In Minnesota and across the country, people often use the terms real estate agent, broker, and Realtor® interchangeably. However, each describes a different type of real estate professional. Before you hire someone to represent you, understand the following variations in their expertise and services.

A Guide to Types of Real Estate Professionals

Agent

A real estate agent, or salesperson, is the most common type of professional out there. This term refers to anyone who has taken the courses, passed the state exam, and earned a real estate salesperson license. These experts join a brokerage, or company, to represent sellers, buyers, landlords, and renters in their transactions.

Broker

A real estate broker has taken additional classes and courses that a salesperson has not. Their extra courses may include training on ethics, taxes, contracts, law, and more. They often need a certain number of years’ experience as an agent before they can become a broker; state regulations determine this.

Once they become a licensed broker, they can own their own brokerage, allowing them to hire agents to work underneath them. There are three main types of brokers. The principal broker oversees all the agents in the firm and is responsible for ensuring compliance. The managing broker oversees the day-to-day details of the business and the hiring and training of new agents. The associate broker works under a managing broker and isn’t responsible for supervising agents.

Realtor

A Realtor is a licensed agent who is a member of the National Association of Realtors® (NAR). The NAR holds its agents to a higher standard than the typical regulations. All members must follow the association’s strict code of ethics and standards. In turn, they can use the term and access benefits such as market data and transaction management.

EXIT Realty Nexus holds its real estate agents, brokers, and Realtors to the highest standard. This Minnesota real estate firm is based in Coon Rapids, with over 60 local agents and Realtors to represent you in your purchase or sale. You’ll get personal, dedicated service from a professional who will guide you through every step of the process. Get started by browsing MLS listings online or calling (763) 548-1400.