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TOPICAL REAL ESTATE DICTIONARY
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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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