Real Estate
Mortgages
Loans
What is a Real Estate Broker?
A real estate broker is a licensed party who acts as an intermediary
between buyers and sellers of real estate. 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.
In the US, real estate brokers and their salespersons
(commonly called "
real estate agents")
will work in one of two formal roles, depending on whether they work directly for
the buyer or seller.
Seller's Agent
When working for a seller the broker will assist in marketing
their property and selling it for the highest possible price under
the best terms.
Buyer's Agent
When acting as a Buyer's agent with a signed agreement
(or, in many cases, verbal agreement), they assist buyers by helping
them purchase property for the lowest possible price under the best terms.
Note: Without a signed agreement, brokers may assist buyers in the acquisition
of property but still represent the seller and the seller's interests.
What is a Real Estate Brokerage?
A Real Estate Brokerage is a business, whether a corporation, partnership,
or sole proprietorship, that works with the buyers, sellers, and developers
of property to assist those clients in perfroming real estate transactions.
What Are the Requirements to be a Real Estate Broker?
In most jurisdictions 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. Unlicensed activity is illegal, but buyers and
sellers acting as principals in the sale or purchase of real estate a
re not required to be licensed. In some states, lawyers are allowed to
handle real estate sales for compensation without being licensed as brokers or agents.