Purchasing Resources for Commercial Real Estate License

Commercial Real Estate License Key Terms

Understand the key terms related to a commercial real estate license
By Howard Robertson Commercial real estate licenses are the key requirement for performing any real estate transaction. All states have their own requirements for qualifying and renewal of the license. Specialized education for the respective licenses is mandatory for all real estate professionals.  
 

In this guide, we will cover some key terms related to commercial real estate licenses, such as real estate agent, real estate broker, E and O insurance, realtor and real estate appraiser.

Real estate agent

A real estate agent is an individual who is licensed in a particular state to sell property for a commission.
Try: You can get the definition of a real estate agent at RealEstateAgent.com.

Real estate broker

A real estate broker is an individual that passes the broker's exam after practicing as an agent for a few years.
Try: To understand the meaning of the term real estate broker, read through the glossary by Guidance Corporate Realty Advisors. Additionally, you can refer to wiseGEEK for information regarding real estate brokers.

Realtor

A realtor is a real estate agent who is a member of the National Association of Realtors (NAR) and local real estate boards. Realtors are usually governed by a code of professional ethics.
Try: Real Estate Webmasters, an online resource for professionals in the real estate industry, offers information about realtors.

Real estate appraiser

The task of a real estate appraiser is to determine the market value of property or land. Today, in most states, a real estate appraiser must be licensed or certified.
Try: To learn more about real estate appraisers and their license requirements, you can refer to Online Education.

CE (Continuing Education)

Continuing education is extremely important for maintaining an active real estate license and renewing the license. All of the states have different CE requirements for the license and renewal of commercial real estate licenses.
Try: NAR (National Association of Realtors) provides detailed information about CE.

Errors and Omissions insurance (E and O insurance)

Errors and omissions insurance is a professional liability insurance that provides coverage to professionals against the risks of litigation over the course of their professional duties. This insurance is mandatory for the license application and renewal.
Try: The Ohio Referral Association Agency, Inc. (ORA) provides information about E and O insurance and the professionals who qualify for the coverage.