The Real Estate Licensee Real estate agent is the commonly used generic term for brokers, salespersons, property managers, sales affiliates, associate brokers, and a number of other common and localized phrases used to designate those engaged in the exchange of real estate between buyers and sellers, owners and renters. The two most common professional designations in real estate are broker and salesperson. A broker is a person who brings real estate buyers and sellers together. The broker works as an agent for either the buyer or seller, and in some cases, is the agent for both parties. If the broker is successful in negotiating an agreement between the buyer and seller the broker is allowed to charge a fee, called a commission .
Brokers have legal and financial responsibilities to all parties in the sale of real estate.
In most cases, a broker is an independent contractor to the buyer, seller, or owner of a property. Buyers, sellers and owners are also known as principals . A salesperson works for the broker. The broker must supervise the salesperson in all activities involving buyers and sellers. The salesperson is always regarded as an agent of the broker.