Real estate brokers may be employed by sellers to find a buyer for a property or by a buyer to locate a property for purchase.
When a seller employs a broker, they sign a listing agreement which obligates the broker to work to locate a buyer, and the seller to pay the broker a commission upon sale. Brokers are usually held to rigorous standards in order to be licensed.
A broker is a legal agent of the person who hired him or her, and thus has duties and obligations to work in their client’s interest. The broker is not a party to any agreements about purchase. These agreements are strictly between the seller and buyer.
