An individual or firm licensed to arrange real estate transactions, matching property buyers and sellers or tenants and landlords, while earning a commission for services rendered.
A Buyer's Agency Agreement is a contract that establishes the relationship between a potential buyer and a Buyer's Broker, where the broker represents the buyer's interests in real estate transactions.
The Certified Residential Specialist (CRS) designation is a credential awarded to experienced and highly successful residential real estate agents by the Council of Residential Specialists (CRS). It highlights the agent's dedication to furthering their education and experience in residential sales.
A 'CO-OP' (Cooperative) is a dual concept in real estate that can refer to a cooperative arrangement between agents for splitting commissions, or more commonly, a type of housing where residents own shares in a corporation that owns the property.
A Code of Ethics in real estate is a set of guidelines designed to establish fair practice behavior between agents, clients, and other parties in the real estate transaction process.
A Comparative Market Analysis (CMA) is a crucial process in real estate that involves evaluating similar, recently sold properties ('comparables') to derive an estimated market value for a subject property. This aids in setting a realistic price for selling or buying real estate.
An employee is an individual who works for an employer who dictates not only what tasks the individual performs but also how those tasks are accomplished. Employers are usually responsible for paying Social Security taxes, withholding income taxes, and providing any obligatory employee benefits.
Imperative necessity refers to the legal principle that grants an agent the authority to take necessary and immediate action in case of emergencies, even if it means disregarding the principal’s instructions, to protect the interests of the principal.
Kickbacks are fees or rebates paid to an agent or other participant in a transaction as an incentive to refer customers to a particular vendor, without any actual service provided to the customer besides the referral. These practices are often illegal and can jeopardize the integrity of the real estate transaction.
A lockbox is a secure device placed near the door of a house for sale; it can be opened with a key or combination code given only to members of a Multiple Listing Service (MLS). The lockbox contains a key to the house, providing MLS members access to show the property to clients.
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.
An open house is a method of showing a home for sale where the property is available for inspection by interested parties. During this event, potential buyers have the chance to explore the home without the need for a prior appointment.
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.
Redfin is a popular real estate brokerage and listings service that provides detailed information on residential properties for sale, including photos, pricing, and factual details. It also connects users with brokers who are Redfin agents.
A universal agent is authorized to act on behalf of another in all matters that one could personally exercise or control, often through a general power of attorney.
Zillow is a comprehensive real estate service that aggregates listing data on houses for sale from various local MLS (Multiple Listing Service) sources. It features these homes on its website, provides property valuations, and recommends real estate salespersons to help potential buyers tour and purchase homes. The platform also includes myriad tools such as rental listings, mortgage calculators, and market insights.
