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Jun 2, 2021 · A real estate agent license (also simply called a “real estate license”) is the state-issued license that allows the holder to assist the general public in the leasing, buying and selling of real estate. You can’t legally work as a real estate agent without having an active state-issued real estate agent license.
Nov 13, 2023 · A Realtor is a real estate agent who is a dues-paying member of the National Association of Realtors. NAR members are held to a high standard of professionalism and adhere to a strict code of ethics. Refinance. If a borrower takes out a new loan on the same property, it’s called a refinance.
- Real Estate
- Real Estate Agent
- Broker
- Salesperson
- Broker Associate
- Principal
- Exam—Licensing
- License Laws
- Real Estate Commission/Department/Regulator
- Real Property
Understanding real estate terms starts with learning the definition of real estate, which is the physical land at, above, and below the earth’s surface, including all structures. It is often used interchangeably with the term real property (to separate it from personal property), but real property has a different meaning, which we define later in t...
A real estate agent is a licensed salesperson working for a licensed broker, and the term is used even if the salesperson has already obtained an individual broker’s license.
A broker acts as an intermediary between parties during a transaction. When used in real estate, it refers to a properly licensed party (individual, corporation, or partnership) who serves as a special agent to others to facilitate the sale or lease of real property for a valuable consideration or a promise of consideration. Legal language aside, m...
A real estate salesperson is a licensed individual who, for compensation or valuable consideration, is employed either directly or indirectly by a licensed real estate broker to: 1. Sell, offer to sell, buy, and offer to buy real estate 2. Negotiate the purchase, sale, or exchange of real estate 3. Lease, rent, or offer to rent any real estate 4. N...
This real estate license classification is used in some states to describe a person who has qualified as a real estate broker but still works for and is supervised by another broker, sometimes called a “broker-in-charge.” Broker associates are also called broker-salespersons, associate brokers, and affiliate brokers.
In real estate, there are three definitions of principal: 1. One of the main parties to a transaction. For example, the buyer and the seller are principals in the purchase of real property. 2. In a fiduciary relationship, a person hires a real estate broker to represent him or her in the sale of property. A fiduciary relationship is one where one p...
In all states, anyone who wants to earn a real estate licensemust take a written exam and demonstrate a reasonable knowledge of general real property laws and principles, documents, and state licensing laws. Usually, salespeople and brokers have separate exams. Specific requirementsvary from state to state. You can find details and qualifications f...
Enacted by the states, District of Columbia, and some Canadian provinces, these laws grant the authority to license and regulate the activities of real estate brokers, salespeople, and appraisers. The general purposes of license laws are to: 1. Protect the public from dishonest or incompetent real estate practitioners 2. Prescribe certain standards...
These state governmental agencies create rules and regulations to protect the general public involved in real estate transactions, grant licenses to real estate brokers and salespeople, and suspend or revoke licenses for cause. They have different names in each state, but real estate commission and department are the most common.
Real property is defined as the earth’s surface, the air above, and the ground below, as well as all appurtenances, which include: 1. Improvements: Items permanently attached to the land, such as buildings, walkways, landscaping, structures, and more 2. Rights: Air, water, and mineral rights 3. Interests: Legal ownership 4. Fixtures: Items that wer...
May 22, 2023 · A real estate licensee is an individual or entity that has obtained legal permission, in the form of a license, to conduct real estate activities. These licensees, commonly known as real estate agents or brokers, play a crucial role in the buying, selling, leasing, and managing of real property.
A real estate agent license is the state-issued license that allows the license holder to legally assist the general public in buying and selling real estate. You can’t call yourself a real estate agent without having an active state-issued license. A real estate license is only applicable in the state where it’s issued.
1. Enroll in a pre-licensing class. Licensing requirements and how long it takes to get your real estate license can vary by state. Find real estate schools in your area, check out real estate schools listed by state, or take an online course from our partner, The CE Shop. 2. Apply to take the real estate exam.
Oct 12, 2023 · 1. Determine Your State’s Education Requirements. Cost: Free. Time: Five minutes. Helpful resource: The Close Look-up Tool (below)
