- A legal agreement that gives one real-estate agent the right to sell a property for a specified period. The owner retains the right to sell the property himself or herself without paying the agent a commission.
private listing, closed listing, limited viewing, select viewing
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.
- Commission (comm) — Abbreviation,
- A fee paid to a salesperson for selling a product to a customer.
- An agent's fee for negotiating a real estate or mortgage loan transaction, often expressed as a percentage of the selling price.
- Cooperating Broker — Definition,
- A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
- For Sale By Owner (FSBO) — Acronym, Very Important,
➥ Can save the seller money by forgoing realtor fees.
- An arrangement by which a house's owner tries to sell the house without hiring a real-estate agent. Owners do this to avoid paying a commission.
- Listing Inventories — Definition,
- The dwellings for sale in a given market.
- Multiple Listing Service (MLS) — Acronym, Canada, Very Important,
- A database that lists all properties in an area that are for sale or lease by Realtors.
- Open Listing — Definition,
- A property that a number of brokers can market and sell for a commission.
- 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.
- Real Estate Broker — Definition,
- An individual who is licensed to represent a buyer or a seller of real estate and collects commissions for the work. Most brokers have agents working for them and they collect a portion of those commissions in exchange for providing office space, marketing, and other overhead.
- Realtor — Definition,
- A real estate broker or an associate holding active membership in a real estate board.
- 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.