Real Estate City Glossary

Real Estate City Glossary B
(Board of Realtors - Broker's Agreement)

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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.

Board of Underwriter
An organization that establishes rates for fire insurance and other types of coverage.

Breach of Warranty
Inability, on the part of the seller, to pass along clear title to a buyer.

Bond, Surety
A certificate under which a person, company; or government agrees to pay a specified amount at a pre-determined point.

Boundary Line
The bonds or limits of a pecific parcel of land.

Breakdown Method
A method used in the apprasal of property to estimate accrued depreciation.

Broker
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 parties 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.