The nature of real estate business leaves brokers and agents of nature subject to any possible lawsuits and claims, only as a result of their daily business activities.
To determine the best insurance products for real property negotiator indemnity and brokers, we must first examine the difference between the two headings. While brokers and agents often use interchange, there are minor differences between the two titles.
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Real Estate Brokers vs Real Estate Agents
While brokers and agents often use interchange, there are minor differences between the two titles.
- Real estate agents are licensed sellers. The exact requirements for a real estate license vary from state to state, but regardless of the state of operation, a real estate agent must work under a broker and cannot operate independently.
- Real estate brokers are one step above real estate agents. Agents are required to meet additional education requirements and may work independently or appoint estate agents to work below them. Brokers are responsible for the actions of real estate agents they work with.
It simply means they pay annual dues and follow a specific code of conduct to be related to the National Association of Realtors.
The guidance and advice that real estate agents give their clients every day are to present them for any possible lawsuits. Professional liability insurance, also known as errors and omissions (E&O) insurance, protects agents from financial losses resulting from a lawsuit brought against them by the client.