Definition of Agent
- A person who acts on behalf of another person (or client) when dealing with a third party transaction. In real estate, an agent is a person who conducts property transactions on behalf of sellers and buyers. The agent usually works on commission or for a pre-determined fee.
Related Terms and Acronyms
- Dual Agent — Definition,
- A real estate agent who acts for both parties in a property sale.
- Broker (Bkr) — Abbreviation,
- A person or firm who acts on behalf of another.
- 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.
- Escrow Agent — Definition,
- A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
- Realtor — Definition,
- A real estate broker or an associate holding active membership in a real estate board.
- Broker-Agent — Definition,
- An individual, usually in the employ of an insurance company, that is licensed as both an insurance broker and agent.
- 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.
- Finder Fee — Definition,
- A fee paid by a party to another for services rendered.
- Dual Agency — Definition,
- When a real-estate agent or broker represents both parties in a transaction.
- Seller Broker — Definition,
- One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
- Mortgage Broker (MB) — Acronym, Important,
- One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
- Agency Closing — Definition,
- The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
- 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.
- Mis-selling — Definition,
- The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.