broker
Table of Contents
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
broker.txt · Last modified: by reidjs