What is the difference between a REA and a REN? I see my friend operating a Sales Consultancy company doing real estate business, but he isn’t a REN or REA! Part 2 of 3.
Let us say, you have a prescription of medicine and now getting it from a pharmacy. Who do you talk to? Dispenser? Pharmacist? In fact, anyone who is in the pharmacy can help you. IF IT IS A SCHEDULE (POISON) item, then the dispenser will notify the pharmacist. Alamak, No stock! At this point, the pharmacist would order for you if you agree to this arrangement.
Can a dispenser order for you? NO! Is there a difference between a dispenser and a pharmacist? YES!
This is the exact scenario like a REN and a REA. Can a REN deliver the estate agency service without a REA? The answer is NO. Is there a difference between a REN and a REA? YES!
If the poison item is to be ordered from the manufacturer/stockist, the pharmacist has to sign the order form. Upon receiving the stock, the pharmacist has to sign the invoice. When the customer comes to the pharmacy to take the medicine, dispenser can help to do the rest. Even some customers prefer to talk to the dispenser rather than the pharmacist, indeed!
Similarly, the REN can do all the things like collecting booking fee, checking if the vendor is agreeable to the terms, etc. However, when the money is received, it has to be deposited into the Client’s Account of the firm. This is only possible with the Authority to practice by the firm and the license of the REA. Without that, there is no Client’s Account.
Just like in a pharmacy, anyone can serve the customer. However, when a customer asks to seek professional advice from a pharmacist, the pharmacist has to step forward and not sitting inside the office. Similarly, a client can ask to see the REA. Given the time, the REN has to arrange for that at no extra charges.