Broker

Real estate word of the day is going to be broker. Step one is going to be to define the word. Step two is going to be to use it in a sentence. Step three is going to be to discuss it briefly.

Yeah, OK. I will do the definition, please. Broker or broker has several meanings in different situations. Most realtors are agents who work under a broker. Some agents are brokers as well, either working working for themselves or under another broker in the mortgage industry.

Broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. I think that a lot of people get that confused as a normal definition. A broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.

Ok, very good. And then to use it in a sentence, there are several types of brokers, depending on the state or what you would happen to be in Texas. You can be a sponsor, you can be a broker, or you can be an associate broker. And there’s different ones in different states. You could be a sponsoring broker or just a real estate broker and a real estate broker in other states would not have the ability to sponsor, but could be have all of the designations of. They also have similar things to this like office manager. What are those type the words? They’re like supervising, supervising, supervising broker.

So there’s a bunch of items all really, really similar. But at the end of the day, there’s a broker and depending on the state in which municipality it’s in, there should be the broker that’s in charge. Then there can be somebody else that could have all of the rights of a broker, but not the responsibilities or the ownership necessarily. And then there can be agents.

So you could be a broker and be an associate broker. And the the sponsoring broker is the one responsible for everyone. Right. So you can be an associate broker and have that broker designation, but you’re not responsible for anyone. So and to use in a sentence again, Amy Gasparini is an associate broker. Yes. Yes. Under Shonna Questo, who is the broker of record.

Episode Recorded Live on YouTube 4.28.21

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