A broker to be successful must possess the qualifications of a salesman. His salesmanship should be of the highest type, as he is dealing with a valuable commodity and there are often long and difficult negotiations. He is a salesman not only in bringing about sales and exchanges of real estate, but also in effecting leases and securing mortgage loans. The loan broker, for example, seeks to present a loan to a lender in such a manner as to make it attractive. He should be familiar with the property which is the subject of the application, know all of the features which make it valuable and which add to its desirability as security for a loan and be able to convince the lender regarding them.

14 Am. & Eng. Ency. of Law (2nd Ed.) 962. 2 Potts vs. Turner, 6 Bing. 702, 706.

The rights and duties of a broker in relation to his principal and others have been defined in numerous legal decisions. In this chapter, the broker is considered with reference to these rights and duties. His business is also briefly described.