An 'Agency Coupled with an Interest' type of relationship in which the agent possesses a beneficial interest in the subject property. This interest allows the agent to control the property and protect the agency relationship against outside interference, in addition to representing the interests of the principal.
A 'Cease and Desist' order is a legal mandate issued by a court or administrative agency to stop an individual or business from continuing an identified illegal activity. Within real estate, these orders are crucial for preventing antitrust violations and illegal discriminatory practices.
A Controlled Business Arrangement allows real estate brokerage offices to provide related services such as financing, title, and hazard insurance through subsidiary companies without violating the Real Estate Settlement Procedures Act (RESPA).
A cooperating broker is a real estate professional who agrees to share the commission with another broker, usually the one representing the other party in a property transaction.
A corporation is a legal entity properly registered with the secretary of state, characterized by limited liability, perpetual life, freely transferable shares, and centralized management.
The Council of Real Estate Brokerage Managers (CRB) is a professional organization dedicated to providing advanced learning opportunities and fostering the leadership skills of real estate brokerage managers.
The CRB Certified Real Estate Brokerage Manager is a professional designation conferred by the Real Estate Business Institute (REBI) to signify excellence and advanced knowledge in real estate brokerage management.
A flat fee broker is a licensed real estate broker who charges a predetermined fixed fee for providing brokerage services instead of a conventional commission percentage based on the property's sales price.
A franchise is an arrangement between a franchisor and franchisee where the franchisee acquires the right to use the franchisor’s business model, brand, and support in exchange for a fee. This often includes both an initial fee and an ongoing percentage of the franchisee's gross sales.
A Principal Broker is the licensed individual responsible for the overall management and operations of a real estate brokerage firm. They typically receive compensation in the form of profits, a salary, or a percentage of transaction commissions.
A Protection Clause, also known as a Broker Protection Clause, is an agreement within a listing contract that ensures a real estate broker will be paid their commission if a property is sold to certain individuals, even after the expiration of the listing agreement.
In real estate, a 'ready, willing, and able' buyer is someone who has the intent, financial capability, and preparedness to fulfill the terms of a property purchase. This concept is essential for brokers to earn their commission.
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 geographically diversified group of independent real estate brokerage companies, generally not members of a franchise, that share information with one another concerning potential customers.
