TOPICAL REAL ESTATE DICTIONARY

Top 20 Terms
Agents
Buying
Closing
Contract
Credit
Inspection
Law
Financing
Selling
Taxes/Insurance

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.