I recently completed the courses to be registered as a Broker which has generated many questions from my clients and friends.
Are you confused by the different terms used by real estate "agents"? It seems complicated but it's not really.
The terminology is regulated by the Real Estate Commission of Ontario (RECO). The term "agent" is the most commonly misused term. Many people will say that they are going out to look at houses with their "agent" while the agent is "legally" the brokerage or company. The person who shows houses is either a sales person or a broker.
All contracts signed in real estate are between the brokerage (agent) and the client with the sales representative signing on behalf of the brokerage.This sales representative or broker will be representing you on behalf of the brokerage.
So then what is a "Realtor"? A Realtor is someone who is registered with RECO and employed by a brokerage. If the sales representative is not registered with RECO they can not call themselves a Realtor.
Sounds confusing doesn't it? What it really boils down to is how you are being represented and by whom. When you first meet and start working with a Realtor they should sit down with you to go over the home buying and selling process so that you understand it. It's really not that complicated once it is fully explained.
So what is the difference between a sales representative and a broker? Simply put a broker has done more on-going education and is qualified to manage a brokerage. Not every broker takes the course to run an office though, many just do it because they enjoy learning and want to be better informed.
If you have any questions about these terms you can reach out to me by email: Julie@ExitSarnia.com OR 519-328-4963.