What is the term for someone who receives possession of another's property for sale on commission?

Prepare for the DEAD Legal and Regulatory Test. Use flashcards and multiple choice questions with detailed hints and explanations for each query, ensuring readiness for your exam!

The term used to describe someone who receives possession of another's property for sale on commission is "Broker." A broker acts as an intermediary, facilitating transactions between buyers and sellers. They are typically hired to manage the sale of goods, real estate, or other assets and earn a commission based on the sale price of the property or goods sold.

In the context of real estate, for example, a broker might list a property for sale and help the owner find a purchaser, coordinating the transaction and ensuring compliance with legal requirements. The relationship is built on trust, as the broker is expected to act in the best interest of the client while managing the sale process efficiently.

Other terms, such as trustee or executor, have specific legal definitions related to the administration of estates or trusts, which do not apply to the sale of property on commission. An agent generally refers to a broader category of individuals authorized to act on behalf of another, but it doesn't specifically denote the commission-based relationship inherent to the role of a broker. Thus, "Broker" is the most accurate term for someone handling the sale of another's property for commission.

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