Glossary
AGENT — Most people think of a sales associate when they hear the word "agent." However, legally speaking the real estate brokerage firm where the sales associate works is usually the Agent, as the term is used in most contracts. The sales associate -- or property manager -- is actually a "sub-agent" of the brokerage firm, as is every agent within the firm. CLIENT — The client in a real estate transaction is the party who is represented by the real estate agent. Traditionally the seller or landlord is the client. However, changes in agency laws in recent years allow agents to represent any party in the transaction, including the buyer or tenant, provided that this is clearly disclosed in writing to all parties. CUSTOMER — The party who is not represented in a transaction is usually referred to as "the customer." For example, if the agent represents the landlord, then the tenant would be the customer. MILITARY CLAUSE — A lease provision which allows for early termination by military personnel in the event they receive a permanent change of duty station during the term of the lease. This provision also spells out what fees, if any, the tenant must pay as a result of the early termination. MLS — see Multiple Listing Service MULTIPLE LISTING SERVICE — A cooperative database for real estate brokerages, which allows members to share information among themselves about properties that each member has available for sale or rent. |
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