Define Real Estate Broker

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A real estate broker is someone interested and knowledgeable about the real estate business, and they are well-informed on real estate laws and taxes. Consult with a real estate broker to discuss investing in a property with information from a portfolio manager in this free video on finance.

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Video Transcript

Are you considering buying or selling a piece of property? Hi, this is Roger Groh of Groh Asset Management. You probably have taken the step of contacting a real estate broker in order to help you, and today, we're here to talk about what they are. Well, the term real estate broker is very generic and doesn't mean a whole lot other than somebody who is, in theory, interested or knowledgeable about the real estate business. Some brokers can go on and be licensed, and you'll see when they have advertisements that they clearly say that they're a licensed real estate broker. Why is that important? Because they probably are more cognizant about the laws and tax laws that pertain to transfers of property between groups or people. Anybody can be a broker because that just means that you're interested in buying or selling. To be a licensed broker involves taking an exam and a series of courses that review tax and other matters that pertain to the transfer of property. Is there an advantage to being with a licensed broker over a broker? Maybe. But I'm going to leave that up to you. If I were a newbie coming into a new market, I would look for a licensed broker. If I were established and I knew what I was doing, then really what you want is data on properties that are for sale or looking to be purchased and you're not so concerned with financial or tax data, and therefore the broker might fit that bill better. So in either case, do your homework, make sure you know the background of the person that you're working with, and make sure that they really want to represent you. I'm Roger Groh of Groh Asset, thank you very much for spending time with me.

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