What is the primary difference between an agent and a broker?
A) An agent gets compensated based on commission while a broker generally charges fees for his services.
B) A broker works only for a seller whereas an agent can represent a buyer or a seller.
C) An agent represents a company on a permanent basis while a broker is employed temporarily.
D) An agent has much more extensive knowledge about the products he deals with than a broker does.
E) Brokers have long-term relationships with their customers while an agent's relationships are generally short-lived.

Question

Quizplus · Accepted Answer

An agent represents a company on a permanent basis, acting on behalf of the company as its representative. In contrast, a broker is typically an independent party employed on a temporary basis to facilitate transactions between buyers and sellers.

What Is the Primary Difference Between an Agent and a Broker