Broker refers to a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation.
Broker also refers to an individual or firm that buys or sells foreign exchange, or securities, on a commission basis, without itself taking title to what was purchased, on behalf of a customer. A broker is an alternative to a “dealer”.
Brokers are paid by the party who hired the broker and do not carry inventory, get involved in financing, or assume risk. Examples include food brokers, real state brokers, insuarance brokers, and security brokerds.
Broker is someone who legally represents the insured, soliciting or accepting applications for insurance that are not in force until the company accepts the business.
Webster Dictionary Meaning
- An agent employed to effect bargains and contracts, as a middleman or negotiator, between other persons, for a compensation commonly called brokerage. He takes no possession, as broker, of the subject matter of the negotiation. He generally contracts in the names of those who employ him, and not in his own.
- A dealer in money, notes, bills of exchange, etc.
- A dealer in secondhand goods.
- A pimp or procurer.
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