Do You Know the Difference Between an Agent and a Broker?
Too often people use the terms ‘broker’ and ‘agent’ interchangeably, but in the state of Virginia, there are significant differences between the two. Whether you’re just starting out in the business or you’re a seasoned vet looking to take the next step, it’s important to understand the distinctions of each title.
Virginia Real Estate Agent or Salesperson
Typically, when people use the terms interchangeably, they’re referring to an ‘agent’ or a ‘salesperson’. That’s the person who is actually out showing homes, marketing their brand, and connecting people with the property they’re seeking. However, according to Virginia state law, real estate agents aren’t legally allowed to operate independently. Instead, they’re licensed to sell real estate on behalf of a broker.
To get to this point, individuals must complete 60-hours of Pre-Licensing education followed by 30 hours of Post-Licensing education. If it sounds like a lot, it is, but it’s well worth the investment. According to Indeed.com the average salary for a real estate agent in the state of Virginia is $80,532.
Virginia Real Estate Broker
When a salesperson makes a sale, their commission is split with their affiliate broker. In a given brokerage firm there are generally three types of brokers: an associate broker, a managing broker, and a principal broker. Each brokerage firm is required to have at least one principal broker, and that’s the person who is responsible for the actions of the affiliated agents.
When a brokerage gets too big for the principal broker to manage, they then hire and delegate tasks to associate and managing brokers. They too are required to obtain the same experience and educational requirements as the principal broker.
With that said, to become a licensed real estate broker, individuals must have at least 36 months of full-time real estate experience as a licensed salesperson followed by 180 hours of Continuing Education. At The CE Shop, that would include a 45-Hour Real Estate Appraisal course, a 45-Hour Real Estate Finance course, a 45-Hour Real Estate Brokerage course, and a 45-Hour Real Estate Investment course.
Of course, Virginia state exams will be administered for both licenses and must be passed. Candidates for both licenses must also be 18 years of age, and possess a high school diploma or GED.
Regardless of where you are in your career, or where you want to get to, The CE Shop is your one-stop shop for accomplishing your real estate goals.
Ready to Kick Off Your Real Estate Career in Virginia With The CE Shop?
Enroll in our Pre-Licensing program now to get your career started and begin connecting your fellow Virginians with the real estate they’re looking for, or keep going strong with one of our comprehensive, 100% online Continuing Education packages.