| A commercial real estate broker is a person who acts | | | | Colorado that recommended that the professional |
| as a link between a buyers and a sellers real estate. | | | | relationship between the agent and the client should be |
| This relationship is one of fiduciary responsibility, | | | | broken. Instead, they felt that the dealings between the |
| meaning that it is a relationship based on trust. | | | | two should be strictly limited to the actual sale and |
| The person appointed as the broker, has the | | | | purchase of real estate, without taking the personal |
| responsibility of ensuring that his salespeople handle the | | | | interest of the client into consideration. In Florida, the |
| transactions according to law. The sales people are | | | | Broward Board of Realtors went so far as suggesting |
| known as real estate agents and their responsibilities | | | | that the brokers and agents merely help the selling and |
| include representing the seller or the buyer in the | | | | purchasing parties with finalizing the sale, without the |
| transactions and making sure that they get the best | | | | bond of trust. The only requirement being that they |
| possible treatment. The agent representing the seller | | | | adhere to both legal and moral standards. |
| ensures that the seller receives the highest possible | | | | The result was that in 2003, Florida amended the law |
| price for the property they are selling, while the agent | | | | and made all real estate licensees have only a |
| of the buyer will negotiate for the lowest possible price. | | | | transaction relationship unless there is only one person |
| The buyer's agent will also try to find properties in the | | | | acting as the representative for both parties. This will |
| best structural shape that fits within their estimated | | | | not apply if there is a business link between the two |
| price range. | | | | parties. |
| In many places, such as the United States, it is | | | | The change in the law also made it mandatory that |
| mandatory for the broker to have a license to | | | | the aspects of the transactions be made in writing and |
| negotiate the sale and purchase of property. The | | | | removed the dual and sub agency designations. A dual |
| broker can act as either the proprietor of a company | | | | agency results when a broker handles the transactions |
| or as an agent for another company. There are | | | | of both the purchasing and the selling parties. Both |
| various ways to get the certification as a broker. One | | | | parties would have agreed to this arrangement in |
| way is by going to school and passing a state test. | | | | writing. The sub agency agreement meant that two |
| Another way is to hold a position that automatically | | | | agents from the same brokerage would represent the |
| allows you to apply for and receive the certification, | | | | selling and purchasing parties. Like a dual agency |
| such being an attorney. | | | | transaction, it would have to be agreed upon in writing |
| Following 1992, there were brokers from Florida and | | | | by both parties to the transaction. |