Real Estate Broker Job Description

by Writing Team on February 23, 2010

The Real Estate Broker operates a real estate office, or work for commercial real estate firm in the function of overseeing real estate transactions.

Primary Objectives:

  • The Real Estate Broker duties include selling real estate.

  • The Real Estate Broker duties include renting properties.

  • The Real Estate Broker duties include that of arranging loans.

The Real Estate Broker obtains agreements from property owners to place properties for sale with real estate firms. The Real Estate Broker usually will sell, for a fee, real estate owned by others. The Real Estate Broker monitors the fulfillment of purchase contract terms to ensure that they are handled in a timely manner. The Real Estate Broker must compare a property with similar properties that have recently sold, in order to determine its competitive market price. Often the Real Estate Broker checks ads and other forms of advertisements to find property that is being sold by owner in order to find property that they can resale. It is very difficult for them to sell property unless it is being sold by the owner. The Real Estate Broker may not resale property that is in the hands of a Real Estate Agent unless there is an agreement between the parties involved. Since the Real Estate Broker may have a client who wishes to buy property that is on the market by a Real Estate Agent then the Real Estate Broker may make arrangements for his client to buy the property. The Real Estate Broker still earns his commission from the sale of the property and so does the Real Estate Agent who was working on behalf of his client.

The Real Estate Broker often acts as an intermediary in negotiations between the buyers and sellers over property prices and settlement details, and during the closing of sales. The Real Estate Broker who is normally working as a intermediary between both people usually is working with a client who is selling their own property on the open market not with Real Estate Agents. The Real Estate Broker keeps a list of properties for sale, their locations and descriptions. The Real Estate Broker also has listings of places that a client can use in order to get financing for the purchase of property. The Real Estate Broker must be capable of using data bases, along with other programs that are on a computer.

The Real Estate Broker must maintain knowledge of real estate laws in order not to make an error. They do not have the same rights as a Real Estate Agent and therefore must be careful not to do anything that would cause them problems with the law. The local economy is very important to the Real Estate Broker since they depend on the economy for sales. The Real Estate Broker realizes that you cannot over charge for housing in a poorer neighborhood. They also know that the neighborhood might be in a better economic status but if the economy is down and the sales of homes are low then the Real Estate Broker knows that the market value will still be at a lower rate. The economy governs the sales of homes and property making the job of the Real Estate Broker a bit tougher in bad economic times. The fair housing laws also make it extremely important that a Real Estate Broker does nothing to infringe on any persons rights when it comes to selling homes. The types of mortgages available to an individual or couple often depend on the down payment, their job, and their credit ratings. The law prevents any lending organization from turning anyone person or couples down because of race, gender, religion or sexual preference. The Real Estate Broker must make sure that a person’s rights are upheld when it comes to applying for and receiving a mortgage.

The Real Estate Broker checks the work completed by the loan officers, attorneys, and other professionals to ensure that it is performed properly. The Real Estate Broker often arranges for financing of property purchases, appraises property values, and assesses income potential when relevant. The Real Estate Broker must also maintain a full awareness of current income tax regulations, local zoning, and building and tax laws. The Real Estate Broker often supervises agents who handle real estate transactions.

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