← Glossary
Agents and brokerages
Broker
A license level above agent. A broker can run a brokerage and supervise agents. Agents must work under a broker.
Also called: real estate broker, broker license
Related terms
Managing broker
The broker legally responsible for a brokerage or office. They oversee agents, review files and hold escrow funds. The title varies by state.
Brokerage
The company agents work under. Commission checks go to the brokerage first, which pays the agent their share after its split and fees.
Real estate agent
A licensed person who helps people buy, sell or rent property. Agents work under a broker and are paid by commission, not salary.
Hang your license
Placing your license with a brokerage so you can work under it. Moving to a new brokerage means transferring it, usually online with your state.