This split is about how the realtor splits their commission with their employer and/or the umbrella company which provides marketing, access to MLS etc., right?
Yes. The broker is the one who is "really" doing the transaction. A broker can handle a deal on their own; an agent must use a broker as well. Wikipedia's not-entirely-clear description is here: http://en.wikipedia.org/wiki/Real_estate_broker#The_differen...
