Definition: A real estate broker is an individual who has passed a real estate broker's exam to be licensed as a real estate broker. Licensed brokers represent sellers and buyers in real estate transactions and can legally collect a commission.
Brokers often have more education or more training than a real estate agent. A broker can own a real estate company and hire real estate agents. Real estate agents cannot work by themselves and must work for a real estate broker.
All listing agreements belong to the real estate broker and not to the real estate agent.
