Do You Know Who’s Who in a Real Estate Transaction?

Listing agent, broker, agent, buyer’s representative, intermediary—you may have seen these and other terms in various real estate literature. Here’s a quick look at the many roles Realtors can fill in a real estate transaction.

Listing agent or listing broker

These people work for the seller, who has entered into an agreement to be represented by the broker’s firm. Sometimes, an agent who is affiliated with the broker will handle most of the transaction. However, the broker is ultimately responsible for everything his agent does. A listing agent’s or listing broker’s primary responsibility is to act in the best interests of the seller. Although he or she has no such formal duty to the buyer, licensees must treat all parties fairly.

Buyer’s agent, buyer’s broker, buyer’s representative

These people, of course, work for the buyer. Buyer’s agents and buyer’s brokers are sometimes both referred to as buyer’s representatives. No matter what they’re called, their

primary responsibility is to act in the best interests of the buyer. Sometimes, an agent who is affiliated with the broker will handle most of the transaction; however, the broker is ultimately responsible for the transaction.

Intermediary

As the name implies, an intermediary is a broker who acts as a go-between with the buyer and seller in a real estate transaction. Each intermediary situation is different, but all involve specific disclosures and rules that must be carried out exactly to conform with laws governing such transactions.

What about the Realtor?

Any licensed real estate professional can fill one of the roles mentioned above, but only a Realtor has also agreed to abide by a code of ethics. Realtors employ the highest level of professionalism to help you with your real estate needs.

If you’d like more information about buying, selling, or leasing property, visit TexasRealEstate.com.

The Greater Fort Worth Association of Realtors is one of more than 1,200 local boards and associations of the Realtors nationwide that comprise the National Association of Realtors. As the nation’s largest trade association, NAR is “The Voice for Real Estate,” representing over one million members involved in all aspects of the real estate industry. The Greater Fort Worth Association of Realtors serves approximately 3,200 members by providing MLS services, education, governmental affairs, etc. For more information, visit www.gfwar.org.