What does the title of "broker" signify in real estate?

The title of "broker" in real estate signifies an individual who is licensed to represent clients in real estate transactions. This means that brokers have met specific educational and licensing requirements set by the regulatory authority in their region, which in Nova Scotia would be governed by the Nova Scotia Real Estate Trading Act. Brokers can handle a variety of tasks, including assisting clients in the buying, selling, leasing, or managing of properties. They often supervise real estate agents and are responsible for ensuring compliance with laws and regulations governing real estate practices.

The distinction is important because brokers are expected to possess greater expertise and knowledge than unlicensed individuals or those in other real estate roles. This expertise enables them to provide informed guidance to clients and navigate complex transactions. Additionally, brokers may have the authority to manage trust accounts and handle client funds, reflecting the level of trust and responsibility associated with their role.