subject: What are the Different Types of Real Estate Agents? MyCityToronto by:Robert Kennedy [print this page] Toronto real estate agents are not just generically categorized but there are specific types. Others add certain titles to their names in order to stand out. This gets most people looking to buy or sell property confused. Who is a listing agent? How about a buying agent? Who is a transaction agent and who is a dual agent? These are questions that plague lay people simply wanting to find someone to help them sell or buy a piece of real estate in Toronto. This article gives definitions of the various types that are available to you.
The first is a real estate broker. In most cases he is more educated in the industry than a regular agent. He could have a basic degree or may just have completed some real estate courses. Others may be qualified by virtue of a certain amount of experience in the field and some real estate courses.
The second is a broker associate. This agent is usually employed by a real estate broker and many of them usually work in large real estate firms. The working relationship between the two varies. One may be required to pay a certain flat rate to the broker who has employed him or may work for the broker for a commission.
A Toronto real estate agent is usually a salesperson who has been licensed to sell houses. However, they are not to be confused with brokers. The agent works for the broker and cannot work by himself. The employing broker is usually responsible for the actions of the agents who work for them.
A realtor on the other hand can be either an agent or a broker as long as they are a member of the National Association of Realtors.
Sellers agent, also known as a listing agent represents the person selling the property. He can be either an agent or a broker and he owes fiduciary responsibility to the person selling the house. Usually, they are bound by a listing agreement and must therefore protect the interests of the seller.
Buyers Agents represent the buyer. Exclusive buyers agents specialize in buying and never work for the seller. However, the majority of the agents available in Toronto will work as both buyers and sellers in different transactions.
A dual agent is one who is representing the buyer and seller in the same transaction. This can also happen if the two agents, buying and selling, are working for the same firm or broker. If you are involved in a dual agency situation you need to have agreed to it in writing.
A transaction agent is one who, although not representing any of the parties, facilitates the transaction.
Knowing these definitions will erase the confusion and help you navigate the world of real estate transactions. You will find that most Toronto real estate agents are helpful and will assist you should your mind get foggy about whos who in the world of real estate.
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