Finding a Real Estate Agent
 

Glossary of Real Estate Terms

Here you will find a glossary of terms associated with buying and selling a home. The following list will help clarify the basic concepts associated with this undertaking, as well as those associated with finding and selecting a Realtor.

Broker: A broker is a licensed real estate agent who is authorized to operate his or her own office.

Buyer's Agent: A buyer’s agent is a real estate broker or salesperson who represents the buyer in a transaction.

Comparative Market Analysis (CMA): A Comparative Market Analysis (CMA) is done by a Realtor to help determine the probable sales price of a property. A good CMA will take into account recent sales, pending sales, and current listings that are within the same neighborhood and have similar characteristics as the subject property.

Discount Broker: A discount broker represents the seller for a reduced fee or commission compared to the fees charged by a full-service broker. In exchange for a reduced fee, the discount broker may not do one or more of the following: show the home, advertise the home, field calls from potential buyers.

For Sale By Owner (FSBO): FSBO is a generic term meaning that the home is being sold by the owner without the assistance of a Realtor.

Multiple Listing Service (MLS): The Multiple Listing Service (MLS®) is a regionally centralized list of homes for sale. The main advantage of the MLS to sellers is it creates greater exposure for their homes. It also tells buyer Realtors that a commission will be paid if they bring a buyer to the seller.

Real Estate Agent: A real estate agent is a broker or salesperson licensed to aid buyers and sellers in the home sales process.

Realtor: A Realtor® is a real estate agent, broker, or associate who holds an active membership in a local real estate board that is affiliated with the National Association of Realtors.

Salesperson (Sales Associate): A salesperson is a licensed real estate agent who works under the supervision of a broker.

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