![]() ![]() As more than a mere negotiator, he or she makes a purchase in his or her own name and ordinarily pays the purchase price. ![]() ![]() A stockbroker's functions are generally broader than those of other brokers. Stockbrokers buy and sell shares in corporations and deal in corporation stock and in other Securities. They may also counsel and advise people who wish to buy or sell real estate. They can also be involved with the purchase and sale of lands, and the acquisition of mortgages for others. Real estate brokers or agents are hired to transact the buying and selling, lease, or rental of real property on a commission basis. He or she owes no obligation to any company. An insurance agent is bound by company rules and responsibilities, whereas an insurance broker's only duty is to aid a client. While an insurance agent is employed by, and represents, a particular insurance company, an insurance broker is a representative of the insured only. Such a broker has no control or possession of the product that is sent directly to the buyer he or she merely acts as a middleperson in all transactions.Īn insurance broker acts as an intermediary between the insurer and the insured and is distinguishable from an insurance agent. He or she offers services on a commission basis to manufacturers as a sales representative for their product. There are several kinds of brokers, each of whom deals in specific types of transactions.Ī bill-and-note broker negotiates the buying and selling of bills of exchange and promissory notes.Ī commercial or merchandise broker is an individual who works with buyers and sellers by negotiating between them in the buying and selling of goods, without having personal custody of the property. 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. When a broker arranges a sale, he or she is an agent of both parties. A distinguishing feature between an agent and a broker is that a broker acts as a middleperson. An agent's powers generally extend beyond those of a broker. The client is considered the principal and the broker acts as the client's agent. Rules applicable to agency are generally relevant to most transactions involving brokers. 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. An individual or firm employed by others to plan and organize sales or negotiate contracts for a commission.Ī broker's function is to arrange contracts for property in which he or she has no personal interest, possession, or concern. ![]()
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