When you are looking to hire a professional to assist you in your home buying or home selling needs, there are a number of options to choose from. Some terms are considered interchangeable in the public's eye, but actually, they're not. Knowing the difference between the various terms, and choosing the best type of agent for you is very important to your transaction, and will most likely have a trickle-down effect into your wallet.
When it comes right down to it, the difference between these are education and ethics. So having this knowledge, wouldn't you want the best of everything that is available to you?
REAL ESTATE AGENT- The term "real estate agent" is a generic term for a professional who assists buyers and sellers with their homebuying or homeselling needs. A real estate agent MUST be licensed through the state of Connecticut through the Department of Consumer Protection. (CT.DCP)
REALTOR -A Realtor is either a licensed real estate salesperson, or licensed real estate broker who belongs to the National Association of Realtors. Not all real estate agents are Realtors- YOU HAVE TO ASK!!!! A Realtor must abide by a strict code of ethics, and most realtors will proudly display their affiliation, either in text or with the "R" logo. There are annual dues for membership There are currently 1,017,362 nationwide members.
SALESPERSON - A Real Estate Salesperson must be licensed through the state of Connecticut, and sponsored by a real estate Broker in order to legally sell real estate in Connecticut.. The pre-requisites are 60 hours of classroom education, and a mandatory score of 70% or higher on a two part state licensure test which consists of general questions and specific state related questions. Failure to pass either of the two part test will require that portion of the test to be completed and passed. A licensed real estate salesperson also must attend 12 hours of continuing education every two years, with a mandatory three hour class "CT Real Estate Agent Fudiciary Duties and Law Update". .Licenses are valid for only one year, and expire every May 31, unless the requirements are met for renewal. As of today, there are 15,338 licensed salespeople in Connecticut.
BROKER -A Real Estate Broker is licensed through the state of Connecticut. The pre-requisites are being a licensed Real Estate Salesperson for a minimum of two years, 120 hours of classroom education, and a mandatory score of 70% or higher on a two part state Broker licensure test which consists of general questions and specific state related questions. A licensed real estateBroker also must attend 12 hours of continuing education every two years, with a mandatory three hour class "CT Real Estate Agent Fudiciary Duties and Law Update".A Real Estate Broker is the highest form of licensure avalable to real estate professionals in Connecticut. Licenses are valid for one year, and expire every March 31, unless the requirements are met for renewal. Brokers who sponsor Salespeople are responsible for all of their acts and omissions. As of today, there are 6419 Brokers in Connecticut. That's just 29.5 percent of all the real estate professionals in the state.
The best educated and most ethical real estate agent you can possibly hire to assist you would be a Realtor / Broker. (and I just happen to know someone who fits the bill)
Resources
Department of Consumer Protection (State of Connecticut)
National Association of REALTORS