Self Employed
How to Get a Real Estate Broker License
Do you feel right at home brokering property deals between buyers and sellers? A career as a real estate broker may be right up your alley if you're willing to obtain a professional permit known as a broker license.
Read through to get the scoop on whether you need this permit and how to get a broker license.
What is a real estate broker?
Real estate brokers facilitate transactions between buyers and sellers of property and land and may also oversee operations at a brokerage firm. Generally, a real estate broker is a person who has met more rigorous requirements than a real estate agent. Therefore, a broke has more credentials and experience than an agent.
A broker can be of particular value to his or her clients during advanced real estate transactions such as those involving foreclosures. The increased knowledge you have at your disposal as a broker can also be used to generate additional revenue streams. You can, for example, take on extra work in property management or even open a property management firm of their own.
He or she can also choose to work independently or hire other real estate agents to work for them, whereas a real estate agent must operate under a broker. Some brokers also receive a cut of the commissions of the real estate agents they oversee.
Brokers generally fit into one of three roles in a brokerage firm:
- Associate broker: These brokers work under another broker and do not typically manage other real estate agents.
- Managing broker: These brokers have substantial managerial responsibilities, including the recruitment, training and supervision of real estate agents.
- Principal broker: These brokers have extensive managerial and administrative responsibilities above and beyond that of a managing broker. Additional duties include contract sign-off, dispute resolution and legal compliance.
