Agency- That relationship wherein an agent is employed by a principal to do certain acts on the principal's behalf.

Associate Broker- A broker who chooses to work  as a salesperson under the name and supervision of another broker.

Bankruptcy- A federal court procedure to relieve an overburdened debtor of certain liabilities

Brokerage- The business of buying and selling for another for a fee.

Broker's Agent- A broker who assists the listing broker in marketing the property under a formal agency agreement.

Buyer Agency- An agnecy relationship in which the broker/agent represents the interests of the buyer

Buyer's Broker- A broker who has enteredinto an agreement to represent a buyer in finding a suitable property.

Caveat Emptor- A latin phrase meaning "Let the buyer beware."

Certificate of Occupancy (C of O)- Document issued by a municipal authority stating that a building complies with building, health, and safety codes and may be occupied.

Civil Rights Act of 1866- Federal Law that prohibits racial discrimination in the sale and rental of property.

Client- The Principal

Comparative Market Analysis (CMA)- A study, intended to assist an owner in establishing listing price, of recent comparable sales, properties that failed to sell, and parcels presently on the market.

Condominium- The absolute ownership of an apartment or a unit plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.

Cooperating Broker (CO-BROKE)- A broker other than the listing broker who is involved in a real estate transaction. In a MLS transaction, a subagent of the seller, unless a declared agent of the buyer.

Cooperative (CO-OP)- A residential multiunit building whose title is held by a corporation owned by and operated for the benefit of persons living within the building, who are the stockholders of the corporation, each possessing a proprietary lease.

Customer- A potential buyer of real estate; should not be confused with a property seller(i.e., listing broker's client)

Exclusive Agency Agreement- A listing contract under which the owner appoints a real estate broker as his or her exclusive agent. The owner reserves the right to sell without paying anyone a commission if the seller procures the buyer.

Exclusive Right to Represent- The most common form of buyer agency agreement.

Exclusive Right to Sell Agreement- A listing contract under which the owner appoints a real estate broker as his or her exclusive agent and agrees to pay the broker a commission when the property is sold, whether by the broker, the owner, or another broker.

Federal Fair Housing Act of 1968- The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, or national origin. Amended in 1988 to include persons with physical and mental disabilities, and those with children under 18.

Fiduciary Duties- The specific legal duties an agent owes to the principal.

Fiduciary Relationship- A relationship of trust and confidence as between trustee and beneficiary, attorney and client, or principal and agent.

Foreclosure- A procedure whereby property pledged as security for a debt is sold to pay the debt in the event of default in payment or terms.

Mortgage Banker- Companies that are licensed to make real estate loans that are sold to investors.

Mortgage Broker- An individual who acts as an intermediary between lenders and borrowers for a fee.

Mortgagee- A lender in a mortgage loan transaction

Mortgagor- A borrow who conveys his or her property as security for a loan.

Multiple Listing Service (MLS)- A marketing organization composed of member brokers who agree to share their listings with one another in the hope of procuring ready, willing, and able buyers more quickly and efficiently.\

Real Estate- A portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached thereto, whether by nature or by a person.

Real Estate Broker- Any person, partnership, association, or corporation that sells (or offers to sell), buys ( or offers to buy), or negotiates the purchase, sale, or exchange of real estate, or that leases (or offers to lease) or rents (or offers to rent) any real estate or the improvement thereon for others and for a compensation or valuable consideration.

Realtors- A registered trademark term reserved for the sole use of active members of local Realtor boards affiliated with the National Association of Realtors.

Seller Agency- The practice of representing the seller in a real estate transaction.

Selling Broker- The broker who successfully finds a ready, willing, and able buyer for a property ( may or may not be a listing broker)

Subagency-  An agency relationship in which the broker's sales associate, or a cooperating broker assumes a fiduciary duty to the principal who has designated the broker as an agent.

Town House- A hybrid form of real estate ownership in which the owner has fee simple title to the living unit and land below it, plus a fractional interest in common elements.