A Broker is a person who mediates a real estate transaction between a buyer and seller. Traditionally a Broker will work on behalf of the seller on a commission basis. Dual agency occurs when a Broker works on behalf of both the buyer and seller in a written agreement (although many states no longer allow dual agency). A transgression of this law could take place if a broker who is working for a seller tells a buyer that they will work to ensure they pay the lowest price possible. Such an offense is typically punishable by a fine, which will vary by state. A broker has completed all the necessary licensing requirements for a real estate agent and has taken additional education exceeding agent level and has passed the examination for licensed brokers. A broker is also required to have minimum number of years of experience as an agent, typically a period of 2 years. While a Broker may chose to work by themselves, they are also able to set up a real estate brokerage where they employ a team of real estate agents to work for them. An associate broker is a licensed Broker that works in a brokerage under a designated Broker, who is solely responsible for the activities of the agency.