There are a number of different real estate professionals. Understanding their roles is imperative to identifying with whom you should work and having a productive working relationship.
These definitions are not exhaustive but may provide some context:
- Broker: a person who offers, attempts, or actually negotiates, locates, lists, sells, purchases, leases, auctions, or exchanges an interest in real estate on behalf of another for a commission or other payment. In Texas, brokers can provide a written opinion of an estimated price of real estate so long as it’s not referred to as an appraisal.
- Sales Agent: one who may perform the acts of a broker so long as he or she is sponsored by a broker and is acting on the broker’s behalf
- Residential Rental Locator: a person who, in exchange for value, offers to locate a unit in an apartment complex for lease to a prospective tenant
- Professional Inspector: one who represents to the public that he or she is trained and qualified to perform a real estate inspection (a written or oral opinion as to the condition of the improvements to realty, including structural items, electrical items, mechanical systems, plumbing systems, or equipment) and who accepts employment to perform a real estate inspection for a buyer or seller of realty
- Appraiser: a person who opines about the value of real estate or engages in the act or process of developing an opinon of value of real estate for another according to certain industry standards, which may be memorialized in a written appraisal report
In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more involved and complex discussions.