other related professionals. 

Membership in the National Association of Realtors is sometimes required if real estate agents want to have access to their local Multiple Listing Service, a private database created and maintained by real estate professionals. The Multiple Listing Service is where most properties are listed for sale. 

Recap-

A real estate agent has passed a real estate examination and obtained a license.

A Realtor is a licensed real estate agent who has passed a real estate examination and joined the National Association of Realtors. 

A real estate broker is either-

A real estate agent who completes additional educational training to obtain a real estate broker license

Or

A lawyer

Lawyers do not need to take the real estate broker examination in order to be real estate brokers. 

Recap-

A real estate broker can be a lawyer or a real estate agent who takes additional required courses and obtains a real estate broker license. 

A buyer broker works for a buyer but only if there is a signed agreement saying so. 

If you are a home buyer, you should have a signed buyer broker agreement with the real estate professional representing you. If you don’t have an agreement, that agent doesn’t work for you. 

It’s complicated and you can read more about it here. 

If a signed agreement scares you a bit, sign it for a weekend or two weeks or whatever makes you feel comfortable. This is the first step in protecting your best interests as a home buyer.

The second step is understanding representation. This is also complicated and you can read more about it here, but here’s a quick takeaway.

  • Exclusive buyer agents and brokers only work for home buyers. That’s it. No sellers, no listings at the brokerage, no dual agency agreements. These real estate professionals have drawn a line in the sand. Exclusive buyer agents and brokers have stepped away from the agency mess. These real estate professionals are members of the National Association of Exclusive Buyer Agents. 
  • Buyer agents, designated agents, dual agents, listing agents and other named real estate agents work for brokerages that take listings. These brokerages represent sellers. 
In Washington D.C. and Virginia, dual agency is allowed. This is a single agent "representing" the best interests of a seller and buyer in a transaction. In Maryland, designated agency is allowed. This is a variation of dual agency as a single brokerage "represents" the best interests of a seller and buyer in a transaction. With designated agency, the broker is the dual agent and assigns real estate agents to "represent" the buyer and seller.
  • A listing brokerage works for a home seller. They have a signed agreement with the seller detailing their commitment to the sellers best interests.
Stephen Mercer & Marshall Henderson
Our goal is to provide clarity to real estate representation. 

We believe once a home buyer is informed about representation and the home buying process, they will choose to have an advocate on their side. After all, buying a home is one of the largest financial decisions a person makes in a lifetime. You deserve full representation in the process. 

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How can we help?

If the exclusive buyer agents at HomeBuyer Brokerage can assist you in any way, please don't hesitate to contact us at info@homebuyerbrokerage.com.

How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.

Buyer Broker, Buyer Agent or Realtor?

By
December 27, 2022
Buyer Broker, Buyer Agent or Realtor?
Buyer Broker, Buyer Agent or Realtor?
Buyer Broker, Buyer Agent or Realtor?
Buyer Broker, Buyer Agent or Realtor?

There are different names or titles used by people working in real estate.

This article defines the following;

buyer broker, buyer agent and Realtor 

Let’s start by answering the following question. What is a real estate agent?

A real estate agent is someone who has passed a real estate examination and obtained a license to work in a state or jurisdiction.

In the Greater Washington D.C. area, many real estate agents are licensed in the District, Maryland and Virginia. This allows the real estate agent to work in each state and the District of Columbia. 

A real estate agent becomes a Realtor by joining the National Association of Realtors. 

The National Association of Realtors is a membership composed of residential and commercial real estate agents, brokers, property managers and other related professionals. 

Membership in the National Association of Realtors is sometimes required if real estate agents want to have access to their local Multiple Listing Service, a private database created and maintained by real estate professionals. The Multiple Listing Service is where most properties are listed for sale. 

Recap-

A real estate agent has passed a real estate examination and obtained a license.

A Realtor is a licensed real estate agent who has passed a real estate examination and joined the National Association of Realtors. 

A real estate broker is either-

A real estate agent who completes additional educational training to obtain a real estate broker license

Or

A lawyer

Lawyers do not need to take the real estate broker examination in order to be real estate brokers. 

Recap-

A real estate broker can be a lawyer or a real estate agent who takes additional required courses and obtains a real estate broker license. 

A buyer broker works for a buyer but only if there is a signed agreement saying so. 

If you are a home buyer, you should have a signed buyer broker agreement with the real estate professional representing you. If you don’t have an agreement, that agent doesn’t work for you. 

It’s complicated and you can read more about it here. 

If a signed agreement scares you a bit, sign it for a weekend or two weeks or whatever makes you feel comfortable. This is the first step in protecting your best interests as a home buyer.

The second step is understanding representation. This is also complicated and you can read more about it here, but here’s a quick takeaway.

  • Exclusive buyer agents and brokers only work for home buyers. That’s it. No sellers, no listings at the brokerage, no dual agency agreements. These real estate professionals have drawn a line in the sand. Exclusive buyer agents and brokers have stepped away from the agency mess. These real estate professionals are members of the National Association of Exclusive Buyer Agents. 
  • Buyer agents, designated agents, dual agents, listing agents and other named real estate agents work for brokerages that take listings. These brokerages represent sellers. 
In Washington D.C. and Virginia, dual agency is allowed. This is a single agent "representing" the best interests of a seller and buyer in a transaction. In Maryland, designated agency is allowed. This is a variation of dual agency as a single brokerage "represents" the best interests of a seller and buyer in a transaction. With designated agency, the broker is the dual agent and assigns real estate agents to "represent" the buyer and seller.
  • A listing brokerage works for a home seller. They have a signed agreement with the seller detailing their commitment to the sellers best interests.
Stephen Mercer & Marshall Henderson
Our goal is to provide clarity to real estate representation. 

We believe once a home buyer is informed about representation and the home buying process, they will choose to have an advocate on their side. After all, buying a home is one of the largest financial decisions a person makes in a lifetime. You deserve full representation in the process. 

You may download the PDF by clicking here.
Request More Information

We will not share your information with anyone....

First Name*
Last Name*
Email*
Click here to view content
Oops! Something went wrong while submitting the form.

Thank you for requesting more information...

We value and protect your privacy and will never share your contact information with anyone else.

You may also download the PDF here.

How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.

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