Legal Definitions - broker

A broker is a person or entity that acts as an intermediary between a buyer and seller for a commission. They arrange contracts and facilitate transactions. Brokers are independent parties and are different from agents who act on behalf of a principal party in a deal.

• Broker-dealer for trading securities
• Customs broker
• Real estate broker
• Insurance broker
• Mortgage broker

Brokers in many fields are regulated and licensed by each state and have a fiduciary duty to act in the best interests of their customers or clients. Brokerage firms are also generally subject toregulationsbased on the type of brokerage and jurisdiction.

For example, a real estate broker helps buyers and sellers of properties to connect and negotiate a deal. They earn a commission for their services. Similarly, a customs broker helps importers and exporters to navigate customs regulations and procedures. They also earn a commission for their services.

Overall, brokers play an important role in facilitating transactions and connecting buyers and sellers in various industries.