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A contract between a property owner and a real estate brokerage authorizing the broker to represent the owner and their property in the market. It is critical for brokers as it grants them the right to market and sell the property.

A real estate agent who is engaged by a buyer to represent their interests in a property transaction. They are crucial for brokers because they facilitate transactions and negotiations on behalf of buyers.

An agent who represents the seller of a property and owes fiduciary duties to the seller. A key player for brokers to secure listings and represents sellers in transactions.

A situation where the real estate agent represents both the buyer and the seller in the same transaction. It's important for brokers to navigate carefully to avoid conflicts of interest.

The fee paid to a real estate broker upon successful closing of a property transaction. Essential for broker revenue, typically a percentage of the property's sale price.

A legal concept where funds or assets are held by a third party while two other parties finalize a transaction. In real estate, it's vital for brokers to manage transactions to ensure that all conditions are met before funds and property change hands.

Fees and expenses paid by buyers and sellers during the closing of a real estate transaction. Brokers need to educate clients about these costs and how they impact the total funds needed to finalize the sale or purchase.

A database established by real estate brokers to provide data about properties for sale. It is an indispensable tool for brokers as it increases exposure and information sharing about listings.

The tax on the profit from the sale of a property or an investment. Brokers should inform sellers about potential tax implications from the sale of a real estate asset.

The obligation of a real estate agent or broker to act in the best interests of the client. This is a fundamental responsibility for brokers to maintain trust and integrity in client relationships.

A thorough assessment of a property's condition, usually conducted by a professional inspector before the final purchase. Brokers should recommend inspections to buyers to uncover any potential issues with a property.

A professional assessment of a property's market value. Brokers utilize appraisals in pricing homes correctly and ensuring buyers are obtaining mortgages for the appropriate amounts.

A condition outlined in a real estate contract that must be met for the transaction to proceed. Brokers navigate contingency clauses to protect the interests of clients.

The examination of public records to verify a property's legal ownership, and to find out if there are any liens or claims. Brokers ensure a clear title is provided to the buyer to avoid future legal disputes.

A deposit made by the potential buyer to show they are serious about purchasing the property. Brokers often hold this deposit in escrow to demonstrate the buyer's commitment and as part of the purchasing contract.

A licensed individual who operates a brokerage and represents clients in the buying, selling, or renting of real estate. The broker's role is to mediate real estate transactions and ensure all legal and ethical standards are met.

A scheduled time when a property is available for viewing by potential buyers. Brokers use open houses to market properties and attract a higher number of buyers.

A listing agreement in which the seller agrees to pay a commission to the listing broker regardless of who brings the buyer. This type of listing reinforces the broker's effort to market the property extensively.

A type of listing agreement where the seller sets a net price for their property, and any amount over that price is retained by the broker as commission. Brokers must exercise caution with net listings due to potential conflicts of interest.