What is one of the key responsibilities that a broker of record holds?

One of the key responsibilities that a broker of record holds is being liable for the actions of the agents they supervise. This means that the broker must ensure that all transactions and representations made by their agents comply with state laws and regulations, as well as ethical standards set by the industry. When an agent under a broker’s supervision makes a mistake, engages in misconduct, or violates legal regulations, the broker can be held accountable, reinforcing the importance of overseeing and training agents effectively.

The other responsibilities, such as training new agents, setting commission rates, and creating marketing strategies, are indeed important but do not carry the same level of legal obligation. While brokers often train their agents and may influence commission structures and marketing efforts, the primary legal responsibility of ensuring compliance with real estate laws and protecting consumers lies with the broker of record. This accountability is a fundamental aspect of maintaining professionalism and integrity within the real estate market.