Licensing Requirements: In the United States, real estate agents must be licensed by their state to perform activities related to buying or selling property for compensation. This requirement ensures that only qualified individuals handle real estate transactions.
Commission Structure: Real estate brokers generally receive a commission for completing a sale successfully. 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: