A Real estate brokerage, not the agent or realtor, is the actual entity that represents the clients or provides services to the customer and signs an agreement with the sellers or buyers. The salesperson or realtor is acting on behalf of the brokerage to sign those contracts. Sometimes, a real estate brokerage is also called a real estate agency.
The listing brokerage or seller agent is the brokerage representing the seller and helps the owner to sell the home. In the case of for sale by owner, the brokerage may provide customer service to the homeowner.
A Co-operating brokerage, also known as a buyer agent brokerage or buyer agency, is the brokerage that represents or provides customer service to the buyer during their home purchase.
Realtors are the salespersons who have paid membership fees and joined the local or/and national real estate board. The most prominent benefits of joining the real estate board are to access and list the property in MLS, and to use other resources the board provides. Those resources include the OREA Forms used in the transaction, various tools, reports, training and etc.
Brokers are the agents who have conducted the real estate business for at least 2 years and passed additional exams. One of the requirements to establish a brokerage is to have a broker on board.
The broker of record is the person who runs the brokerage and ensures the activities of salespersons and the brokerage comply with the relevant laws and rules.
Brokerage vs Realtor vs Agent vs Salesperson