â€œRealtorsâ€ are members of a trade association, The National Association of Realtors (NAR). This is the largest trade association in the United States with over 1.2 million members.
State regulatory bodies establish the requirements for obtaining and maintaining various types of real estate licenses. Upon entering the profession, most states issue a form of a â€œSalespersonâ€ license to those who complete the education and application process. â€œSalespersonsâ€ must be supervised by â€œBrokersâ€ and they work for a â€œBrokerage Firmâ€. States issues a license to an individual as â€œBrokerâ€ predicated upon a higher level of experience and education.
One who obtains a â€œBrokerâ€ license has fulfilled the stateâ€™s requirements to manage a real estate office, or own a real estate brokerage firm. Not all individuals who hold a license as a â€œBrokerâ€ choose to work as managers or owners. One can hold a Broker license and work under another Managing Broker. The term â€œBrokerâ€ may refer to the company for which a licensee works, or the term â€œBrokerâ€ may refer to the manager or owner the firm for which a licensee is affiliated.
I am a Broker (licensed by the regulatory bodies of the states of Florida and New Jersey). I own Peninsula Realty Group, Inc., and therefore, I am a Broker-Owner. The company, Peninsula Realty Group, Inc. is issued a Broker License. I am a Realtor (member of the trade association National Association of Realtors.) I have licensed Sales Associates who work under me. Some of them are Realtors (members of NAR), and others are not.
Deborah Madey - Broker
Peninsula Realty Group (Brokerage Firm)
If you phone an office and simply ask for ownership disclosure, many will tell you. If you phoned my office and asked the name of the broker, you would promptly be given my name. If you asked for the owner, one might question you about the purpose of your call. When someone calls and asks for the owner, our front desk will generally assume it is a solicitor who is unfamiliar with real estate. Most vendors selling to real estate offices, or callers seeking the management of a real estate company will ask for the broker. A real estate license is not required to own a company in most states, but the owner must employ a licensed broker to manage the brokerage activity.
If you seek to find the owner of a firm, askâ€¦they will likely just tell you. Alternatively, many public records provide ownership information. These public records can be found at local, county and state levels, depending upon the type of entity.
Do I sell and list the same property? I believe that you are asking if I am the listing agent, will I represent a buyer also in the same transaction? Agency laws vary state to state. In New Jersey, dual agency is legal. In New Jersey, agency relationships are at the brokerage level with no legal differentiation at the agent level. In some states, there is an agency relationship of designated agency which provides for individual agents working with buyer and seller to have a different agency relationship. In New Jersey, we have buyer agency, seller agency, dual agency, and transaction broker (no agency.) Since dual agency is determined at the company level (not branch, company), any time that any agent in the company sells another agentâ€™s listing, we are in dual agency. So, the proper answer to you, based upon the laws of agency in the State of NJ, is that yes, we do represent both buyer and seller on the same transaction.
In day-to-day practice, I do not personally represent both the buyer and seller in the same transaction. I did make one exception last year, at the request and permission of both the buyer and the seller. The transaction went smoothly, and there were specific reasons for the exception. As a general policy, I prefer to not maintain direct contact and direct relationships with both a buyer and seller on the same transaction. I will show buyers my listings, and ask that they not share any details with me that they do not want me to share with the seller. If they have any interest in pursuing the property further, I will ask that buyer to work with another agent in our company. (In NJ, both agent remain dual agents, though.)
I believe that in most cases, buyers and sellers are best serviced by separate representation. While I do know of many successful transactions completed in dual agency, I am not a fan. I believe there is inherently too much risk for all parties.
Brokers and realtors have different licenses. A realtor's license allows him/her to practice real estate for a broker.
A broker's license allows the individual to open a real estate business and have other reators work through their office selling real estate. It is common for people with a broker's license to work as agents or managers for other brokers.