One of the many questions I am asked is what’s the difference between a broker and a Realtor? Are they the same thing? Can these titles be used interchangeably? There are significant differences between the two.
What Is a Real Estate Broker?
A broker is basically a professional who is licensed to buy and sell real estate on behalf of another for a fee. Different states have different requirements but the state of North Carolina is pretty strict on who is to receive a real estate license. I was originally licensed in Raleigh, NC back in 2005. I had to take 90 class hours and pass a tricky 120-question state exam. This allowed me to be a “provisional broker”. This meant that I had to be directly supervised by a Broker in Charge (BIC). I had to take another 90 hours of class and pass another series of exams before I received a full broker’s license. The good thing about this type of requirement is that a broker must have a minimum level of competency in the field of real estate to practice brokerage. I no longer hold this designation because I do not practice general brokerage. Wake County Home Buyers is a buyer of houses, not a broker of houses.
The National Association of Realtors (NAR) is a trade organization. To become a member you must have an active broker licensed and be employed by a licensed real estate firm in your state. All members must pay membership fees and will gain access to the multiple listing service (MLS). You can be a broker without being Realtor, but you must be a broker to be a Realtor–get it?
What Am I?
I held a broker’s license from 2006 till about 2016, but I stopped brokering the sale of real estate in late 2009. I’m an active buyer of houses in the Wake County area of North Carolina. I pay cash for houses without bank financing. So, I am able to close fast without any of the delays, and hassles, associated with obtaining a conventional mortgage.
When you contact me you are speaking directly to a buyer for your house. You will not have to pay any brokerage fees and in some cases, I can pay all of your closing costs. I go into more detail on the benefits of working with me as opposed to hiring an agent in another article.