In the context of securities, any person engaged in the business of effecting transactions in securities for the account of others in exchange for a fee or commission (Section 3(a)(4)(A), Exchange Act). A broker acts as an agent only for someone else, buying and selling securities on a securities exchange or over-the-counter for a commission. A broker can also act as a dealer by effecting transactions in securities for its own account. Brokers are subject to regulatory oversight by the SEC and must also become members of one or more SROs. Brokers may also be subject to regulation under state blue sky laws.

For more information on the registration requirements for securities brokers, see Practice Note, Broker-Dealer Registration Overview and for what constitutes being a broker, see Practice Note, Determining Broker-Dealer Status.

In the context of real estate, a third-party providing real estate services for a fee or commission, including:

State law governs broker licensing requirements and the permitted types of brokers in that state. For state-specific guidance on brokerage laws, see Commercial Real Estate Brokerage Laws and Customs: State Q&A Tool. For guidance on real estate brokerage agreements, see Practice Note, Brokerage Agreements (Commercial Real Estate).