CAM is to Broker as Agent is to?

The correct choice, principal, aligns with the relationship dynamics in real estate and property management. A Community Association Manager (CAM) operates similarly to a real estate broker in that both act on behalf of others. In the context of agency relationships, a broker represents principals (the clients who own properties) while an agent represents a principal as well.

In other words, just as a CAM manages community associations on behalf of the homeowners or members (the principals), a broker takes on a similar role for property owners or sellers. The principal is the party who delegates authority to an agent or broker to act on their behalf in transactions.

The other terms do not match this agency relationship in an adequate way. Commission refers to the payment structure typically involved in transactions, client implies a less formal relationship than that of a principal-agent, and associate might refer to a colleague or an employee but does not capture the essence of the legal relationship defined by agency principles.