A broker owns a brokerage and employs real estate agents. A broker generally has more training than an agent, has successfully passed a state real estate broker license exam, and handles some of the more technical parts of a transaction.
Brokers can work as independent agents or have other agents working for them. Agents who pass the broker exam, but choose to work under another broker are called real estate associate brokers.
Brokers who work with buyers look for properties that match the their clients’ requests, conduct negotiations, prepare offers, and help buyers with issues leading to closing.
Sellers’ brokers determine market values of their clients’ properties, list and show properties, communicate with sellers about offers, and assist in the offer process.
Brokers receive a commission when a sale is completed. The amount is listed in the contract between the broker, and the buyer or seller. The listing agreement or contract generally outlines how much of a percentage of the sale will go to the broker.