A broker is a real estate agent who has completed additional training and licensing requirements. A broker must ensure that real estate transactions are lawful, that all paperwork is correct and complete, and that all funds are recorded and reported accurately.
All real estate agents must work for a broker. So think of a broker (or brokerage firm) as the umbrella that covers individual real estate agents.
When your agent puts a listing agreement in front of you, you aren’t signing a contract directly with your agent. Instead, you are signing a contract with the agent’s broker.
What can a real estate broker do that an agent can’t? A broker can move money in and out of an escrow account. A broker can mediate conflict in a legal dispute. A broker can hire agents to work under them. A broker doesn’t have to work for a firm, as they can have their own brokerage. Brokers have to hold a license as a broker in their state, in addition to holding a real estate agent license.
If you have any questions about a broker and their function or any other mortgage needs, reach out to our team and we can walk you through different options.
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