Who is defined as an individual or entity that can operate independently in real estate?

The correct answer is broker because, in the realm of real estate, a broker is licensed to operate independently and can engage in business transactions involving real property. Brokers can represent buyers and sellers, manage transactions, and employ other agents to work under their supervision. They have completed the required education and training, passed the broker's exam, and fulfilled any additional state-specific requirements that allow them to operate independently in the real estate market.

Sales agents, while crucial to the real estate industry, must work under the supervision of a licensed broker and cannot operate independently. Property managers also typically work under the umbrella of a broker or a property management company, focused on managing rental properties rather than engaging in the broader real estate transactions. Realtors, while involved in the real estate sector, are generally sales agents or brokers who are members of the National Association of Realtors and adhere to its code of ethics, yet they do not signify independent operation. Thus, the unique independent operational capacity of a broker makes it the correct answer.