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.
Also called: designated broker, principal broker, broker of record, supervising broker
Related terms
A license level above agent. A broker can run a brokerage and supervise agents. Agents must work under a broker.
The company agents work under. Commission checks go to the brokerage first, which pays the agent their share after its split and fees.
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.
Insurance that covers agents if a client sues over a mistake. Most brokerages require it and charge it per deal or per year. Some states require it.