REAL ESTATE TRANSACTION REFRESHER Whether it’s the first time you’ve ever sold real estate, or your 5th time, a real estate transaction refresher never hurt! Here are some of the real estate specific terms you’ll want to know. Real Estate Brokers and Real Estate Agents Listing agreements are made between real estate brokers and you, the seller. A real estate agent works for the licensed real estate broker. The commission for the sale of your home will be paid to the real estate broker. The real estate broker will pay a split of that commission to the seller and buyer agents where applicable. The Fair Housing Act The Fair Housing Act, originally passed in 1968 and amended in 1988, is a federal law in the United States that prohibits discrimination in housing. The following are protected under the Fair Housing Act: Race, Color, Religion, National Origin, Sex, Disability and Family Status.
You can learn more about The Fair Housing Act at www.HUD.gov.
The Multiple Listing Service (MLS) The Multiple Listing Service is a proprietary database of all properties currently under an active listing contract in a given area. All active agents and brokers who belong to this MLS will have access to information about your property listing. Buyer’s agents searching for a new home for their clients will learn about your property listing through this online database. Real Estate Portals Real estate portal websites like Zillow and Realtor.com are data aggregators on listing information. The marketing information on your listing will be syndicated to real estate listing portals in order to draw in the largest possible market of interested buyers.
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