Real Estate Term of the Day: Broker & Brokerage
BROKER – a state-licensed agent who, for a fee, acts for property owners in real estate transactions, within in the scope of state law (Barron’s Dictionary of Real Estate Terms)
See also: AGENT
BROKERAGE – the business of being a broker (Barron’s Dictionary of Real Estate Terms)
Simply put real estate brokers have the capability to own their own brokerage while a real estate agent (sales person) must work under a broker. In the State of Colorado, all real estate licensees have taken the required course work to be considered a real estate broker.
