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…
REAL ESTATE AGENT
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