Legal Definition and Related Resources of Brokerage

noun

• agio
• charge
• charges
• commission
• compensation
• discount
• emolument
• factorage
• fee
• recompense
• remuneration
• Associated Concepts: agents
• brokerage business
• brokerage commission
• brokerage contract
• brokers
• commissions

Browse or run a search for Brokerage in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Brokerage in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Brokerage in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Brokerage in the Legal Abbreviations and Acronyms Dictionary.

What does Brokerage mean in American Law?

The definition of Brokerage in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

The economically useful role of effecting, for remuneration, as an agent on behalf of some other person, the purchase, sale, lease, etc. of any item of property of any kind. One effecting a brokerage transaction does not have any ownership interest in the property, and rarely has possession; his job, in effect, is to bring parties to a deal together, and usually also to handle the negotiations and the incidental technicalities of the market, e.g., a stockbroker will actually effect the transaction via a stock exchange. In effect, a broker sells expertise in operating on a particular market to people who use that market too occasionally to justify developing much skill of their own.

The broker”s remuneration (also sometimes called “brokerage”) is generally a fixed fee, either absolute or a percentage of the price paid, and has no relation to the amount of effort expended: if the broker is not successful he gets nothing; if he is successful with no substantial effort, he gets the stipulated fee. The brokerage contract also usually stipulates that that remuneration is earned the payable as soon as a ready, willing, and able buyer or seller is found for the broker”s client on his terms, even if the deal never goes through. But some recent cases have cast doubt on the validity of such a provision, at least if the client is an unsophisticated nonprofessional. See also exclusive right of sale; listing contract.

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Vocabularies (Semantic Web Information)

Concept of Brokerage in the context of Real Property

A short definition of Brokerage: The act of bringing together principals (buyer-seller; landlord- tenant; etc.) for a fee or commission, rather than acting as a principal.

Concept of Brokerage in the context of Real Property

A short definition of Brokerage: The act of bringing together principals (buyer-seller; landlord- tenant; etc.) for a fee or commission, rather than acting as a principal.

Brokerage

Brokerage

See Also

• Governance
• Clientelism
• Social Capital
• Social Network Theory

Further Reading

• Barth, F. (Ed.). (1969). Ethnic groups and boundaries:
  The social organization of culture difference. London:
  Allen and Unwin.
  Fernandez, R. M., & Gould, R. V. (1994). A dilemma of state
  power: Brokerage and influence in the national health
  policy domain. American Journal of Sociology, 99(6),
  1455 1491.
  Mitchell, J. C. (Ed.). (1969). Social networks in urban
  situations. Manchester, UK: Manchester University Press. Putnam, R. D. (2000). Bowling alone: America ™s declining
  social capital. New York: Simon & Schuster.
  Schmidt, S., Guasti, L., Lande, C. H., & Scott, J. C. (Eds.).
  (1977). Friends, followers, and factions. Berkeley:
  University of California Press.
  Wasserman, S., & Faust, K. (1994). Social network analysis:
  Methods and applications. Cambridge, UK: Cambridge
  University Press.
• Brokerage in the Encyclopedia of Governance, Mark Bevir – University of California, Berkeley, USA, 2007, SAGE Publications