Brokerage Agreement
"When is the broker entitled to their fee?"
Quick Answer
A contract where the broker undertakes to provide an opportunity or mediate for the establishment of a contract between parties, earning a fee if the contract is successfully formed (e.g., real estate agent agreements).
Scope and Legal Distinctions
A broker facilitates an opportunity or agreement; an agent may have a continuing commercial relationship. The agreed commission trigger should identify the transaction and the broker's role.
What to Check in Practice
Record exclusivity, duration, expenses and when commission is earned. Check mandatory form for the transaction, especially real-estate brokerage.
Sources & Authorities
Statutory framework and official guidance for this definition.
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