Glossary of Real Estate Terms

• Agency – The relationship between licensed real estate agents and buyers or sellers.
• Agent – Refers to both Broker and Sales Associates.
• Broker Associate – An agent with a broker’s license.
• Broker/Manager – The licensed Real Estate broker who supervises Broker Associates and Sales Associates.
• Broker of record – The licensed supervising broker recognized by the Texas Real Estate Commission.
• Buyer – A person of legal age who is purchasing real property.
• Close of escrow – The date the property records with the county in which the property is located.
• Disclosure Statement – A document that discloses all known material defects, work, and/or problems concerning the property in the purchase agreement/offer.
• Dual Agent – An agent who represents both Buyer and Seller.
• Escrow – A neutral place where all documentation, information, and funds pertaining to the sale of real property are collected for the purpose of transferring the deed from a seller to a buyer.
• Listing – An agreement between an owner of real property and a real estate broker, where the broker agrees to market the property to procure a buyer for an agreed price, terms, and commission/fee.
• Listing Agent – Agent representing the Seller.
• Listing Team – Two or more agents who represent the Seller.
• MLS - The acronym for Multiple Listing Service. This service distributes listings and sales information for the Real Estate community.
• Pending sale – A period where when buyer and seller agree to terms, and the transaction enters into escrow.
• Purchase Agreement/Offer – A contract offered by a Buyer to the Seller based on specific terms from the Buyer.
• Purchase/Sales Agreement – A written document that follows the guidelines and laws of the Department of Real Estate for buying real property in the State of Texas.
• Sales Agent – Refers to both Broker and Sales Associates.
• Sales Associate – An agent with a salesperson’s license.
• Seller– A person of legal age who is selling their real property.
• Selling Agent –Agent representing the Buyer.