What is the difference between an Agent, Broker or Sales Representative?

Thursday Aug 03rd, 2017

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Question: 

What is the difference between an Agent, Broker or Sales Representative?

Answer:

In the real estate world we quite often refer to ourselves as a real estate agent. Technically and legally the term 'Agent" refers to the actual brokerage. In my case that would be Sutton Group Heritage Realty Inc. When I represent a buyer or seller what is really happening is that Sutton Group Heritage is representing the buyer or seller and I (Lori Roberts) represent Sutton Group Heritage. The agreements that are signed are actually between the Brokerage and the buyer or seller, not myself. This is a very important fact that is often over looked when buyers and sellers are signing representation agreements.

The Broker or Sales Representative is normally the person who takes care of all the paperwork and the person who is marketing your home for sale and negotiating the Agreement of Purchase and Sale. We do this on behalf of the brokerage.

Both Brokers and Sales Representative are both regulated under the Real Estate and Business Brokers Act 2002 (REBBA 2002). All Brokers and Sales Representative in Ontario have to be registered with a Brokerage in order to trade in real estate in Ontario.

The main difference between a Broker and a Sales Representative is education. A Sales Representative becomes a Broker by passing additional courses and exams. Once the Broker designation is obtained these individuals are now qualified to run or manage a Brokerage.

Regardless of the designation both Brokers and Sales Reps must continue to take courses throughout their career to maintain their license.

Every single Broker, Sales Rep, Manager or Broker of Record has to adhere to a set of professional standards and code of ethics. We must provide every client with fairness, honesty, take care of their best interests, provide competent service and demonstrate reasonable knowledge. 

Every Broker and Sales Representative must also carry insurance. We cannot trade in real estate if we are not insured as well every deposit is protected by insurance which provides peace of mind to buyers, knowing that their hard earned money is protected. - See more at: http://www.loriatsutton.com/agent-broker-sales-representative-difference-lori-roberts-broker-sutton-group-heritage#sthash.ePE1pJHo.dpuf

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