Do you know who's who in a real estate transaction?
Listing agent, broker, agent, buyer’s representative, intermediary—you may have seen these and other terms in various real estate literature. Here’s a quick look at the many roles REALTORS® can fill in a real estate transaction.
Listing agent or listing broker
These people work for the seller, who has entered into an agreement to be represented by the broker’s firm. Sometimes, an agent who is affiliated with the broker will handle most of the transaction; however, the broker is ultimately responsible for everything his agent does. A listing agent’s or listing broker’s primary responsibility is to act in the best interests of the seller. Although they have no such formal duty to the buyer, licensees must treat all parties fairly.
Buyer’s agent, buyer’s broker, buyer’s representative
These people, of course, work for the buyer. Buyer’s agents and buyer’s brokers are sometimes both referred to as buyer’s representatives. No matter what they’re called, these people’s
primary responsibility is to act in the best interests of the buyer. Sometimes, an agent who is affiliated with the broker will handle most of the transaction; however, the broker is ultimately responsible for the transaction.
Intermediary
As the name implies, an intermediary is the same broker who acts as a go-between with the buyer and seller in a real estate transaction. Each intermediary situation is different, but all involve specific disclosures and rules that must be carried out exactly to conform with laws governing such transactions.