What Is the Difference Between an Agent and a Broker?

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Buying or selling a home may be just one of the biggest financial deals you will make in your life, add the key element of your lifestyle, where and what area you desire to live; turning it into one large decision.  

As your real estate agent helps you in every step of the buying or selling process, the skills and qualifications of that agent can eventually make a major difference in your real estate experience. 

There are three main titles that signify levels of training and licensing in the real estate profession, but several other forms of specialist certification which may be relevant to your real estate transaction.

Real Estate Broker

Although some of the requirements vary from state to state, a broker is generally required to complete over 100 hours of classes, have at least a year's experience as a real estate agent, and pass exams. Brokers are legally able to handle deposits and escrow accounts. 

In most states, real estate agents must work under the supervision of brokers. A licensed broker working under the supervision of another broker is often called an "Associate Broker." If choosing an agent who is not a broker, you should make sure that the agent works for a reputable brokerage.

Real Estate Agent

Like brokers, real estate agents must be licensed by the state in which they are working, something that requires completing a certain amount of coursework, usually at least 50 hours, and passing a licensing exam. 

While real estate agents can list and show houses and work with customers, they are normally employed or supervised by brokers. While all brokers must be real estate agents, not all real estate agents are brokers.

REALTOR®

To use the title REALTOR®, a real estate agent must be a member of the National Association of REALTORS®, and have agreed to follow its code of ethics.

Certified Real Property Appraiser

Although a real estate agent is expert at understanding the market, and helping you determine selling prices and offers for properties, if you intend to get a mortgage, you must get an appraisal conducted by a state-certified appraiser. 

Appraisers have a duty to be objective and unbiased when evaluating properties. The Appraiser Qualifications Board sets training standards for appraisers.

Seniors Real Estate Specialist®

Members of the National Association of REALTORS® who have completed advanced training and passed an examination on addressing the particular real estate needs of seniors can obtain SRES® certification. 

Agents with this designation are adept at helping seniors who may be downsizing, moving to transitional living arrangements, or setting up multi-generational trusts.

Military Relocation Professional

Relocating as a military family brings with it unique challenges, especially in dealing with VA financing and other aspects of the military relocation process. 

This certification requires completing specific coursework and passing an exam focused especially on VA loans and military paperwork.

National Association of REALTORS® Green Designation

Many urban professionals are concerned about the impact of their home choices on the environment. ‘What is the Green Resource Council’ trains and certifies real estate agents to work with homeowners concerned with finding or selling green housing.

If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Some Pitfalls to Watch for When Buying a Starter Home

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First time home-buyers are the power behind the real estate recovery. Without entry-level buyers, existing homes do not give sellers the ability to buy other homes. When it comes to the real estate economy, buyers of starter homes save the day.

Unfortunately, entry level home buyers frequently work with less experienced real estate professionals who are not as well prepared to support the inexperienced buyer who needs more explanation and coaching. 

The first home purchase is often more stressful than second or third home purchases. Stress and anxiety are contributing factors to the high statistics of pitfalls and setbacks that seem to accompany first home purchases.

Valuable Facts and Tips When Buying a Starter Home

• A small house with a yard is not the ideal starter home for everyone. Entry level buyers have the most success when homes have been viewed on a more recreational and educational level before pre-qualifying for a loan and submitting an offer to purchase. 

Although a downtown high rise condo is not your mother’s first home, a condominium project in an urban setting does not require a major investment in gardening tools, or in many cases, a second car. It is important to know what one really desires as well as what is within a person’s capabilities.

• Once an offer to purchase has been signed by both buyer and seller and the flurry of emotion following acceptance has calmed, the sales contract should be carefully read and reviewed by the buyers in a different setting with minimal distractions. The purpose of this review is to adjust the initial plan of action to conform to what is now a legally binding contract. There are inevitable questions that are best answered early on during the escrow and predictably will come up only after the deal is signed.

• Begin loan process immediately. An appraisal that is not timely, a missing employment verification, or an overlooked bank verification are just a few of the details that will hold up a sale closing and sabotage moving plans for all parties. By starting the financial procedure right away, margins of time are available to solve problems that are minor early on and major when it is time to close the escrow.

• Real estate agents representing first time home buyers are often the hardest workers when it comes to showing property. The lack of experience shows itself with overlooked details that grow into major issues. If questions arising from sales contract reviews are not answered clearly, insist on clarity from the escrow agent, loan officer or broker in charge of the agents’ real estate office as soon as possible.

A home purchase is the largest and most permanent investment most people will ever make. It is normal to have doubts. Whether it is a little cottage in the woods, or a downtown high rise condo; the essential considerations of the home to provide a sense of safety and security, and that the monthly loan payment, projected maintenance costs, insurance and dues are within the capabilities of the buyer(s). If that is the situation, they should make an offer!

If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

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If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/