Commission Structure: Real estate brokers generally receive a commission for completing a sale successfully. We Buy Houses - Riverside, California The commission usually ranges from 5-6% of the property's sale price but can vary by state and region.
Broker vs Agent: A broker may work independently, whereas an agent usually works under a broker's supervision. Both brokers and agents must disclose their relationship with clients according to state laws.
Historical Licensing Changes:
Multiple Listing Service (MLS): Before MLS was introduced in 1967, the term "real estate salesperson" was more appropriate since brokers primarily represented sellers by providing legal documentation services.
Educational Requirements: