====== Broker ======

A **real estate broker** is a **licensed professional** authorized to **represent others** in real estate transactions for compensation.

===== Key Characteristics =====
  * Acts as an **agent** for clients
  * May represent **buyers, sellers, landlords, or tenants**
  * Owes **fiduciary duties** to the client
  * May work independently or employ **salespersons**
  * Earns compensation through **commissions or fees**

===== Types of Brokers (California) =====
  * **Broker-Associate**
    * Holds a broker license but works under another broker

  * **Employing (Designated) Broker**
    * Supervises salespersons and broker-associates
    * Responsible for trust funds and compliance

===== Broker vs Salesperson =====
  * **Broker**
    * Can operate independently
    * Can hire and supervise others

  * **Salesperson**
    * Must work under a broker
    * Cannot operate independently

===== Fiduciary Duties (OLD CAR) =====
  * **Obedience**
  * **Loyalty**
  * **Disclosure**
  * **Confidentiality**
  * **Accounting**
  * **Reasonable Care and Diligence**

===== Exam Tip =====
  * A broker represents **people**, not property
  * Compensation must be **disclosed and agreed upon**