Long Island Real Estate Definitions

Long Island Real Estate Definitions
Long Island . New York
rwmconsultants.com

Long Island Real Estate Definitions for the Consumer

Long Island . New York Real Estate

Real Estate Agent - Broker/owner; Broker Associate; Salesperson.

Realtor - a New York State licensed real estate agent practicing real estate on Long Island, New York.

Real Estate Company - the real estate companies on Long Island, New York range from a single office local company in a specific town to the International franchised multiple office companies across Long Island.

Real Estate Office - all real estate offices are independently owned and operated by the owner/broker of record of that office.

Real Estate Broker - the broker of record or broker-owner for a specific Long Island real estate office. The broker-owner is responsible for overseeing the entire day to day operation of their office/company, including the responsibility for all the agents actions within their company, and setting policy for their real estate business practices for that office/company. The broker/owner can own and operate one office or several offices across Long Island. All real Estate offices are independently owned and operated.

Real Estate Broker Associate - the broker associate is a broker that is associated with a broker-owner/broker of record. The broker associate is an independent real estate contractor licensed to sell real estate in New York State. The broker associate must meet the criteria (education and experience) set forth by New York State for licensed real estate broker. The associate broker can open their own real estate office as the broker of record, should they wish to do so.

Real Estate Salesperson - the salesperson is an independent real estate contractor working under the broker license of the broker of record or broker/owner. The salesperson must complete a 45 hour real estate course and pass the New York State Sales Person exam to be licensed and practice real estate on Long Island, New York.

Agency - That relationship wherein a real estate agent is employed by a principal to represent that principal's interest throughout that real estate transaction.

Long Island Real Estate Seller's Agent

Long Island Real Estate Buyers Agent

Long Island Real Estate Dual Agency

Long Island Real Estate Ethics

Long Island Real Estate Definitions for the Consumer
Long Island . New York
rwmconsultants.com