There are so many types of real estate agents that it can be very confusing. Take the HomesMSP Team, for example… what’s the difference between HomesMSP and RE/MAX Results? In our case, RE/MAX Results is the broker for the REALTORS on the HomesMSP Team.
In a nutshell, everyone who gives real estate advice must be a licensed real estate agent working under a licensed broker. Real estate agents who also are members of the National Association of Realtors are REALTORS, and subscribe to an extensive code of ethics. After at least 3 years experience as a real estate agent working under a real estate broker, those agents can take additional training to become a broker. They can then continue to work as an agent under another broker, work independently, or have other real estate agents working under them.
Here is a brief overview for these roles in Minnesota…
All salespersons licensed to sell real estate are real estate agents… in fact, anyone who gives real estate advice must have a real estate license. All REALTORS and Brokers became real estate agents first, but some real estate agents are neither REALTORS nor Brokers. To become a licensed real estate salesperson in Minnesota you must fulfill several requirements:
- You must be at least 18 years old
- You must successfully complete three 30-hour education courses
- You must pass the state salesperson’s examination with the Department of Commerce
- You must become associated with a licensed real estate broker who submits the application for your license
- You officially become a licensed real estate agent when you receive notice that your application has been approved by the Commerce Department
- In order to remain licensed you must remain in good standing under a licensed real estate broker and complete required continuing education courses by specified deadlines
- A real estate agent who also belongs to the National Association of REALTORS (NAR)
- Subscribes to NAR’s extensive Code of Ethics and pays annuals dues
- Members also belong to state and local trade associations
- Complaints against a REALTOR can be filed with the local board
REAL ESTATE BROKER
A real estate broker is a step above a real estate agent, with additional requirements beyond obtaining a real estate agent license. Brokers typically have other agents working under them but sometimes work alone. Real estate brokers can work as agents but agents cannot work as a real estate broker without a broker’s license.
To be licensed as a real estate broker in Minnesota you must…
- Have a minimum of 3 years experience as a real estate agent or qualify for a waiver of the experience requirement (such as a college real estate degree or practicing real estate attorney)
- Successfully complete the 30-hour broker’s course and pass the broker’s examination
- Apply for and receive a real estate broker’s license, with a notice of trust account status including the trust account numbers at time of application
In the case of the RE/MAX Results HomesMSP Team, RE/MAX Results is the real estate broker and the HomesMSP team is a group of REALTORS whose licenses are held by RE/MAX Results.
Sharlene Hensrud, RE/MAX Results