- An agency generally exists because of a relationship between two parties where one party acts on behalf of the other. For example, an agent will represent a client and conduct transactions with a third party on that client's behalf.
company, representatives, firm
Related Terms and Acronyms
- 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.
- Buyer Broker — Definition,
- One who earns a commission from the buyer of a property in exchange for finding a seller and assisting in negotiation.
- Cooperating Broker — Definition,
- A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
- Dual Agency — Definition,
- When a real-estate agent or broker represents both parties in a transaction.
- Real Estate Agent — Definition,
- A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
- 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.