What’s the difference? I get asked this a lot.
REAL ESTATE AGENT:
▪️Also called a salesperson
▪️Must work with a broker to practice
▪️All deals must go through the broker
▪️Represent buyers & sellers & their best interests
▪️Licensed by RECO (Real Estate Council of Ontario)
REAL ESTATE BROKER:
▫️Manages or owns a brokerage
▫️Supervises all agents within the brokerage
▫️Oversees all deals within the brokerage
▫️Must work as licensed agents for two years
▫️Can work independently
▫️Pay out real estate commissions to their agents
▫️Sign listing agreements with sellers.
▫️Ensure all transactions are completed accurately
▪️Agents who are also members of the Canadian Real Estate Association (CREA)
▪️Pay an annual membership fee and continuously complete ethics training to maintain their status
▪️Must uphold the entity’s Code of Ethics, a program which maintains a certain standard when practicing real estate.