Knowing The Function Of A Broker In A Real Estate Transaction
You often hear real estate agents when you want to buy or sell a home. But there are instances when you hear real estate brokers too, and the two terms are often interchanged. Thing is, these professionals are different from each other. Read on to understand what a real estate broker is, or click on https://pattayaprestigeproperties.com/ for more info.
Understanding Real Estate Brokers and their Function in a Transaction
For starters, real estate brokers are real estate agents as well, but with different functions and responsibilities. You can see them as professionals which are on a higher step than regular real estate agents.
The main difference between the two is that brokers manage agents and companies. Therefore, real estate agents are like regular employees, while real estate brokers are their boss. Brokers have the rights to own or manage an entire real estate company as well. And regular agents have to pass the broker test to elevate their status.
This shows brokers are seasoned professionals with better experiences, skills and knowledge in the industry.
So, what Real Estate Brokers do in a Transaction?
As mentioned earlier, brokers are similar to agents, only that they have further responsibilities. In a real estate transaction, they can work as a listing agent, or one who stands by a seller. They can function as a buyer agent as well. And they can be elected as the transaction agent, or one who mediates the two sides of the transaction.
That means they’re the one in-charged of creating escrow accounts. These are accounts where buyer temporarily places his cash, and the broker will only release it after the seller complies with the agreement.
This is just the basic outline about the duties of a real estate broker. Feel free to talk with your real estate professional for more details. Also, you can visit https://pattayaprestigeproperties.com/ today.