Real estate brokers

A Real Estate Broker or Real Estate Salesperson (often called a Real Estate Agent) is a person who acts as an intermediary between sellers & buyers of Real Estate/Real Property. Their mission is to complete a transaction between the buyer & seller.

In the United States, the relationship was originally established by reference to the English Law, with the broker having a fiduciary relationship with his or her clients. A Real Estate Broker typically receives a commission for successfully matching a seller's real estate with a buyer such that a sale can be made. This commission can be divided up with other participating real estate brokers or agents.

An Estate Agent, which is a term used in the United Kingdom, is a person or business entity whose business is to market real estate on behalf of clients. There are significant differences between the actions, powers, obligations, and liabilities of brokers and estate agents in each country. Different countries take markedly different approaches to the marketing and selling of real property.

In the United States, however, real estate brokers and their salespersons who assist owners in marketing, selling, or leasing properties are commonly called "Listing Brokers" and "Listing Agents." Listing brokers and agents seek to market and sell or lease property for the highest available price under the best available terms.

Other brokers and agents may focus on representing buyers or tenants. However, licensing as a broker or salesperson authorizes the licensee to represent parties on either side of a transaction. This business decision is for the licensee to decide.

In the United States, Real Estate Brokers and Salespersons are licensed by each state, not by the federal government. Each state has its own laws defining the types of relationships that can exist between clients and real estate licensees, and the duties of real estate licensees to clients and members of the public. Rules vary substantially from state to state, for example, on subjects that include required documentation, agency relationships, inspections, disclosures, continuing education, and other subjects.

When acting as a buyer's agent, brokers and salespersons assist buyers by helping them purchase property for the lowest available price under the best terms. The real estate broker owes fiduciary duties to whomever that broker services as a client. The broker must ensure to negotiate in the best interest of the client, and at all times keep the client (buyer) aware of any new information that can help make a solid decision.

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Wikipedia