Buying + SellingReal Estate Facts February 25, 2017

What’s In a Name?

Ever wondered what all the various designations for real estate professionals mean? Every state has its own rules and regulations surrounding real estate. Here in Washington State, Real Estate Agents and Real Estate Brokers are essentially one in the same, though technically the Department of Licensing issues real estate licenses under the title “Broker.” The designation REALTOR® is for a broker who is also a member of the National Association of REALTORS®.  They work according to their Association’s standards and code of conduct. As licensed professionals who have completed state requirements, Real Estate Brokers, Agents, and REALTORS® can all help you buy and sell homes in Washington.

Once real estate brokers have at least 3 years of real estate experience,  they can apply for the title of Managing Broker and provide supervision to newer licensees. Whether a professional identifies as an agent or a broker, they may also need to work under the supervision of a Managing Broker or a Designated Broker within a licensed brokerage firm (e.g. Windermere). These additional levels of licensure and oversight won’t impact you much during your buying and selling process, but provide some context if you do happen to come across these terms.

I hope this helps clarify some of the many details surrounding the buying and selling process!