Toronto Real Estate Glossary B
(Board of Realtors - Broker's Agreement)
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Board of Realtors (TREB - Toronto 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 (mortgage and real estate)
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 groups 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.
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Toronto Real Estate Glossary
