BROKER – A broker is someone that is direct to the individual whom is a buyer with verifiable funds, or a seller with a verifiable product. Usually this is someone who has a personal relationship with you. If you don’t actually know this person, you are not the broker. You are the intermediary. A broker is entitle to a full commission for their efforts.
INTERMEDIARY – A person who is between two brokers or connects the two parties to conduct business. They’re not direct to the buyer or seller they’re direct to both brokers but do not have the business relationship with the principle of either side. This person is NOT entitled to a commission, but rather a fee from their broker.
MANDATE - A mandate either represents a government entity or possesses a professional license or certification regarding the trade of their industry. They are the Subject Matter Experts for their industry. They typically charge a rate for their services and not a commission. They can waive a fee in lieu of a commission but cannot collect both because that is double dipping and that is unlawful.
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