Real Estate License

A real estate agent is a licensed professional who arranges real estate transactions, acting as the representative for buyers, sellers, or both in negotiations. Real estate agents usually are compensated by a commission—a percentage of the property’s purchase price—so their income depends on their ability to close a deal. In almost every state, a real estate agent must work for or be affiliated with a real estate broker (an individual or a brokerage firm), who is more experienced and licensed to a higher degree.

A Realtor is a real estate professional who is a member of the National Association of Realtors (NAR), a professional association. The NAR defines the term Realtor as a federally registered collective membership mark that identifies a real estate professional who is a member of the association and subscribes to its code of ethics.

A real estate broker is a real estate agent who continues their education and successfully receives a state real estate broker license. Unlike real estate agents, brokers can work independently, start their own brokerage firm, and hire other real estate agents.

Real property is a parcel of land and everything that is permanently attached to the land. The owner of real property has all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land.

A listing broker or listing agent is a real estate professional who assists a homeowner with listing and marketing their home for sale. Some of a listing broker's duties include determining an appropriate price for the home, establishing a listing, and holding open houses for prospective buyers. They also work with the buyer’s agent—also referred to as the selling agent—to coordinate the sale of the home.

An exclusive listing is a type of real estate listing agreement in which a property seller appoints and specifically authorizes one real estate broker to act as the seller’s sole agent. By contrast, in an open or non-exclusive listing, the seller retains the right to employ any number of brokers as agents.

The Fair Housing Act, also known as Title VIII of the Civil Rights Act of 1968, is a federal law enacted in 1968 that prohibits discrimination in the purchase, sale, rental, or financing of housing—private or public—based on race, skin color, sex, nationality, or religion. The statute has been amended several times, including in 1988 to add disability and family status. State and local laws may expand upon these protections in some jurisdictions but may not detract from or reduce them.