Is a broker of record the same as a real estate agent?
No. A real estate agent (salesperson) holds an entry-level license and must work under a broker. A broker of record holds a higher-tier broker license and takes legal responsibility for the brokerage entity's activity. States require the BOR to have several years of prior licensed experience.
50 State Brokerage places licensed brokers of record in all 50 states and DC for PropTech platforms, property managers, multifamily operators, SFR investors, and institutional owners. Coverage is month-to-month, with onboarding typically completed in days rather than the years required to qualify an in-house broker.
More on Broker of Record Basics
What is a broker of record?
A broker of record (BOR) is the state-licensed real estate broker legally responsible for a brokerage's transactions, trust accounts, advertising, and agent supervision in a given state. Every U.S. state requires a designated broker on file for any entity conducting real estate activity for compensation.
What is the difference between a broker of record, managing broker, and designated broker?
They are the same regulatory role under different state titles. Colorado and Washington use 'managing broker.' Arizona and California use 'designated broker.' North Carolina uses 'broker-in-charge.' New York uses 'principal broker.' Texas uses 'designated broker' for entities. All satisfy the same statutory function: the licensed individual supervising the brokerage in that jurisdiction.
What does a broker of record actually do?
The broker of record supervises agents, reviews contracts, maintains the trust account, signs off on advertising, files the state license renewal, responds to real estate commission audits and complaints, and holds statutory liability for the brokerage's compliance with state license law.
Does my company need a broker of record?
If your company accepts compensation for real estate activity — listing, selling, leasing, property management, referrals, BPOs, or advertising properties — most U.S. states require a licensed broker of record on file for the entity. This applies to PropTech platforms, SFR investors, property managers, STR operators, apartment operators, self-storage owners, and M&A firms with real estate components.