Real Estate Agent vs. Broker: What’s the Difference?
We get this question all of the time, especially in Utah where there are so many real estate agents and so few real estate brokers. This page covers the high level differences. If you’d like to read more details, the Utah Division of Real Estate provides a detailed explanation of the differences on their website.
- A broker must meet the requirements of honesty, integrity, truthfulness, reputation, and competency. Including no felonies (in last 5 years) and no misdemeanors involving fraud (in last 3 years).
- The Utah Division of Real Estate also does extensive background checks (including checking fingerprints against national criminal databases).
- Brokers need to be in the real estate business, full time, for at least 3 years.
- Competency is determined by having at least 60 “experience points” within the last 5 years. That’s a lot of transactions, which many broker candidates are not able to meet.
- Brokers need an additional 120 hours of Utah state required education, and the must pass the exam from the state of Utah for the brokers license.
- Broker candidates then submit an application for the extensive State of Utah review. This includes all fully executed written documentation of the 60 experience points listed above.
Bottom Line: Utah Division of Real Estate, who regulates all real estate related licenses, is a lot pickier on who they allow to be real estate brokers compared to being a real estate sales person.
Bottom-Bottom Line: Given the choice between working with an agent or a broker, why would you choose to work with “just an agent”?
Joel is a broker – contact him now to see if working together is a good fit for you and his team.