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What is a broker and are brokers paid more?

What is a broker? What does it mean if it says the real estate agent is a broker? Do brokers get paid more?
Asked By Margaret | Havana, FL | 374 views | Terms Definitions | 1 year ago
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Chris Yochum

Dickson Realty

(19)

I have found that different areas refer to Brokers differently. In my area we have Brokers and Broker sales persons. A broker is an agent who has also passed their broker license exam. Some Brokers are owners of the company, some are managers of the company, some are the same as an agent with additional qualifications that passed the exam.
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Erica Carlson

BRIX Real Estate

(26)

I am in Minnesota. A broker is like the head of the organization. They might be an active agent, they might be a former agent. In my state, you have to have been an agent for 3 years before you can become a broker. Some people get the additional license because they want to run their own brokerage and others do it just to get more education and never really use it. If you find an agent that is also a broker; just know they should be very knowledgeable, but it should not necessarily cost you more than any other agent in my experience. (in other states (like on HGTV) I have heard them call agents brokers and I think that is where some confusion comes from)

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