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1.4.6 Real Estate Agents

Real estate is often sold through real estate agents, real estate brokers (not to be confused with mortgage brokers), or “realtors.”313 They list the property in newspapers, circulars, and computer databases. The agent usually represents the seller of the property. In some circumstances, however, a real estate agent may be the buyer’s agent or may even represent both the seller and buyer. Real estate agents are typically paid a percentage of the sales price. States commonly require agents to be licensed. Real estate agents frequently recommend mortgage lenders and mortgage brokers to home buyers. In some states real estate agents may also serve as mortgage brokers, if properly licensed.

Footnotes

  • 313 {232} “Realtor” is actually a trademarked term for a real estate agent who is member of the National Association of Realtors. See the website of the National Association of Realtors at www.realtor.com.