Austin Real Estate Glossary B
(Board of Realtors - Broker's Agreement)
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Board of Realtors
Local group of real estate brokers who are members of the State and
National Board of Realtors. They meet regularly to help determine licensing
requirements as well as managing the multiple listing service of their
area.
Board of Trustees
An appointed or elected body overseeing the management of an organization
and rendering advice on issues and are legally responsible for their
decisions.
Breach of Warranty
Inability, on the part of the seller, to pass along clear title to a
buyer.
Broker
A person who acts as a conduit between two parties. A real estate broker
is licensed to handle property transactions. A mortgage broker matches,
for a specific fee, borrowers to lenders and loan programs.
Brokerage
The bringing together of two parties in exchange for a fee or commission.
Also, a company or firm employing agents acting as brokers.
Broker's Agreement
Contract to act on behalf of a principal in selling real estate, wherein
the principal agrees to pay a commission to the broker when a buyer
is produced who is ready, willing and able to meet the terms of the
sale.