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 or (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. Otranto Real Estate Company is a buyer of houses, nor a broker of houses.
The National Association of Realtors or (NAR) is a trade organization. To become a member you must have an active brokers 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 brokers 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 delay’s , 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.
If you live in the Raleigh area of Wake County and are looking to sell a house fast, simply fill out the form below!