Under Cal. Bus. & Prof. Code § 10131, a real estate broker is licensed to negotiate real estate transactions for compensation on behalf of others, including: sales, leases, exchanges, mortgages, and business opportunities. Brokers can operate independently, employ salespersons, and represent principals. A broker license requires: age 18+, high school equivalent, statutory courses, 2 years experience as salesperson (or equivalent), and passing the broker exam.