The broker of record is the licensed California broker under whose license a transaction is conducted. Typically the designated broker at a brokerage firm — responsible for supervision and compliance.
California real estate law requires every transaction to have a designated broker of record. Salesperson-licensed agents (not brokers) operate under a broker's supervision. The broker of record signs listing agreements and has ultimate compliance responsibility.
For LA multifamily sellers, the broker of record is typically the firm's designated broker (at Marcus & Millichap, at CBRE, at independent brokerages). Your direct agent may be a salesperson; the broker of record is the legal supervisor.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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