Real Estate Broker Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Real Estate Broker, written in plain English, along with examples of how it is used.
What is Real Estate Broker?
Real estate profession who has more training and higher rank that real estate agents.
History and Meaning of Real Estate Broker
A real estate broker is a professional who acts as an intermediary between property sellers and buyers. To function in this capacity, brokers must obtain a license, which involves higher levels of education compared to a typical real estate agent. This additional education, combined with experience in the real estate industry, places brokers in a higher rank than agents.
Real estate brokers typically work independently with clients, showing properties, facilitating negotiations, and handling the exchange of property documents. They also perform duties like analyzing market conditions, setting property prices, and analyzing contracts.
Examples of Real Estate Broker
- Jack is a licensed real estate broker who has been in the business for over a decade. He just landed a big contract with one of the major property management firms in the city to list and sell all their properties.
- As a real estate broker, Samantha is responsible for taking potential buyers to various sites and helping them get loans so that they can purchase the property.
- Roger worked as a real estate agent for five years before obtaining his real estate broker license. He can now train and supervise new agents while earning a higher percentage of commissions.
Legal Terms Similar to Real Estate Broker
- Real Estate Agent: Real estate agents must also be licensed professionals who have taken real estate courses and passed an exam, but they work under a broker’s supervision.
- Property Manager: A property manager is responsible for managing rental properties, including handling tenant issues, repairs, and maintenance.
- Real Estate Attorney: An attorney specializing in real estate law can help clients with legal issues related to property transactions, drafting and review of contracts, and property disputes.