There are 6 Residential Property Types. Click here to access the handout.

• Real estate agents have a professional license to help people buy, sell, and rent real estate. They must work for a sponsoring broker or brokerage firm.

• Brokers are real estate agents who have completed additional training and licensing requirements. They can work independently and hire other real estate agents to work for them.

• A Realtor is a licensed real estate agent or broker (or other real estate professional) who is a member of the National Association of Realtors (NAR). Members must comply with NAR's strict Code of Ethics.

• Buyer’s agent

  • A buyer’s agent, also known as a selling agent, is a licensed real estate professional whose job is to locate a buyer’s next property, represent their interests by negotiating on behalf of that buyer to obtain the best price and purchasing scenario for that buyer as possible. This agent is a fiduciary for the buyer. Responsibilities of the buyer's agent includes: Help buyers find the right property, educate their clients on the buying process, walk the client through each property, submit and negotiate offer on the client's behalf, refer clients to reliable professionals.

• Listing agent

  • A listing agent is a real estate professional who represents the seller in a real estate transaction. As the name suggests, the listing agent lists the home for sale and works on the seller's behalf to sell the home at a price and under terms that are best for their client. Listing agent offers the following: Determine an asking price for the home, market and sell the client's home, schedule showings, communicate and negotiate with buyers and their agents on the client's behalf, and recommend other professionals.

• Listing Transaction

It is where the focus of real estate transaction is from the viewpoint of the real estate agent managing the listing side of the transaction after the seller formally (signed a contract) agrees to list his home for sale with a real estate agent and authorizes the agent to market his home to attract buyers and negotiate a satisfactory home sale.

• Buyer Pending Transaction

It is where the focus of real estate transaction is from the viewpoint of the real estate agent managing the buying side of the Transaction after the buyer signed an exclusive agreement (called a Buyer agreement), promising they will work only with that agent. These agents help the buyer negotiate through buying a home and preparing the purchase offer when the buyer finds his perfect home.

• Transaction

It is the process whereby the rights in a unit of property is transferred between someone selling to someone who is buying both represented by a realtor or agent. Another set of necessary steps, deadlines, and agreement documents will take place involving the two parties ( Buyer and Listing sides ) until the transaction successfully closed.