Broker vs Agent: A broker may work independently, whereas an agent usually works under a broker's supervision. Both brokers and agents must disclose their relationship with clients according to state laws.
Historical Licensing Changes:
Multiple Listing Service (MLS): Before MLS was introduced in 1967, the term "real estate salesperson" was more appropriate since brokers primarily represented sellers by providing legal documentation services.
Educational Requirements:
National Association of Realtors (NAR): Founded in 1908 (though not mentioned in this text), NAR trademarked "Realtor" to refer to its members who adhere to its code of ethics.