Which of the following best defines the term 'broker' in real estate?

The term 'broker' in real estate is best defined as a person who performs real estate services for another for compensation. This definition encapsulates the essential role that a broker plays in facilitating real estate transactions. Brokers are licensed professionals who serve as intermediaries between buyers and sellers, assisting with the sale, purchase, leasing, or rental of properties. Their expertise in navigating the complexities of real estate transactions, coupled with their knowledge of market conditions, legal regulations, and negotiation tactics, allows them to provide valuable services that justify the compensation they receive.

This definition highlights the broker's obligations and responsibilities, including a fiduciary duty to their clients, which encompasses loyalty, confidentiality, and full disclosure. While other roles in real estate exist, such as property management or consulting, the key function of a broker involves working on behalf of clients to execute real estate transactions for which they receive a fee or commission. This professional engagement is central to the definition of a broker, distinguishing them from other participants in the real estate industry.