I am a Broker and I think I can add to this conversation. While the information given below is correct, a lot has been omitted.
A Broker has to have experience. Not just a year of experience, but 8 years of experience. There is a college degree option which will reduce the amount of time needed but Brokers, on average, will have more experience than a Broker/Salesperson or Salesperson. A Broker also has a lot more at risk than an agent. Brokers are looked upon as experts by the Nevada Real Estate Division and they are expected to be correct, all of the time. They are also required to supervise all of their agents and are responsible for all of their agents actions. It is a lot of work. As stated below, Brokers are also responsible for the financial side of the real estate brokerage. From paying the mortgage or rent to cutting commission checks to agents, Brokers have a lot of responsibility. The paperwork alone is enough to bury someone...
Here are the main differences:
Broker/Salespersons and Salespersons all are required to work under a Broker.
A Broker/Salesperson and Salespersons are only allowed to do what their Broker allows them to.
I hope this clarifies this a little bit,
Desert Valley Realty
10161 Park Run Drive #150
Las Vegas, NV 89145
Real Estate salesperson
Each one has different requirements to obtain their license and each one has their own set of duties they can perform. In addition to what 2theresaparker stated below, a broker/salesman can also "Manage" a brokerage office.
I am a Broker/Salesman and at the time I got my license many years ago, I had to pass the Broker/salesman test (both Federal and State), I also need a certain amount of business college credits (I have forgotten the exact number), had to take 3 additional courses in broker mmanagement, appraisal, and I think ethics but I can't remember exactly as it was a long time ago) and pass the additional exams (the courses and exams were not difficult).
I hope this helps answer your question.
The Adams Team at
Rothwell Gornt Companies
You have a Broker who may own the agency by meeting State of NV and financial criteria for operations...They take full responsiblity for all agents.
Broker/Salesperson...they must meet State of NV requirements of college education or years of experience. They do not run operations of the real estate agency.
Then there is the salesperson they have
to meet State of NV requirements. The licensing test for brokers/sales person is the same with the exception of about four more additional questions for the broker.
Simply put...There are no difference of commission income between broker salesperson and salesperson