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Can You Be Both a Real Estate Agent and a Real Estate Broker?

Real-estateIn New York State, the term “real estate broker” refers to a person who holds a license as a broker and is associated with another real estate agent. These two professionals must disclose their agency relationship to prospective clients. The office manager may be a licensed individual, partnership, or trade name. A real estate broker license may also be issued to an individual, limited liability company, or corporation.

In some states, it is possible to be both a real estate agent and – under certain circumstances-a real estate broker. Licensed real estate salespersons must work under the supervision of a licensed real estate broker. Active service in a general real estate brokerage business involves working 35 hours a week for at least 50 weeks a year. The state’s Real Estate Commission requires brokers to maintain certain records.

While a real estate agent and a broker may be the same person, there are significant differences between the two. While an agent can represent both a tenant and a landlord, they cannot represent both parties without their informed consent. A real estate broker acting as a dual agent has additional obligations that are subject to the terms of their agent agreements. In order to maintain the highest level of professionalism in both roles, the agent must be knowledgeable about the roles and responsibilities of both parties.

The Department of State may suspend the license of a real estate broker for violating the law. If a broker’s license is suspended, the salesperson’s license is suspended. This suspension is considered an association’s discontinuance. The broker must inform the owner of their interest in the property before the sale or exchange. In addition, the broker cannot retain any profit or proceeds from a wrongfully negotiated transaction.

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