Define 'brokerage' under TRESA.

The definition of 'brokerage' under the Trust in Real Estate Services Act (TRESA) is focused on entities that are legally recognized and authorized to operate in the real estate market. A brokerage is described as a corporation, partnership, or sole proprietorship that is registered to engage in trading in real estate on behalf of clients. This involves not just facilitating transactions, but also adhering to specific regulatory and ethical standards set by governing bodies in the real estate sector.

This definition highlights the need for a brokerage to be officially registered, which ensures that it meets the legal requirements to operate and serve clients. By encompassing different business structures—corporations, partnerships, and sole proprietorships—TRESA acknowledges the various forms that real estate businesses can take, catering to a wide range of market participants.

In context, the other choices do not adequately capture the full scope established in legislation. For instance, the description of an individual working independently does not reflect the organizational aspect and regulatory framework that a brokerage must adhere to. Similarly, a real estate investment group or a company managing rental properties exclusively does not encompass the broader function of a brokerage, which is to facilitate real estate transactions on behalf of clients across various types of properties, not just investment properties or rental management.