Whats the difference between a real estate agent, broker, and realtor?
Simply put, an agent (called “sales person” in Illinois) represents another person in a real estate transaction for compensation. A broker performs the same duties as an agent, but can own/manage a real estate business and employ other licensed real estate individuals. Both an agent and broker must be licensed by the State of Illinois. A realtor (either an agent or broker) is a member of the National Association of Realtors. In order to become a realtor, individuals must be licensed, subscribe to it’s strict Code of Ethics, and apply and be approved for membership.
