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A real estate broker is a person who acts as an intermediary between buyers and sellers of property. They have to find people who want to sell and people who want to buy and then become their broker. Being a real estate broker is a double edged sword. When dealing with the selling party, the broker should find a way for the seller to sell his property at the highest price under the best term. But when a real estate broker is working with a buying party, they must find a way for the buyer to purchase a piece of property at the lowest price under the best terms. Most real estate brokers operating within the United States require a license before they can deal with potential buyers and sellers.
Below is a list of services that a real estate broker can provide to a buyer or seller of a property:
comparative market analysis
exposure
purchase facility
sales facilitation
Preparing FSBO Documents
full residential appraisal
home selling kit
hourly consultation
lease
asset management
exchange of property
property being auctioned
drafting contracts and leases
Not all of these services are available in every state within the Union and some of them are available with a fee.
Below is a list of services to be provided to the selling party:
property listing
paperwork preparation
Adding a “For Sale” Sign to a Property
property advertisement
Holding open houses to tour potential buyers
negotiate price
representing the seller at closing
To be eligible for a real estate agent’s license an interested party must attend an educational course that usually lasts 60 hours or more. At the conclusion of the course, participants must take an exam and pass it before receiving their license as a real estate agent. The new agent must use his or her license with an existing real estate firm before going out on their own. If the real estate agent wants to become a real estate broker, he has to take another educational course and pass another exam to become a broker. This can happen only if the agent has been an agent for a specified period of time, which usually varies from state to state. A real estate broker may own and/or operate a real estate firm and each branch office of a larger firm is required by law to be managed by a licensed real estate broker.
Real estate agents and brokers are four popular groups in the profession. They are the National Association of Realtors, the Realtor Political Action Committee, the National Association of Exclusive Buyer Agents, and the National Association of Real Estate Brokers.
Most sales involving real estate involve a percentage. When a buyer or seller hires a real estate broker or agent to assist with property movement, they usually set aside a percentage of the sale to go to the agent or broker. Most agreements net the agent or broker anywhere between 20 and 35 percent of the final sale.
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