Real Estate Agent, Broker, or Realtor?

 

Someone asked me the question earlier: Isn't a realtor and agent the same? The answer seems obvious to me, but it made me realize that if you are not directly involved in real estate, it is not an easy one and it is easy to get these titles confused. 

I hope you find the following information helpful, and please reach out if you have real estate questions (I need inspirations for my blogs:) )

REAL ESTATE AGENT (RS- Real Estate Salesperson)

A real estate agent has passed their relevant coursework and a licensing exam in the state where they work. They help buyers and sellers in the real estate transactions. They are directly involved in the transaction and have a broad set of responsibilities including showings, making offers and counteroffers, managing negotiations, and helping their clients complete the necessary paperwork. Real estate agents are usually paid on commission.

REAL ESTATE BROKER (RB-)

A real estate broker is someone who has gone beyond the basic education required to become a real estate agent and has gotten their broker license. In Hawaii, to obtain a real estate broker license, you have to have a current valid real estate salesperson license and have at least 3 years of experience as a full-time agent. More Info

There are three main types of broker: principle brokers, brokers in charge and associate brokers.

Every real estate company has a principal broker (think of it as CEO). This person oversees the office to ensure legal compliance and often hires other brokers to manage agents. For example, Kalama Kim, is the principal broker for Coldwell Banker Realty on Oahu.

Brokers in Charge typically supervise and assist teams of agents that work for the office. These responsibilities can by myriad, from dealing directly with customers to overseeing legal documentation to hiring new agents. For example, I work for Coldwell Banker Realty and the main office on King St. is my office. Patti Nakagawa is the broker in charge for the King St office so if I have any questions or I need a paperwork to be reviewed, she is the person that I go to.

Associate brokers have passed a broker's exam but continue to work under a managing broker and don't supervise other agents. For example, there are many independent agents who work for Coldwell banker Realty and they hold a broker's license.

REALTOR®

To be a Realtor®, you must be a member of the National Association of Realtors (NAR). As an NAR member, you agree to uphold the organization's standard of ethics. Realtors can include other professionals who work in the real estate industry outside of agents. For example, you can be a property manager or appraiser and still be a realtor because it’s a professional designation dependent on NAR membership.

Most all big residential companies in Hawaii are part of NAR. Coldwell Banker Realty is also part of NAR so I am a proud Realtor!

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