What Does a Real Estate Agent Do?
Lea Uradu, J.D. is a Maryland State Registered Tax Preparer, State Certified Notary Public, Certified VITA Tax Preparer, IRS Annual Filing Season Program Participant, and Tax Writer.
Working as a real estate agent commonly means each day is different. Agents meet new people, see new places, and respond to the changing needs of buyers and sellers. There are several tasks that most agents do regularly. Here’s what a day in the life of a real estate agent might look like.
Real Estate Agent vs. Realtor
Real estate agents help people buy, sell, and rent homes, land, and other properties. There’s no national real estate license, so agents must meet their state’s licensing requirements. While the requirements vary by state, all aspiring agents must take a pre-licensing course from an accredited real estate school, pass their state exam, activate their license, and join a real estate brokerage.
Agents must work for and under the umbrella of a licensed broker, who ensures that all of the agents in the office comply with real estate laws and regulations. Some agents eventually become brokers, which involves additional educational and experience requirements. Brokers typically have more responsibilities, can work independently, and hire agents to work for them.
Many people use the terms, realtor, real estate agent, and broker interchangeably, but the terms differ. Agents and brokers hold different licenses, and only brokers can work independently. Agents and brokers can use the title Realtor only if they are members of the National Association of Realtors (NAR). The biggest distinction between a Realtor and an agent or broker is that Realtors are members of the NAR and subscribe to the NAR’s strict Code of Ethics.
New rules for the National Association of Realtors, expected to take effect in , may lower commissions for home buyers and sellers. If a federal court approves the changes, the standard 6% commission ends and sellers no longer have to propose compensation to prospective buyers and their agents.