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LSDefine

Simple English definitions for legal terms

brokerage contract

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A quick definition of brokerage contract:

A brokerage contract is an agreement between a person (called the principal) and a broker. The broker is hired to make deals on behalf of the principal and gets paid a commission for their services. It's like hiring someone to help you buy or sell something, and they get a percentage of the sale as payment.

A more thorough explanation:

A brokerage contract is an agreement between a principal and a broker, where the broker is authorized to make contracts on behalf of the principal. The broker receives a commission for their services.

For example, if a homeowner wants to sell their house, they may sign a brokerage contract with a real estate agent. The agent will then market the property, find potential buyers, and negotiate the sale on behalf of the homeowner. Once the sale is complete, the agent will receive a commission based on the sale price.

Another example is a stockbroker who is hired by an investor to buy and sell stocks on their behalf. The investor signs a brokerage contract with the broker, who then executes trades based on the investor's instructions. The broker receives a commission for each trade made.

These examples illustrate how a brokerage contract allows a principal to delegate the authority to make contracts to a broker, who acts as their agent. The broker is compensated for their services through a commission, which is typically a percentage of the transaction value.

brokerage | broker-agent

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13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
babycat
14:20
another victim claimed
concorde
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pwned
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Might have to send in addendums for that
Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
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