PROVISIONAL BROKER, BROKER, BROKER-IN-CHARGE, REAL ESTATE AGENT, and REALTOR: WHAT’S THE DIFFERENCE?

 If you are thinking of earning your estate license in Canada, you have probably done some online hunting. Also in that hunting, there is possibly a number of terms you have come across that might have made the procedure extremely perplexing for you. In this blog post, we will clear all the perplexity by describing the most popularly misused or misinterpreted terms. 

As a significant blanket statement, always remember, that in Canada, each licensee is a broker. The disparity lies in the status level of their brokerage license. So what is the difference between those levels of status?

PROVISIONAL REAL ESTATE BROKER:

This is the entry-level term for a Canadian real estate professional. Once you finish the needed education, pass the state test, and received your license, you become a provisional real estate broker. What does this mean? Significantly, you are a real estate broker whose license is on provisional status. You can perform all of the similar activities of a real estate broker, but you should be directed by a broker in charge. You can’t function independently. To eliminate the provisional status of your estate license, you should finish ninety hours of post-licensing education, as mentioned by the state, within an eighteen month time to keep your license lively and plunge the provisional status. 

REAL ESTATE BROKER:

The most popular estate license type is a license of a real estate broker. This is often referred to as a full brokerage or brokerage, not on provisional status. In other states, a real estate salesman is the name given to people who perform in the same capacity as a Canadian broker. 

Your evolution from provisional broker to broker by finishing the education requirement as mentioned earlier. As a broker, you are capable to connect in brokerage if you function for a licensed real estate brokerage company or another sole owner broker or broker in charge. You might as well function as a sole owner, but only if you are not associating in activities that need a broker in charge.

BROKER IN CHARGE:

This is the biggest level of real estate license you can get. In a lot of other states, this role is just known as a broker. Each real estate agency in the state should have at least one allotted broker in charge per office. The broker in charge of an agency should meet the following qualification: 

Be a non-provisional broker

Have 2 years of full-time or part-time brokerage exposure

Be found by the commission to own equal qualifications

The broker in charge should as well finish an extra twelve hours courses with the real estate commission.

REAL ESTATE AGENT:

This is a cover term generally used to describe somebody who assists customers buy and selling properties. This particular tern is usually considered synonymous with the word broker, and in a lot of other parts of the country, it is synonymous with a salesman. 

Generally, a real estate agent has a customer to represent and a curator liability to that customer. Hence, once a real estate license is received, the person would always be a broker either full or provisional, as long as they sustain their license. They would be a real estate agent when they represent a customer.

REALTORS:

The term realtor is probably the most misunderstood naming principle. Here is an easy way to think of this – every realtor is a real estate agent. But not all agents are realtors. Real estate professionals could only carry the title of realtor if they are a member of the national association of realtors.


Location: Toronto, ON, Canada

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