A real estate agent or real estate agent (often known as a real estate agent) is someone who acts as an intermediary between sellers and buyers of real estate/real property and attempts to match up sellers who would like to sell and buyers who would like to buy.
In the United States, the connection was initially established with regard to the English common law of agency, together with the agent having a fiduciary relationship with their customers. A real estate broker typically receives a payment referred to as a commission for successfully matching a seller’s property with a buyer like a sale could be made. This commission could be divided up with other participating real estate agents or brokers if applicable.
An estate agent, that is a phrase used in the United Kingdom, is an individual or business entity whose business is to advertise the property on behalf of customers. Other nations take markedly different approaches to the promotion and selling of real property.
In the United States, however, real estate brokers and their salespersons who help owners in advertising, selling, or leasing properties are commonly known as “listing brokers” and “listing agents.” Listing brokers and agents try to promote and sell or rent the property for the highest available price under the best available conditions.
Other agents and agents may concentrate on representing buyers or renters. However, licensing as a broker or salesperson authorizes the licensee to represent parties on each side of a trade. The choice of which side to signify is a business decision for the licensee.
Every state has its own laws defining the kinds of relationships that may exist between customers and real estate licensees, and the responsibilities of real estate licensees to clients and members of the general public. These principles vary substantially from state to state, by way of instance, on topics that include required documentation, agency relationships, inspections, disclosures, continuing education, and other topics.
When acting as a buyer’s broker, agents and salespersons assist buyers by helping them buy property for the lowest available price under the best conditions. The real estate agent owes fiduciary responsibilities to whomever that agent services as a customer. The agent must make sure to negotiate in the best interest of their customer, and at all times keep the customer (buyer) aware of any new information that could help make a solid choice.
It is important to have a clear agreement between the agent and the customer, for the security of both of them. These arrangements should (and in most U.S. states must) be in writing. In the event the parties only have an oral agreement, it’s more likely for a dispute to arise regarding the services the agent or broker is supposed to provide, whether the agent can apply the parties’ compensation agreement, the duration of the relationship, whether the relationship is “exclusive,” and other issues.
If the broker suggests to the buyer that he will help the buyer negotiate the best price, the broker is practicing “undisclosed dual agency,” that is unethical and prohibited in most states. Under a dual agency transaction, it’s vital that the agent discloses to both parties whom he represents as a customer and whom he represents as a client. A real estate agent owes his client fiduciary responsibilities, including maintenance, confidentiality, loyalty, obedience, accounting, and disclosure. To guard his license to practice, a real estate broker owes his client fair and honest dealing and have to ask that both parties (seller and buyer) sign a dual agency agreement.
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