New home buyer..... (RE agent, agent, mortgage, mortgage)

[crossroad]

I wondering if you could tell me the difference between 1. broker, 2, real estate agent and when should I talk to whom?

ARe there any websites that offer new homebuyers tips?

Thanks..

[Debsi]

Every real estate agency has to have at least one licensed broker, and that person is an agent, but can also have other agents working for him/her.

There are also brokers that do your mortgage financing. Totally separate thing. You can start by contacting a mortgage broker or a mortgage bank ( I work for a mortgage bank ) or your local bank and get pre-approved for a certain loan amount. Then you will know how much you can afford and you can call a real estate agent to help you start looking for homes.

Getting a pre-approval will not force you to use that particular bank for your closing. You'll still have plenty of time to shop around for loan officers.

[MikeJaquish]

Originally Posted by crossroad

I wondering if you could tell me the difference between 1. broker, 2, real estate agent and when should I talk to whom?

ARe there any websites that offer new homebuyers tips?

Thanks..

You don't say what state you are in, but North Carolina is an "all broker" state.
A broker must be a licensed real estate agent ad every agent must be a broker. the ones who never achieved it are "Provisional Brokers" as they pursue the coursework over a few years to become brokers.

Then, we are either a "broker-in-charge" or associated with a firm that employs or is owned by a "broker-in-charge." That "BIC" role is more or less synonymous with the "broker" referred to in other states.
I.e., I am a "Broker Associate" at my firm, working under a BIC.

I think we are not the only "all broker" state, but don't know which states North Carolina joined.

If you are in a state where agents are not required to be brokers, you will likely speak with an agent or "licensed salesperson" who works for or under a broker. You may never actually speak with a broker and buy as many homes as you could desire.

[scgraham]

Mike - how many hours of education are required to be a broker in your state? What about testing? So, once you become licensed as an agent, you can open your own firm?

In our state of Georgia, you must be an agent (salesperson) first; this requires 75 hrs of education, plus passing the state exam. To be a broker or associate broker, an additional 60 hrs of education is required, plus one tough state exam (simulated real-world exam).

[crossroad]

I'm in Dallas Texas. Thanks so much

[DavePautsch]

crossroad,
One other consideration - you may want to make sure that the person you talk to is not only licensed, but a REALTOR® (a member of the National Association of REALTORS® - NAR).

NAR has a Code of Ethics which supplements the legal regulations in each state - and it provides an additional avenue of accountabilty for its members should there be an issue.

Also, the term "agent" represents in most cases a legal relationship between the real estate professional and the client (in other words, they are only an "agent" when they are working for you - and that comes with legal, fiduciary duties and responsibilities)...without that agency relationship you need to be careful about the information you disclose. ** Disclaimer - I know this is the case in Oregon, I'm assuming that agency law is consistent from state to state, but I don't know for a fact.

In answer to your question on websites - the NAR webpage (realtor.org) has tips for buyers and sellers. I know that the Oregon Real Estate Agency (government entity) also has a Buyer Property Advisory which has great information. Your state may have a similar product.

Best of luck.

DaveP