UK Accounting Glossary
A real estate agent is a person licensed at the state level to represent another person in a real estate transaction, such as the purchase, sale, or lease of real property. The real estate agent can be either a real estate salesperson or a real estate broker. The real estate agent often works significantly more than 40 hours per week, and generally on evenings and weekends. In most cases, the real estate salesperson is a business owner or independent contractor. The typical real estate agent is compensated for services on a commission basis. The real estate agent, by establishing an agency relationship with a client, takes on a fiduciary duty to that client. The most common real estate agent speciality is residential property. The professional real estate agent is also usually a realtor.
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This glossary post was last updated: 6th February 2020.