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Confused about all the terminology associated with real estate salespeople? Wondering which is the best choice? This quick guide explains the differences between real estate brokers, agents and teams in Connecticut.
Real Estate Agent
A CT licensed real estate agent in has completed a 60 hour class and passed a licensing exam and has therefore become legally able to sell real estate for a fee. A real estate agent may be brand new to the business or have 50 years of experience. There is no requirement in Connecticut to reach any higher level of licensing to continue practicing real estate. Real estate agents cannot operate on their own and must be supervised by a CT licensed real estate broker.
real estate broker
A CT licensed real estate broker has been licensed as an agent for a minimum of two years, taken a total of 90 hours of classes (including the 60 required for salesperson licensing), and completed 20 real estate transactions within 5 years (or completed another 30 hours of additional courses). CT real estate brokers can operate completely independently, can hire agents to work under their supervision, or they can choose to associate with another broker assuming a real estate agent role.
real estate team
Real estate teams can be formed in a variety of ways, with the most common formation being one person (an agent or a broker) leading a group of others, usually all with specific designated roles. The purpose of the team is to be able to handle a larger volume of business, with different people handling different tasks in every transaction, rather than a single agent or broker handling the transaction from beginning to end. Any combination of brokers or agents can form a team, however a team must also function under the supervision of a CT licensed real estate broker.
Anyone licensed to sell real estate in CT must complete 12 hours of continuing education every 2 years in order to remain licensed.