A real estate agent, real estate broker is a licensed individual who acts as a representative of buyers or sellers of real estate. An agent may work alone, but generally an agent is registered under a broker to represent clients in real estate transactions. Brokers can also be individuals who work only with real estate agents or brokers, but have no connection with the real estate market. Brokers represent a buyer or seller and provide information on finding the property of their choice, facilitating negotiations and completing legal documentation. Our website provides info on Re/Max Excalibur The Penrose Real Estate Team Scottsdale, Scottsdale
Some real estate agents are independent contractors, while others are directly employed by a brokerage. The majority of real estate agents work on a retainer basis and receive a percentage of the commission that has been agreed upon between a buyer and a seller. When agents participate in a real estate transaction they are typically associated with one of three types of representation: an exclusive buyer/seller representing the buyer or seller; an exclusive seller representing the seller; or a simultaneous exclusive buyer and seller, representing both the buyer and the seller. Most real estate agents work on an exclusive basis when working with a homebuyer or seller. In real estate transactions where multiple real estate agents are involved, each agent participates in the transaction as an exclusive buyer or seller.
Although the vast majority of real estate agents get paid based on the number of sales made, there is one instance in which they are paid based solely on the commission they earn. When a real estate agent accepts a listing agreement from a buyer, seller or broker and then agrees to close the deal with the client after the listing period has expired, this is considered a ‘closed’ listing. In order for real estate agents to receive a commission for closed listings, they must receive a percentage, known as the listing bonus, from the buyer, seller or broker. This listing bonus is typically not large, but it can add up to a significant portion of the commission earned by real estate agents.
Re/Max Excalibur The Penrose Real Estate Team Scottsdale
8510 E Shea Blvd #100, Scottsdale, AZ 85260