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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.[1] 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.[2] 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.[3]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.[4] 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.
San Diego
San Diego (/ˌsæn diːˈeɪɡoʊ/, Spanish for “Saint Didacus“; Spanish: [san ˈdje.ɣo]) is a major city in California, United States. It is in San Diego County, on the coast of the Pacific Ocean in Southern California, approximately 120 miles (190 km) south of Los Angeles and immediately adjacent to the border with Mexico.
With an estimated population of 1,394,928 as of July 1, 2015,[9] San Diego is the eighth-largest city in the United States andsecond-largest in California. It is part of the San Diego–Tijuana conurbation, the second-largest transborder agglomerationbetween the US and a bordering country after Detroit–Windsor, with a population of 4,922,723 people.[11] San Diego has been called “the birthplace of California”.[12] It is known for its mild year-round climate, natural deep-water harbor, extensive beaches, long association with the United States Navy, and recent emergence as a healthcare and biotechnology development center.
Historically home to the Kumeyaay people, San Diego was the first site visited by Europeans on what is now the West Coast of the United States. Upon landing in San Diego Bay in 1542, Juan Rodríguez Cabrillo claimed the area for Spain, forming the basis for the settlement of Alta California 200 years later. The Presidio and Mission San Diego de Alcalá, founded in 1769, formed the first European settlement in what is now California. In 1821, San Diego became part of the newly independent Mexico, which reformed as the First Mexican Republic two years later. In 1850, California became part of the United States following the Mexican–American War and the admission of California to the union.
The city is the seat of San Diego County and is the economic center of the region as well as the San Diego–Tijuanametropolitan area. San Diego’s main economic engines are military and defense-related activities, tourism, international trade, and manufacturing. The presence of the University of California, San Diego (UCSD), with the affiliated UCSD Medical Center, has helped make the area a center of research in biotechnology.