Business, Legal & Accounting Glossary
n. in general, a person who arranges contracts between a buyer and seller for a commission (a percentage of the sales price). These include real estate brokers (who have responsibility over an agency and its sales agents as well as their own conduct), insurance brokers (handling more than one company rather than being an agent for just a single carrier), and stockbrokers, who are the upper-level of stock salespersons and/or the operators of brokerage houses. Brokers in the more technical fields (as above) are regulated and licensed by each state and have a “fiduciary” duty to act in the best interests of the customer. Consumers should investigate whether the broker is representing the customer’s best interest or just wants to make a sale. A “pawnbroker” is a lender for items left for security (“hocked”) at high rates.
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This glossary post was last updated: 26th April, 2020 | 2 Views.