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BROKER a state-licensed AGENT who, for a fee, acts for property owners in real estate transactions, within the scope of state law. Example: A person wishing to sell or lease property often engages a broker to arrange the sale or locate tenants. A broker may also be engaged by a prospective buyer or tenant to locate acceptable property.
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BROKERAGE 1. the business of being a BROKER. Example: One may open a brokerage office, upon receiving a broker's license, for the purpose of engaging in brokerage. 2. the COMMISSION received by a broker for his services. Example: The brokerage was $6,000 on the sale of a $100,000 house.