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Get StartedCommercial Real Estate License Key Terms
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.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.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.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.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.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.-
Tips & Advice for Commercial Real Estate License
Are you interested in sell commercial real estate to businesses? If so, then you might need to get a license that allows you to buy and sell commercial property in your state. Getting a commercial real estate license not only allows you to operate legally, but also establishes you as a professional in your field.
Acquiring a commercial real estate license can vary from state to state. You will probably have to take a test that shows you know how to follow the ethical and professional guidelines of the industry. You might also have to pay a fee for your license.
Depending on your state and abilities, you might need to attend classes that prepare you for the test.
Since the exact process varies according to state, you should find information that pertains to professionals working in your area. Business.com can help you find the information that you need to secure a real estate license that allows you to sell commercial properties to retail stores, car dealerships, restaurants, and other types of businesses. You can start your research by exploring the websites that have been posted on the left side of your screen.
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