Final answer:
A managing broker or broker of record holds a broker's license and oversees the actions of every license holder in a real estate office, ensuring compliance with legal and ethical standards.
Step-by-step explanation:
The person who possesses a broker's license and is responsible for not only their own actions but also the actions of every license holder in their real estate office is commonly referred to as a managing broker or a broker of record. This individual has a critical role in ensuring that the real estate office operates within the legal and ethical standards set by governing bodies.
This involves overseeing all the transactions that brokers under their supervision conduct, providing necessary training and support to promote compliance with real estate laws and regulations, and making sure that the agents adhere to professional and ethical guidelines.