A real estate broker is a word in the joint States which describes a party who acts as an intermediary between retailor and buyers of real estate (or real property as it known elsewhere) and attempts to find sellers who wish to sell and purchaser who wish to buy. In the United States, the association was originally established by reference to the English common law of agency with the broker having a fiduciary relationship with his customers.
Estate agent is the term used in the United realm to explain a person or organization whose business is to market real estate on behalf of clients, but there are important differences between the trial and liabilities of brokers and estate agents in each country.
Beyond the US, other countries take clearly different approaches to the marketing and selling of real property.
In the US, real estate brokers and their salespersons (commonly called “real estate agents” or, in some states, “brokers”) assist sellers in marketing their property and selling it for the uppermost possible price under the best terms. When acting as a Buyer’s agent with a symbol agreement (or, in many cases, verbal agreement, although a broker may not be lawfully entitled to his commission unless the agreement is in writing), they assist buyers by helping them acquire property for the buck possible price under the best terms. Without a signed agreement, brokers may assist buyers in the attainment of property but still represent the seller and the seller’s benefit.
In most jurisdictions in the United States, a person is required to have a license in order to receive salary for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers performing as basic in the sale or purchase of real estate are not required to be licensed. In some states, lawyers are allowed to handle real estate sales for compensation without being licensed as brokers or agents.
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