What is a Freight Broker (Property Broker)?
Property Broker is the correct terminology for many names used in the business to identify what we do. Truck Broker, Freight Broker, Freight Agent, Transportation Broker or Agent are all interchangeable terms synonymous with ‘Property Broker’. Property Broker Authority allows a third-party to arrange pick up and delivery of a Shipper’s product by a Carrier without ever having physical control of the shipment. What are the legal requirements to operate as a Freight Broker? You must apply for your authority from the Federal Motor Carrier Safety Administration (FMCSA) allowing you to act as a freight broker, post a $10,000 Surety Bond and file your BOC-3. You will also be required to complete a yearly Unified Carrier Registration. How much does it cost to apply for your authority? The FMCSA charges $300.00 to apply for operating authority (motor property carrier, motor passenger carrier, freight forwarder, broker). It requires that you fill out a 4 page form. You can do it online or by ma
