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Realtor: A Realtor is a licensed real estate agent and a member of the National Association of Realtors, a real estate trade association. Realtors also belong to their state and local Boards of Realtors. They have a wealth of resources at their disposal, including the MLS (Multiple Listing Service) and continuing education. All association members agree to abide by a 17-article Code of Ethics and strive for the height of professionalism.
Real Estate Agent: A real estate agent is licensed by the state to represent parties in the transfer of property. Every Realtor is a real estate agent, but not every real estate agent is a professional Realtor.
Listing Agent: A listing agent or a Sellers Broker, forms a legal relationship with the homeowner to sell the property, and places the property in the Multiple Listing Service (MLS).
Buyer’s Agent: A Buyer’s agent or Buyer broker is an agent hired by the Buyer. Generally, the Buyer broker is paid from the commission fee agreed to by the Seller.
Dual Agency: This happens when the same agent or two agents from the same brokerage represent both the Buyer and the Seller. Both parties must agree to this in writing.
Realtor’s Preamble: Excerpt from the Preamble to the Realtor’s code of Ethics:
The term Realtor has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal. In the interpretation of this obligation, Realtors can take no safer guide than that witch has been handed down through the centuries, embodied in the Golden Rule, “Whatsoever ye would that others should do to you, do ye even so to them”.
Multiple Listing Service (MLS): The MLS is a database of properties listed for sale by Realtors who are members of the local Board of Realtors. Information on an MLS property is available to thousands of Realtors and to the public.
FSBO: For Sale By Owner selling party
Home Warranty: A home warranty is an insurance policy that covers a variety of mechanical, electrical and plumbing items, as well as some appliances, inside the home. A home warranty is typically purchased by the Seller for the Buyer at close of escrow, but can be purchased at the beginning of a listing to be transferred to the Buyer at close, and would then cover limited items for the Seller during the listing and escrow period.
Escrow: The period of time from accepted contract by both parties through close of escrow (coe). A neutral third party known as the Title Company handles the escrow. The Title Company of choice will also issue the Title Insurance Policy.
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