Are all real estate agents realtors? This is a frequently asked question by the clients. The terms realtor and real estate agent are often used interchangeably. Most people think both are the same. Although both real estate agents and realtors are licensed to provide buying, selling and renting services to clients, there are some differences between the two. Read this detailed comparison between the two to know how they differ from each other. We will answer your question by explaining the qualification differences between the two and the respective jobs of the two.
Who Can Be a Real Estate Agent?
An individual with a license to help people rent, buy or sell real estate is called a real estate agent. Their job is to bring the buyers and sellers together, help them negotiate and reach a deal. They charge in the form of a commission. Their commission is a set percentage of the sale price of the property. To become a real estate agent in Canada, a person needs real estate certification. Apply for a license and take the licensing exam. Obtain errors and omissions insurance and complete an internship or professional practice program.
What Does a Real Estate Agent Do?
Real estate agents facilitate the sale or purchase of a residential or commercial property. They carry offers and counteroffers between parties and organize transactions between them. For example, a real estate agent in Waterloo can specialize as a listing or buyers' agent. The distinction between the two is that the former assists sellers in listing their property. Meanwhile, the latter focuses on assisting prospective owners in their property search and acquisition. Real estate agents help you with home staging, inspection, paperwork, closing, and other tasks.
What is the Role of a Realtor?
Real estate agents who become members of the provincial real estate association in their jurisdiction and local real estate board can be called realtors. Realtors are registered members of the Canadian Real Estate Association. Realtors are bound by the Canadian Real Estate Association (CREA) Code of Conduct; apart from that, realtors are not subject to any legal obligations. Additionally, realtors require specific professional skills, which you will know after reading the next section.
How Can You Become a Realtor?
To become a realtor in Canada, you need the following four:
- An active and valid real estate license
- Neither sanctions nor unprofessional conduct complaints have been filed against you
- You actively practice real estate
- No record of current or pending bankruptcy
Realtors use the trademarked Realtor symbol on their business cards. For a real estate professional to be considered a Realtor in Canada, they must be a Canadian Real Estate Association (CREA) member. A real estate agent who becomes a Realtor must take ethics training every year of their work. This implies that Realtors must keep up with current real estate laws, practises, and trends and that their level of education is being monitored.
Are all Real Estate Agents Realtors?
Real estate agents and realtors share several similar characteristics. They require similar skills and perform the same function. So, can you say all real estate agents are realtors? No. Real estate agents do not have to be Realtors to buy or sell properties. However, to become a realtor, a real estate agent needs to join an association of realtors. Realtors are bound by a code of ethics, while real estate agents function independently or according to their agency’s regulations.
Work With Mike Bolger
Mike Bolger is the best real estate agent in Waterloo. He offers his professional and top-notch real estate services in Waterloo and the surrounding areas. If you have any query related to a sale, purchase, renting or other real estate matter, contact us to get expert assistance.
