GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Agency

Synonyms:	company, firm, representatives
Acronyms & abbreviations:	agcy
Filed Under:	abbreviation, financial-banking, insurance, investments, legal-contracts, mortgages, real-estate
Tags:	banking, classifieds, contract, insurance, investment, legal, mortgage, property listing, realty

agency (agcy): 1. 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.

agent (agt) 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 One who earns a commission from the buyer of a property in exchange for finding a seller and assisting in negotiation.
cooperating broker A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
dual agency When a real-estate agent or broker represents both parties in a transaction.
real estate agent A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
seller broker One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
subagent 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.