Agency refers to the legal relationship between a principal and an agent whereby the principal employs the agent to perform certain acts on their behalf. This relationship is founded on a contract that outlines the duties, responsibilities, and limits of authority delegated to the agent.
An associate broker is a licensed real estate professional who has met the education and experience requirements of a broker but operates under the supervision of another broker. They typically handle transactions, client interactions, and other duties similar to salespersons but with a greater depth of knowledge and capability.
A Broker's Opinion of Value (BOV) is an analysis provided by a real estate broker to help clients make informed decisions about the listing price or a suitable bid for a property. While similar to a comparative market analysis, it is not as in-depth as a licensed appraisal used for mortgage lending.
A buyer's broker, also known as a buyer's agent, is a real estate professional hired by a prospective purchaser to locate an acceptable property for purchase and negotiate with the seller in the purchaser’s best interest.
Commingle refers to the act of mixing or blending, for example, combining client funds with a broker's personal funds. This practice is prohibited under most state laws, especially concerning earnest money deposits.
Commission is the amount earned by a real estate broker for services performed, typically calculated as a percentage of the property's sale price.
A Designated Broker is typically the real estate broker for a corporation or entity, often synonymous with Principal Broker, responsible for legal compliance and business operations.
A licensee in real estate refers to an individual who holds a valid real estate license, who can be either a licensed salesperson or broker.
A licensing examination is a written test administered to prospective real estate brokers or salespersons to determine their ability to represent the public in real estate transactions effectively.
A Listing refers to the agreement between a real estate agent and a property owner that authorizes the agent to act as the owner's representative in the sale of the property.
A listing in real estate refers to a written agreement between a property owner and a real estate agent authorizing the agent to represent the owner in marketing and selling the property. A listing can also refer to the property itself being marketed for sale in the agent's portfolio.
A listing agreement, also known as a listing contract, is a legally binding contract between a property owner and a real estate broker or agent that details the terms and conditions under which the broker will market, promote, and sell the property.
A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions. Real estate agents are generally compensated on a commission basis and operate under the supervision of a real estate broker.
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.
A Real Estate License is an authorization granted by a state allowing an individual to engage in real estate practices, either as a broker or salesperson, enabling them to legally offer and manage real estate transactions.
A Real Estate License is a certification that allows regulators to ensure that real estate agents and brokers meet minimum requirements for honesty, competency, and securing the legal rights of consumers within real estate transactions.
A REALTOR®-ASSOCIATE is a licensed real estate salesperson who is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR) and operates under the supervision of a Realtor®-Broker.
A special agent is an individual authorized to act on behalf of another person in a restricted capacity, often for specific tasks or responsibilities. This limited authority distinguishes the special agent from other types of agents like universal agents, who have broad powers.
Standard of care refers to the level of diligence, caution, and professionalism expected from real estate brokers, agents, and appraisers in their professional activities.
Transaction Brokerage is an arrangement in which a broker facilitates a real estate transaction without representing either the buyer or the seller. The broker remains neutral throughout the process, focusing on administrative duties to ensure the smooth execution of the transaction.
A Virtual Office Website (VOW) is an internet site created and operated by a real estate broker to attract potential home buyers. It typically allows users to search current listings on the Multiple Listing Service (MLS) and contact an agent through the internet. The broker may or may not have a physical office in addition to the website.
