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TOPICAL REAL ESTATE DICTIONARY Top 20 Terms Agents Buying Closing Contract Credit Inspection Law Financing Selling Taxes/Insurance Agents agency The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract. dual agency A relationship in which a real estate agent or broker represents both parties in a transaction. listing A piece of property placed on the market by a listing agent. open house A marketing tool in which a listing agent opens a house to the public for viewing. open listing A property given to a number of brokers to market at the same time. real estate agent A person licensed by a state to represent a buyer or a seller in a real estate transaction in exchange for a commission. Unless they are also brokers, agents must work in association with a real estate broker or brokerage company. real estate broker A person, corporation, or partnership licensed by a state to represent a buyer or seller in a real estate transaction in exchange for a commission. Brokers supervise licensed sales agents, who then act for the broker (who is legally the principal agent in any transaction). Realtor A designation for an agent or broker who is a member of the National Association of Realtors. top producer A real state industry term that refers to agents and brokers who sell a high volume of homes.