A real
estate broker or real estate
agent is a party who acts as an
intermediary between sellers and buyers
of real estate and attempts to find
sellers who wish to sell and buyers who
wish to buy. In the United States, the
relationship was originally established
by reference with the broker having a
fiduciary relationship with his clients.
In the
United States, real estate brokers and
their salespersons (commonly called
"real estate agents" or, in some states,
"brokers")
assist sellers in marketing
their property and selling it for the
highest possible price under the best
terms. When acting as a buyer's agent
with a signed agreement (or, in many
cases, verbal agreement, although a
broker may not be legally entitled to
his commission unless the agreement is
in writing), they assist buyers by
helping them purchase property for the
lowest possible price under the best
terms. The real estate broker "broker"
is obligated to provide fiduciary duties
to whomever that broker services as
client, this agency relationship can
become very confusing; if there is a
seller and buyer the broker is
performing one transaction with(dual
agency). Under a dual agency transaction
it is vital the broker discloses to
either/or part whom they represent as
client, and whom they represent as
customer. A real estate broker owes his
client fiduciary duties, those duties
include care, confidentiality, loyalty,
obedience,accounting & disclosure. A
real estate broker owes his customer
fair & honest dealing. A real estate
broker must request all parties(seller &
buyer)sign a dual agency agreement, to
protect their license.
In most
jurisdictions in the United States a
person must have a license before they
may receive remuneration for services
rendered as a real estate broker.
Unlicensed activity is illegal, but
buyers and sellers acting as principals
in the sale or purchase of real estate
are not required to be licensed.