Real estate brokers are salespeople who are often referred to as a real estate agent. They act as the go to between a buyer and a seller of real estate or real property and will attempt to match up the sellers who want to sell to buyers who are looking to buy.
In the united states, the reference to this relationship was made by English Common law of agency which allows the broker to have a fiduciary relationship with the client(s). The broker will often receive a commission payment for successfully matching the seller’s real estate with a buyer so that a sale may be made. This commission may be divided up with the other people who participate such as other real estate agents or estate brokers when it is applicable.
Estate Agent is a term that is used in the United Kingdom and they are people or a business entity who has the ability to market real estate on the behalf of their client(s). There are big differences between the actions, obligations, liabilities and powers of the broker and estate agents in each county. Other countries may take a completely different approach to the marketing and then sale of real property.
In the United States, the real estate brokers and their agents who do assist the owners in marketing, the sale, or leasing of a property are normally called listing agents or listing brokers. A listing agent and broker will seek to market and then lease or sell the property for the highest available price under the very best available terms.
Other agents and brokers may then focus on representing the tenant or the buyers. However, licensing as a broker or agent will authorize the one licensed to represent the parties on either sides of the transaction. The choice of what side to represent will be the choice of the one who is licensed.
In the United States, each state will license their real estate agents and brokers, and it will not be done by the federal government. Each state will have its own laws that define the type of relationship that may exist between a real estate licensee and its clients, and the duties of that licensee to the client and members of the public. These rules will be different depending on the state, such as on any subject that includes required documentation, inspections, continuing education, disclosures, agency relationships as well as other subjects.
Whenever acting as a buyer’s agent, the agent or broker must assist the buyer by helping them to purchase the property for the lowest available price under the best terms. The broker will owe fiduciary duties to who ever the broker services as a client. The broker will then need to ensure to negotiate in the best interest of the client and at all times keep the buyer completely aware of any new type of information that will help to make a solid purchasing decision.