Broker - Types Of Brokers, Regulation And Conduct Of Business, Future Roles Of Brokers
An individual or firm employed by others to plan and organize sales or negotiate contracts for a commission.
A broker's function is to arrange contracts for property in which he or she has no personal interest, possession, or concern. The broker is an intermediary or negotiator in the contracting of any type of bargain, acting as an agent for parties who wish to buy or sell stocks, bonds, real or PERSONAL PROPERTY, commodities, or services. Rules applicable to agency are generally relevant to most transactions involving brokers. The client is considered the principal and the broker acts as the client's agent. An agent's powers generally extend beyond those of a broker. A distinguishing feature between an agent and a broker is that a broker acts as a middleperson. When a broker arranges a sale, he or she is an agent of both parties.
In order to determine whether or not an individual is acting as a broker in a transaction, the type of services that are performed must be examined.
Hazen, Thomas Lee. 2003. Broker-Dealer Regulation in a Nutshell. St. Paul, Minn.: West.
Waller, Mark L. 1999. Selecting and Working with a Broker. College Station: Texas Agricultural Extension Center.
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