A real estate agent, realtor or real estate broker is a licensed individual who deals in the business of selling or buying real estate. An agent can work alone, but most often an agent tends to work under a licensed realtor to represent prospective clients. The typical duties of a realtor include screening buyers and selling properties, but they also handle contracts, escrow accounts and closing costs. A real estate agent earns on the sale of a property. They are paid a commission for their services.You may find more information at Merrick Property Group – Real Estate Agent.
There are many factors which determine how much a realtor earns, but it is possible to find one who works on a commission basis. In this type of situation the realtor gets a percentage of the sale price as well as the buyer’s down payment. The commission can be negotiated before the transaction closes. Some realtors work exclusively with buyers and may offer them the opportunity to set up financing. An exclusive contract is established between the buyer and the realtor. Some states have different rules when it comes to licensing and working with buyers, so inquiring about these requirements is best done with your local state board of licensing.
In order to become a licensed real estate agent in any state, you must meet certain education requirements. You must receive at least a high school diploma or GED equivalent, and you must pass the licensing exam. Once licensed, real estate agents must complete a minimum of 90 hours of continuing education each year. Brokers who are hired on a contingency-based fee basis must complete an additional ten hours of education annually.