A more thorough explanation:

A broker-agent is a person who acts as an intermediary or negotiator between parties in a transaction, representing one of them. They are employed to make bargains and contracts between other persons in matters of trade, commerce, or navigation. A broker-agent is licensed both as a broker and as an agent.

For example, a real estate broker-agent negotiates contracts of sale and other agreements between buyers and sellers of real property. They represent either the buyer or the seller and help them reach an agreement on the terms of the sale. Another example is an insurance broker-agent who brings about or negotiates contracts of insurance as an agent for someone else, but not as an officer, salaried employee, or licensed agent of an insurance company. They act as an intermediary between the insured and the insurer.

Broker-agents are different from factors because they usually do not have possession of the property. They are also different from broker-dealers who engage in the business of trading securities for their own account before selling them to customers. Broker-dealers are usually registered with the SEC and with the state in which they do business.