What do the letters behind a real estate agent’s name stand for? Real estate agents, like doctors, lawyers, and other professionals can ear designations, certifications, and other credentials. These are usually shown by putting a series of initials after the agent’s name. The most common designations and certifications are: Broker, REALTOR, e-Pro, CHMS, GRI, ABR, and CRS.
What does an agent have to do to obtain the designation or certification?
e-Pro requires an agent take a class on basic computer skills. It has no real estate content, but ensures your agent can use email and the web. It should really be a bare minimum bar for the technology aptitude of your agent.
REALTOR is the one of the easier credentials to obtain (but one of the hardest to live up to). A REALTOR is a real estate agent that belongs to the National Association of REALTORS and agrees to follow the Realtor Code of Ethics. You can read about the code here http://www.realtor.org/mempolweb.nsf/pages/Code?OpenDocument
Broker is a bit harder to obtain than REALTOR. In Texas, for example, a broker license is required to be able to operate your own real estate company. An agent must have their license for 2 years and complete over 600 hours of real estate education prior to applying for a broker’s license. The broker’s license is granted upon completion of an exam administered by the state. Brokers are basically real estate agents with advanced educations.
GRI stands for Graduate Realtor Institute. Less than 50% of agents have this designation. The GRI requires 12 days of continuing education with passing grades on three exams. There are no production or time requirements so an agent can literally earn this designation by sitting in class for 12 days and passing the tests. This designation is in no way a measure of real estate sales experience.
ABR stands for Accredited Buyer’s Representative. Less than 30% of agents have this designation. This designation combines 2 days of classroom work and an exam with the requirement that the agent show proof of at least five buyer sales. This designation shows that the agent has had both formal classroom time and in the field experience.
CRS stands for Certified Residential Specialist. Less than 4% of all agents have this designation. This is the most difficult designation to obtain and is a measure of a high degree of formal education and real world transactional experience. To obtain a CRS, the agent must attend three 2-day classes, pass three exams, and provide proof of 25 closed transactions within the last 24 months. While the transaction experience isn’t a huge amount, it does weed out the inexperienced agents and the classes weed out those agents who aren’t dedicated to continuing education.
Other designations are out there, but for the most part they are issued by inconsequential groups and have no real bearing on the agent’s abilities and are used more for marketing purposes than anything else.
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Help answer the question about real estate agent
How can I become a real estate agent in NC?1. What do I need to do to become a real estate agent in Charlotte, NC?
2. What classes do I need to take?
3. Where can I study to become a real estate agent in Charlotte, NC?
4. What are the requirements?
5. Any other information I need to know about becoming a real estate agent?
Check with your local Howard, Perry & Walston school, or go to http://www.hpwreschool.com for all the info you are looking for. Good luck, it's hard but well worth it in the end.
You have a LEGAL AND BINDING CONTRACT. all disclosures within the contract should be what the seller knows about the property. Now the other agent cannot FORCE you to sign anything. Basically what the agent is trying to do is cover his clients ass- if the selling side has a problem with it you can always take it before arbitration (see how they like that). Either way the selling agent is not within his rights to present other docs. for disclosures, nor do you let them off the hook. You will have no recourse if you do. Hope this helps.
I bought a home in foreclosure 3 months ago and you SHOULD ABSOLUTELY WORK WITH A REAL ESTATE AGENT. As a first time home buyer myself, there are many situations that come up and you need someone who is experienced to be working for you. And that is the key your real estate agent should be working for you!
I worked with 3 different realtors before we found someone that worked for us and we did not sign exclusivity contracts with any of the realtors. The only time you enter an agreement with your realtor is when you go to make an offer on a property.
The commission is paid for by the owner, in the case of a foreclosure, this is the bank.
But like I mentioned it is extremely important to have an agent. When we were buying our house, the bank that owned the property had certain rules that we had to abide by. For example they determined the closing date and for every day we went past that closing date, we would have to pay the bank $100 a day. Our realtor was on top of everyone, especially the mortgage broker, to make sure we closed on this date. Your mortgage is really where you will get held up in the process so having our realtor to deal with everyone and expedite the process is why we are now happy homeowners.
No, you will not pay them anything.
The seller pays them a commission (usually 3%) at the time of closing.
The agent has to not only find you a house, but help you get the sales process completed.
If you are moving in Nov you need to start looking right away.
Good video
being into real estate myself, I really thought this was funny, great job
Lol
@fungirl1950 O RLLY?
You have to join a real estate investment group AND BE ACTIVE!
In your areqm there may be a landlord association or a real estate investment group.
Its up to you to do your homework.
You cuold call a few offices to make an appointment to look at some property OR tqke one or two out to breakfast or lunch.
OR you could go for a little ride in your neighborhood or area. Look for complexes and the names of those offices managing them.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
what is your email and I will tell you my name.
The seller, in this case the lender, pays the agents.
The Realtor is telling the truth.
New home builders actually build in the 3% they pay Realtors. If you don't bring one the 3% goes directly to the bottom line.
Go into a new home development and tell them you want 3% taken off the top of the home.
They will most likely tell you to go take a hike.
Realtors can actually ask very specific questions that you as a neophite would never think to ask.
Realtor also know that the "Statute of Frauds" prevents the salesperson in the model home from VERBALLY promising you things and not putting it in writing.
Many people decide to NOT use an agent to buy a new home and pay dearly for this decision.
Here's what normally happens.
They go into a new home development and the salesperson working for the new home builder asks "Are you with your agent?"
If you go to the models THE FIRST TIME without an agent you cannot bring your agent back to negotiate the contract.
Once they know you are not represented by professional council then they can go to work on you. How do they work on you? By VERBALLY promising things they know they don't have to live by because it was never put in writing.
P.S. Always remember this if you decide to "Go it alone" Verbal promises cannot be enforced in a court of law due to the "Statute of Frauds"
Hope this helps!
Terry S.
http://www.Welcome2Arizona.com
Will you tell me what it is? I like the name.
Love you too. ?
afraid not fungirl
not Donaldson, but Ronaldson. I like my name too :p
My father is a commercial real estate broker and he has definetly made a very successful living off of it. I dont know exactly how much comission he makes, but I have heard he has made 4 million before on one building, I dont know if that is the highest he has made on one building though. He has sold 70 million dollar buildings before. It definetly makes you much more than residential real estate. And the market doesnt get bad for commercial. It is a better market and a smarter choice.
The last person that answered and said it is not possible to collect a commission if you are the principle is incorrect. They may want to check their source.
I am an active real estate agent. I have bought 2 homes that were my primary residence in the last 7 years. Each time I represented myself as the buyer's real estate agent. Each time I deducted my commission from the price of the home because that is how I wanted to get paid. But I had the option to get paid the normal 3% as the buyer's agent and have that money go through my broker and their commission split to be taken out. So in order to avoid all that, most brokers allow their agents to have at least 1 personal transaction in order to benefit from it. Maybe things are different in NY – I am a TX agent. I say get your license but don't be a broker (more expense and liability) just be an agent. Find a broker that will just charge a minimal desk fee ($250) per month or a certain amount per transaction ($200) and they also will pay your E&O insurance. As long as you keep your license active, this will be a great asset to have in the future as you and your family or friends buy homes. It will save you money in buying and selling. Just make sure that everyone involved in the transaction knows you are a licensed agent and representing yourself.
Good luck.