Broker
Broker
Broker (pronounced: /ˈbroʊkər/) is a term used in various fields, including finance, insurance, and real estate. It refers to an individual or entity that acts as an intermediary between parties during negotiations or transactions.
Etymology
The term "broker" originates from the Old French word broceur meaning "small trader", which is derived from the Anglo-Norman term brocour.
Related Terms
- Brokerage: A company or agency that provides brokerage services.
- Stockbroker: A broker who buys and sells securities on a stock exchange on behalf of clients.
- Insurance broker: A professional who acts as an intermediary between an insurance company and the insured.
- Real estate broker: A person who represents sellers or buyers of real estate or real property.
- Commodity broker: A firm or individual who executes orders to buy or sell commodity contracts on behalf of clients.
Roles and Responsibilities
A broker's primary role is to facilitate a transaction between a buyer and a seller. They do this by bringing both parties together and helping them negotiate terms that are agreeable to both. Brokers are typically paid a commission, which is a percentage of the transaction's value.
In the financial sector, brokers can provide a variety of services, including buying and selling stocks, bonds, and other securities. They may also offer advice to their clients about which investments to make.
Insurance brokers, on the other hand, help their clients find the best insurance policies to suit their needs. They work with multiple insurance companies to compare rates and coverage options.
Real estate brokers assist in the buying and selling of property. They can represent either the buyer or the seller and are responsible for negotiating the terms of the sale.
Regulation
Brokers are regulated by various laws and regulations, depending on the industry they work in and the country they operate in. For example, financial brokers are regulated by the Securities and Exchange Commission (SEC) in the United States, while real estate brokers may be regulated by state real estate commissions.
See Also
External links
- Medical encyclopedia article on Broker
- Wikipedia's article - Broker
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