The three different types of real estate brokerages are (1) the designated real estate brokers, (2) managing real estate brokers, and (3) the associate real estate brokers. You can also find the three different types of brokers in one brokerage or real estate firm such as in maisonsde luxe a mont royal. But the three different types of brokers function distinctly different and have different specializations in their performance of activities.
A designated real estate broker oversees and manages the entire three types of real estate brokers as per the real estate law.In other words, the designated real estate broker is a person who manages and oversees the entire team of different types of real estate brokers working under his or her real estate brokerage or firm. The designated real estate broker is legally responsible for all the transactions carried out by the real estate brokers and agents working in his or her firm. The designated real estate broker owns the real estate brokerage or firm and often called as a real estate broker-owner.
The day-to-day functions and activities of the designated real estate brokers may vary depending on their preferences and ways of functioning. Some designated real estate brokers give more responsibilities to other real estate brokers and agents working under him or her and get engaged more in management and administration as well as monitoring aspects. On the other hand, some designated real estate brokers besides sharing the responsibilities actively participate in various engagement with the clients. In some cases, the designated real estate brokers take more interest on developing the real estate brokers, agents, and other staffs of his or her brokerage in terms of capacitating them through training, and overall management of staffs etc.
The managing real estate brokers are a group of real estate agents or brokers functioning as associate brokers under a designated real estate broker. However, some designated real estate brokers also work as managing real estate brokers under another designated real estate broker as well as in their own brokerages. The managing real estate brokers actively get engaged in the day-to-day business with the client and perform as per the guidance and direction of the designated real estate broker. Similarly, the associate real estate brokers function similar the managing real estate brokers, but they are counted more eligible and higher ranked with a real estate broker license from the state and with completion of real estate broker training and qualifications.