Real Estate Agent
Definition and meaning of Real Estate Agent in real estate.
A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions under the supervision of a licensed broker.
In more detail
Agents assist clients with tasks such as marketing properties, searching for homes, negotiating sales contracts, and coordinating inspections and closings. To maintain a license, agents must complete state-mandated education and pass an exam. They earn a commission, which is typically a percentage of the sales price, paid by the seller at closing.
Agents can specialize as listing agents representing sellers or buyer agents representing buyers, helping guide clients through complex real estate transactions.
Key facts
| Category | Buying & Selling |
|---|---|
| Who pays | Typically the seller pays commissions |
| Required by | State licensing laws for sales assistance |
| Also known as | Salesperson or sales associate |
A home buyer hires a real estate agent to search for available homes in their budget, write purchase offers, and guide them through the closing process.
Frequently asked questions
What is the difference between a real estate agent and a broker?
A broker has completed advanced training and can own a brokerage and work independently, while an agent must work under a broker's supervision.
Are all real estate agents Realtors?
No, a Realtor is a licensed agent or broker who is also an active member of the National Association of Realtors and adheres to its specific code of ethics.
Related terms
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Sources & references
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