Answer:
A joint venture is typically a business agreement between two or more businesses for the purpose of a mutually beneficial sales transaction for a product or service. Each party will combine resources and agree upon a shared percentage of the profits or a fee. For example, a mortgage broker may agree to pay a real estate agent a percentage of all profits (or a specific fee like $150), for every qualifying referral from that specific real estate agent. The joint venture is between the mortgage broker and the real estate agent.