A Broker is a person or an organization that operates as a third-party facilitator.
The broker negotiates, arranges and/or organizes the transaction between two primary parties. In most cases, the broker represents the seller and is selected based on their knowledge of the industry and the real-time market information. The broker is paid a commission to either locate the other party or conduct the transaction.
The real estate broker is a licensed individual with a focus on land, buildings and other real-estate holdings. Some brokers only serve as facilitators/mediators of a transaction. However, most will offer a full-service element that includes research and current market trends for their clients.
A broker’s license allows a real estate professional to either work individually or to employ real estate agents, in which case the broker is ultimately responsible for all transactions conducted by any of the employed agents.
The first step is to become a real estate sales agent. The process is not the same throughout the country, but it usually requires either attending certification courses or pursuing an Associate or Bachelor degree in Real Estate, to qualify to take the first license exam.
After a required time of practicing, to gain real estate sales experience, the agent can start taking brokerage courses.
Completing these courses and passing the additional broker licensing exam allows the real estate professional to work as a broker in the same state that granted the license.
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