The term brokerage encompasses both the business operations of brokers and the commissions they earn through these services. Brokers act as intermediaries, facilitating transactions and charging fees for their expertise.
The Council of Residential Specialists (CRS) is an affiliate of the National Association of Realtors (NAR) that offers educational and promotional resources for its members who are primarily involved in real estate sales or brokerage. The organization also offers the Certified Residential Specialist (CRS) designation.
Implied agency is an agency relationship established through the conduct, behavior, or circumstances of the involved parties, rather than through explicit agreement or written contract.
Incorporating refers to the process of forming a corporation under state regulations or providing a geographic area with the legal status of a political subdivision. Incorporation can protect personal assets by limiting liability to the assets owned by the corporation.
MLS (Multiple Listing Service) is a database used by real estate agents and brokers to share information about properties for sale. It is designed to facilitate the buying and selling process by providing detailed listings accessible to all members.
Procuring cause is a legal term used primarily in real estate to determine if a broker is entitled to a commission. It signifies the actions of a broker that ultimately lead to the creation of a transaction or agreement.
Real estate refers to land and anything attached to it, including buildings and other structures. It encompasses ownership, use, and transfer of physical property. Real estate business activities include accounting, appraisal, legal advising, brokerage, counseling, regulation, and financing.
A Real Estate Broker is a licensed professional who represents buyers or sellers in real estate transactions. They usually own and operate their own brokerage or work independently, overseeing other real estate agents.
