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Simple English definitions for legal terms
Real estate broker
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A quick definition of Real estate broker:
A real estate broker is a person who has a special license to help people buy, sell, or rent houses, buildings, and offices. They are different from regular real estate agents because they have more training and can work on their own or hire other agents to work for them. To become a broker, you need to have worked as an agent for a while and pass a test. Brokers get paid when they help someone buy or sell a property, and they do important things like preparing contracts and setting up special accounts to keep the money safe.
A more thorough explanation:
A real estate broker is a licensed professional who helps people buy, sell, and rent properties like houses, buildings, and offices. They have a higher-level license than real estate agents, which allows them to work independently or run their own brokerage firms.
To become a broker, a person must have worked as a real estate agent for a certain number of years and completed additional training and a written exam. Once licensed, brokers earn commissions on real estate transactions, often at a higher rate than agents.
Brokers handle the technical aspects of real estate transactions, such as preparing contracts and establishing escrow accounts. They also oversee agents who work for them.
For example, if someone wants to sell their house, they might hire a real estate broker to help them find a buyer. The broker would handle the paperwork and negotiations, and earn a commission when the sale is complete.