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Real Estate Agent
A real estate broker or a real estate agent is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually work under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. In North America, some brokers and agents are members of the National Association of Realtors (NAR), the largest trade association for the industry. NAR members are obligated by a code of ethics that go above and beyond state legal requirements to work in the best interest of the client.Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state’s laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations.
Generally, real estate brokers/ agents fall into four categories of representation:
- Seller’s Agents, commonly called “listing brokers” or “listing agents,” are contracted by owners to assist with marketing property for sale and/or lease.
- Buyer’s Agents are brokers or salespersons who assist buyers by helping them purchase property.
- Dual Agents help both the buyer and the seller in the same transaction. To protect their license to practice, a real estate broker owes both parties fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement. Special laws/rules often apply to dual agents, especially in negotiating price. In dual agency situations, a conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties .Individual state laws vary and interpret dual agency rather differently, with some no longer allowing it. In some states, Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, dual agency occurs by allowing each agent to be designated as an “intra-company” agent. Only the broker himself is the Dual Agent.
- Transaction Brokers provide the buyer and seller with a limited form of representation but without any fiduciary obligations. Having no more than a facilitator relationship, transaction brokers assist buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers. The assistance provided are the legal documents for an agreement between the buyer and seller on how a particular transfer of property will happen.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S. this commission can generally range between 5-6% of the property’s sale price for a full service broker but this percentage varies by state and even region. This commission can be divided up with other participating real estate brokers or agents. Flat-fee brokers and Fee-for-Service brokers can charge significantly less depending on the type of services offered.
Ocean City (OC or OCMD), officially the Town of Ocean City, is an Atlantic resort town in Worcester County, Maryland. Ocean City is widely known in the Mid-Atlantic region of the United States and is a frequent destination for vacationers in that area. The population was 7,102 at the 2010 U.S. Census, although during summer weekends the city hosts between 320,000 and 345,000 vacationers, and up to 8 million visitors annually. During the summer, Ocean City becomes the second most populated municipality in Maryland, after Baltimore. It is part of the Salisbury metropolitan area.
The land upon which the city was built, as well as much of the surrounding area, was obtained by Englishman Thomas Fenwick from the Native Americans. In 1869, businessman Isaac Coffin built the first beach-front cottage to receive paying guests. During those days, people arrived by stage coach and ferry. They came to fish off the shore, to enjoy the natural beauty of the Atlantic Ocean pounding against the long strip of sandy beach, to collect seashells, or just to sit back and watch the rolling surf.