Definition:
A broker is a licensed professional who acts as an intermediary between buyers and sellers in real estate transactions, facilitating deals in exchange for a commission.

Example:
If Lisa wants to sell her home, she might hire a broker named John, who markets her property, negotiates with potential buyers, and oversees the transaction process. After the sale, John receives a commission, usually a percentage of the home's sale price.

Explanation:
In real estate, brokers manage property transactions, connect buyers and sellers, and handle negotiations, paperwork, and legal details. Brokers typically oversee real estate agents, providing them with resources, training, and supervision. Unlike agents, brokers hold additional licenses, qualifications, and often run their own brokerage firms. They help clients price properties, navigate complex contracts, and ensure transactions comply with legal requirements.

Brokers also facilitate communication, ensuring all parties remain informed throughout the transaction, resolving issues and minimizing disputes.

Importance:
Understanding brokers' roles is crucial because they significantly impact the success, speed, and smoothness of property transactions. Buyers benefit from brokers' market insights, property selection expertise, and negotiating skills. Sellers benefit from brokers' ability to maximize property value through accurate pricing, effective marketing, and strong negotiation tactics.

Choosing a skilled broker can lead to quicker sales, better deals, and fewer transaction complications.

In short, brokers play a critical role in navigating real estate transactions, providing expert guidance, market knowledge, and valuable protection to buyers and sellers alike.