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National Association of Realtors

RealtorsNational Association of Real Estate BoardsNAR
(such as NAR Code of Ethics).
NAR's members are residential and commercial real estate brokers, real estate salespeople, immovable property managers, appraisers, counselors, and others engaged in all aspects of the real estate (immovable property) industry, where a state license to practice is required.

Lawyer

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It is important to note that in some states, lawyers handle real estate sales for compensation without being licensed as brokers or agents.
In others, the use of a lawyer is optional and banks, title companies, or realtors may be used instead.

Commission (remuneration)

commissioncommissionscommissioned
However, since most people would expect to be compensated for their efforts and skills, a license would be required by law before a persons they may receive remuneration for services rendered as a real estate broker or agent.
In the United States, a real estate broker who successfully sells a property might collect a commission of 6% of the sale price.

Multiple listing service

MLSMultiple Listingmultiple listing system
Before the Multiple Listing Service (MLS) was introduced in 1967, when brokers (and their licensees) only represented sellers by providing a service to provide legal documentation on the transfer real property, the term "real estate salesperson" may have been more appropriate than it is today, given the various ways that brokers and licensees now help buyers through the legal process of transferring real property.
A multiple listing service (MLS, also multiple listing system or multiple listings service) is a suite of services that real estate brokers use to establish contractual offers of compensation (among brokers) and accumulate and disseminate information to enable appraisals.

Real estate trends

Real estate trendtrend
These services are also changing as a variety of real estate trends transform the industry.
At one time, all real estate brokers and agents, or Realtors, practiced "single agency", meaning they represented only the buyer or the seller.

Sub-agent

When a buyer who has not entered into a Buyer Agency agreement with the broker buys a property, that broker functions as the sub-agent of the seller's broker.
Sub-agent (Sub-agency) is a real estate term in the United States and Canada describing the relationship which a real estate broker and his/her agents have with a buyer of a business, home, or property.

Broker's price opinion

Such a professional could be a real estate agent, a real estate broker, an appraiser, or other qualified person.

Estate agent

estate agentsestate agencyagent
In the United Kingdom, an estate agent is a person or business entity whose business is to market real estate on behalf of clients.
Estate agent is roughly synonymous with the United States term real estate broker.

Law of agency

agentagencyagents
Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations.
Real estate transactions refer to real estate brokerage, and mortgage brokerage.

Property management

real estate managementestate managementmanagement
In California, third-party apartment property managers must be licensed with the California Bureau of Real Estate as a Real Estate Broker.

Real estate

real-estateluxury real estateland
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property.
In North America, this intermediary is referred to as a real estate broker (or realtor), or a real estate agent in everyday conversation, whilst in the United Kingdom, the intermediary would be referred to as an estate agent.

Seller agency

This is referred to as seller agency.
Seller Agency is a relationship between a real estate agent and the seller in the brokerage of homes.

Fiduciary

fiduciary dutyfiduciary dutiesfiduciaries
Conflicts between one fiduciary duty and another fiduciary duty arise most often when a lawyer or an agent, such as a real estate agent, represent more than one client, and the interests of those clients conflict.

Listing contract

listing agreementagreementopen listings
Although there can be other ways of doing business, a real estate brokerage usually earns its commission after the real estate broker and a seller enter into a listing contract and fulfill agreed-upon terms specified within that contract.
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property.

Buyer brokerage

Buyer's agentbuyer's brokerbuyer agency
With the increase in the practice of buyer brokerages in the United States, agents (acting under their brokers) have been able to represent buyers in the transaction with a written "Buyer Agency Agreement" not unlike the "Listing Agreement" for sellers referred to above.
A buyer brokerage or buyer agency is the practice of real estate brokers and their agents representing a buyer in a real estate transaction rather than, by default, representing the seller either directly or as a sub-agent.

Exclusive buyer agent

Some brokerages represent buyers only and are known as exclusive buyer agents (EBAs).
EBA firms never take listings and, therefore, never represent the seller in a real estate transaction.

Earnest payment

earnest moneyarrhaearnest
These funds may be held directly by the real estate broker (as in the State of New York) or by a settlement or title company (as in states like California, Florida, and Texas).

Flat-fee MLS

Flat fee MLSflat-feeflat fee
Flat-fee MLS refers to the practice in the real estate industry of a seller entering into an "à la carte service agreement" with a real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction.

Real Estate Settlement Procedures Act

RESPARespa (person)
To do so would be a violation of a United States federal law known as the Real Estate Settlement Procedures Act (RESPA).
RESPA was created because various companies associated with the buying and selling of real estate, such as lenders, real estate agents, construction companies and title insurance companies were often engaging in providing undisclosed kickbacks to each other, inflating the costs of real estate transactions and obscuring price competition by facilitating bait-and-switch tactics.

Real-estate lock box

lock-boxlockbox
With the seller's permission, a lock-box is placed on homes that are occupied, and after arranging an appointment with the homeowner, agents can show the home to prospective buyers.
The device holds the keys to a house to allow communal access for all real estate agents, while continuing to keep them secure.

Real property

landimmovable propertyrealty
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property.

Licensee

licensees
There are state laws defining the types of relationships that can exist between clients and real estate licensees, and the lawful duties of real estate licensees to represent clients and members of the public.

United States

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In most jurisdictions in the United States, a person must have a license to perform licensed activities, and these activities are defined within the statutes of each state.