A good real estate agent makes the home buying or selling process much more efficient and saves you an incredible amount of work.  Listed below are some frequently asked questions about dealing with real estate agents and brokers.

What is a real estate agent?
Real estate agents are licensed by their state to assist clients in buying and selling property. Agents are required to take courses in real estate, including coursework in real estate law, real estate financing, and listing. After completing their studies, prospective agents must pass both a national and state exam before they can work for a broker. A real estate agent must "affiliate" with a broker once they pass the exam -- they cannot practice real estate on their own.

What is a broker?
A broker is a person licensed to own and operate a real estate firm. Brokers must undergo exhaustive classroom training and pass a stringent examination before they can operate their own firm. The main broker at a firm is called the "Principal Broker" and is responsible for the actions of his or her agents. "Associate Brokers" are real estate agents who have met all of the requirements of a principal broker but are not operating their own firm.

What is a REALTOR®?
A REALTOR®, pronounced "reel-tor" is a licensed real estate agent who is also a member of the National Association of REALTORS® (NAR) trade association.   REALTORS® have sworn to follow a set of prescribed rules and regulations, the most important of which includes standards of conduct and ethics in their dealing with the public.

What does a real estate agent do?
Real estate agents advise and assist you through the entire buying process, from deciding what type of home you want and finding it to tracking the progress of your loan application. Once you have found a home, the agent helps you to prepare an offer and negotiate with the seller.

The agent then follows-up on all the necessary paperwork, including the mortgage application, setting up a home inspection, and coordinating the work of the attorney, title company and any other people necessary to complete the deal.

An agent does not arrange a mortgage or other financial assistance. However, agents can recommend mortgage companies, attorneys, inspectors and other professionals for you to interview.

If you are selling your home through an agent, the agent will provide you with a comparative market analysis (CMA) showing recently sold homes in your area that will help you set a price for your home. They'll also explain their marketing plan of advertising, direct mail campaigns, open houses, promotion of your home to other agents, and other steps they plan to take to ensure a quick sale of your home. They'll also take care of the dozens of critical details that need to be addressed after an offer to purchase your home has been made. Homeowners who elect to sell their home on their own often overlook the fact that a large part of the work is not just marketing and selling the home, but making sure that the sale actually gets to the settlement table.

rovide single agency representation. If the broker does not have a policy, you may want to reevaluate the agency you are using.

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