![]() ![]() Most states require that an applicant must attend a pre-license course with a minimum number of classroom hours to study real estate law before taking the state licensing exam. For example, some states only allow lawyers to create documentation to transfer real property, while other states also allow the licensed real estate agent to do so. Each state has a real estate commission (governing body) who monitors and licenses real estate brokers and agents. To become licensed in the United States, real estate brokers and salespersons are authorized by each state, not by the federal government. Flat-fee brokers and fee-for-service brokers can charge significantly less depending on the type of services offered. This commission can be divided up with other participating real estate brokers or agents. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full service broker but this percentage varies by state and even region. The assistance provided are the legal documents for an agreement between the buyer and seller on how a particular transfer of property will happen.Ī real estate broker typically receives a real estate commission for successfully completing a sale. Having no more than a facilitator relationship, transaction brokers assist buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers.
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