What is the definition of "brokerage" in real estate?

The definition of "brokerage" in real estate specifically refers to a company that employs licensed agents to facilitate real estate transactions. This entity is crucial in the real estate market as it provides the framework within which agents operate, helping clients buy, sell, or lease properties.

Brokerages are responsible for managing the transactions and ensuring compliance with local regulations and industry standards. They offer support and resources to their agents, thus enhancing the professionalism of real estate services available to customers.

The other options do not accurately define brokerage. For instance, a type of property ownership structure refers to how properties are held (such as sole ownership or joint tenancy), which is unrelated to the brokerage's role. An agreement between buyers and sellers pertains more to contracts or offers rather than the brokerage itself. Lastly, a financial application process is about securing financing rather than the operational aspect of a brokerage that connects agents with clients.