Real Estate Agent

Definition

• An individual who is licensed to represent a buyer or a seller of real estate in a sales transaction. Real estate agents typically work on commission.

Synonyms
realtor, property agent, real estate broker

Alternate Spellings
Realtor

Related Terms and Acronyms

• Agency (agcy) — Abbreviation,
  • A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
• Agent (agt) — Abbreviation,
  • A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
• Backup Offer — Definition,
  • A bid for a property that the owner will consider if the current transaction falls through.
• Broker (Bkr) — Abbreviation,
  • A person or firm who acts on behalf of another.
• Building and Loan Association — Definition,
  • A financial institution designed to help members finance real-estate transactions.
• Caravan — Definition,
  • An outing in which a group of real-estate agents look at houses that have been listed for sale recently.
• Commission (comm) — Abbreviation,
  • A fee paid to a salesperson for selling a product to a customer.
  • An agent's fee for negotiating a real estate or mortgage loan transaction, often expressed as a percentage of the selling price.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Dual Agency — Definition,
  • When a real-estate agent or broker represents both parties in a transaction.
• Exclusive Listing — Definition,
  • A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
• Finder Fee — Definition,
  • A fee paid by a party to another for services rendered.
• For Sale By Owner (FSBO) — Acronym, Very Important,
  • An arrangement by which a house's owner tries to sell the house without hiring a real-estate agent. Owners do this to avoid paying a commission.
  ➥ Can save the seller money by forgoing realtor fees.
• Motivated Buyer — Definition,
  • A prospective buyer who has a strong reason to buy, and quickly.
• Motivated Seller — Definition,
  • A home seller who has a strong reason to sell quickly, possibly because of an upcoming relocation or an impending default on a loan.
• Real Estate (RE) — Acronym, Very Important,
  • A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
• Real Estate Attorney — Definition,
  • A lawyer who specializes in the transfer of land and buildings and property tax issues.
• Real Estate Broker — Definition,
  • An individual who is licensed to represent a buyer or a seller of real estate and collects commissions for the work. Most brokers have agents working for them and they collect a portion of those commissions in exchange for providing office space, marketing, and other overhead.
• Realtor — Definition,
  • A real estate broker or an associate holding active membership in a real estate board.
• Seller Broker — Definition,
  • One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
• Subagent — Definition,
  • A real estate agent who finds a buyer for a property, and is not the property's listing agent. The subagent usually earns a portion of the commission.