description
A real estate broker is a party who
acts an intermediary between sellers and buyers of real
estate and attempts to find sellers who wish to sell and
buyers who wish to buy. In the United States, the
relationship was originally established by reference to
the English common law of agency with the broker having
a fiduciary relationship with his clients.
Real estate brokers and their salespersons (commonly
called "real estate agents") assist sellers in marketing
their property and selling it for the highest possible
price under the best terms. When acting as a Buyer's
agent with a signed agreement, they assist buyers by
helping them purchase property for the best possible
price under the best terms. Without an agreement,
brokers may assist buyers in the acquisition of property
but still represent the seller and the seller's
interests.
In many jurisdictions, particularly those in the United
States, a person is required to have a license in order
to receive remuneration for services rendered as a real
estate broker. In particular, any of the following
descriptions could refer to a real estate broker in the
USA:
A licenced person owning, managing, or being in charge
of a real estate brokerage firm, even if the broker just
works for him- or herself.
The real estate brokerage itself: the brokerage is the
firm or business of the broker which can also be called
a real estate agency.
A licensed real estate professional who has obtained a
broker's license (which entitles them to operate a real
estate brokerage). By default, a real estate broker of
this kind has already met the requirements of
"salesperson" or "agent" licensure. A real estate broker
can still be designated as such without owning a real
estate brokerage.
Some people may refer to any licensed real estate agent
as a real estate broker. However, a licensed real estate
agent is a professional who has obtained either a real
estate salesperson's license or a real estate broker's
license. |
