Module 2.2 - Types of Agency

Transaction Coordinator

A licensee not working directly for either party whose duty is to see that all details of the transaction are completed in a timely and accurate manner. Also called TRANSACTION LICENSEE.

Multiple Listing Service (MLS)

A listing service whereby local member brokers agree to share listings and agree to share commissions on properties sold jointly.

Principal

A person who grants another person (an agent) authority to represent him or her in dealings with third parties

In-House transaction

A real estate transaction in which the listing broker is the only broker involved

Listing

A written agency contract between a seller and a real estate broker, stating that the broker will be paid a commission for finding (or attempting to find) a buyer for the seller's real property. A listing is a personal services contract.

Designated Agency

An agency relationship where a licensee is assigned by a broker to represent a buyer or seller in a transaction, usually in an in-company dual agency situation.

Traditional agency

An agency relationship where the seller is the only client and the buyer has no representation.

Subagent

An agent of an agent; a person that an agent has delegated authority to, so that the subagent can assist in carrying out the principal's orders. In a real estate scenario, a broker who cooperates with a listing broker to represent the seller is a subagent of the seller client.

Seller's Agent

An agent representing the interests of the seller of a property. Also called the LISTING AGENT

Cooperating Agent

An agent who works with a listing agent to sell property in a real estate transaction. The selling agent who found a buyer for the listed property. The cooperating agent could be a buyers agent, or a cooperating agent could be a subagent of the seller, working as an agent of the listing agent. Also called cooperating broker.

Affiliated Licensee

Individuals licensed as salepersons or associate brokers who are employed by the same broker.

Selling Agent

The agent who finds a buyer in a real estate transaction, often as a cooperating agent. Do not confuse with the term seller's agent, which is the listing agent. Also called SELLING BROKER.

Listing broker

The broker with who a seller signs a listing agreement and to who commission is typically paid upon the successful procurement of a buyer. Also called listing agent or sellers agent.

Dual Agent

When a broker or salesperson represents both parties (buyer and seller) in a transaction, AND all management level licensees at a brokerage

Buyers Agent

An Agent representing the interests of the buyer of a property