Real Estate Encyclopedia, terms -Real Estate Broker

Real Estate Broker

An individual entrepreneur, employee, manager or head of a real estate agency. The real estate broker must have the appropriate education and qualifications to work with a broad range of real estate services. Negotiations, contracts, documentations and all other stages of the real estate transaction are the direct responsibility of the real estate broker. 

In general, a broker is an intermediary between the buyer and the seller. This is a person who does not actually sell any real estate, but only assists in the communication between clients.

In Russian-speaking countries, the real estate broker can often be referred to as the “realtor” or “real estate agent” interchangeably. 

However in the US, the real estate broker, real estate agent and realtor each carry slightly differing functions. The real estate agent is a licensed professional of real estate. The realtor is a real estate agent who is also a member of the National Association of Realtors. The real estate broker, a holder of the broker’s license, is the employer of real estate agents. 

Real estate brokers are responsible for the actions of their employed real estate agents. Profit is split between agent and broker, however it is the broker who has the right to receive commission. The broker can also provide the intermediary service between customers and developers. 

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