Glossary     
Browse the list alphabetically . The topical list groups terms by steps in the home buying process.
 
Agents
  

agency
The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.

dual agency
A relationship in which a real estate agent or broker represents both parties in a transaction.

listing
A piece of property placed on the market by a listing agent.

open house
A marketing tool in which a listing agent opens a house to the public for viewing.

open listing
A property given to a number of brokers to market at the same time.

real estate agent
A person licensed by a state to represent a buyer or a seller in a real estate transaction in exchange for a commission. Unless they are also brokers, agents must work in association with a real estate broker or brokerage company.

real estate broker
A person, corporation, or partnership licensed by a state to represent a buyer or seller in a real estate transaction in exchange for a commission. Brokers supervise licensed sales agents, who then act for the broker (who is legally the principal agent in any transaction).

Realtor
A designation for an agent or broker who is a member of the National Association of Realtors.

top producer
A real state industry term that refers to agents and brokers who sell a high volume of homes.

              

 

 

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