Broder: An un-licensed card. Broder's usually have players on them that are currently under contract in a professional sports league, but the publisher does not pay a licensing fee. Also known as "counterfeit cards," "illegal cards" and "unlicensed cards." Many card show dealers will try to sell such Broder cards at $3 - $5. At most, you should pay $1 a card. Probably less.
Many times when you ask a dealer where a Broder originated from, he will certainly say "It's a promo." Dealers usually say this to strike interest, because the "mark" collectors are usually interested in investment. Broder cards have NO investment value. They simply are additions to the market that add variety. Probably the most famous Broder card is an early 90s Michael Jordan baseball card done in the style of the 1986 Donruss baseball set.
This term comes from two California-based photographer/collectors, Ed Broder, who created many semi-legitimate sets during the 1960s and 1970s, and his son, Rob, who was a freelance photographer at major league games.