representation definition real estate

Real Estate Representation: What Are the Different Types, and What Do They Mean?

When you work with an agent in a real estate transaction, you’re either a client or a customer of that agent. There is a difference, and it’s important.

A client has a brokerage relationship with a Realtor®: The client has signed a contract and is legally represented by that Realtor® and the Realtor®’s brokerage. Every other person who’s party to that transaction is considered a customer of that Realtor®. The Realtor®’s primary fiduciary responsibility is to the client .

In real estate transactions, there are two main types of representation:

• Seller representation:  If you are selling a property and enter a brokerage agreement with a Realtor®, that Realtor® and their firm become your representative during that specific transaction. They are legally obligated to represent you and your financial interests as a seller.
• Buyer representation: If you are buying a property and enter a brokerage agreement with a Realtor®, that Realtor® and their firm become your representative during that specific transaction. They are legally obligated to represent you and your financial interests as a buyer.

Representation is straightforward if the buyer and seller agents are affiliated with different companies. However, when the agents on opposite sides of the transaction work for the same brokerage, representation and agency become more nuanced and complex.

These are the four most common types of agency and what they mean:

• Seller agency: A Realtor® from Brokerage A represents the seller in a transaction. This Realtor® looks out for the best interest of the seller in the transaction, and owes the buyer honesty and any material facts about the listed property that are needed to make an educated decision.
• Buyer agency: A Realtor® from Brokerage B represents the buyer in a transaction. This Realtor® looks out for the best interest of the buyer in the transaction, and owes the seller honesty and any material facts that are needed to make an educated decision.
• Dual agency: One Realtor® from Brokerage A represents both the buyer and the seller in a transaction. This Realtor® represents the buyer and seller equally and owes confidentiality to both parties. Realtors® in a dual-agency relationship facilitate the entire transaction and may not provide full advice to either party due to confidentiality.
• Designated agency: Real estate Brokerage A represents both the buyer and seller, with one Realtor® from Brokerage A representing the seller and a separate Realtor® from Brokerage A representing the buyer. The brokerage represents the buyer and seller equally, owes confidentiality to all parties and may do nothing to the detriment of either the buyer or the seller.

That’s a high-level overview of representation and agency. But it’s important to note that agency law varies from state to state, and not all agency types are covered in this article. To see what applies in your state, please consult a licensed local real estate broker in your market.

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Types of Client Representation in Real Estate Transactions

Agency, subagency, and other roles you might assume

Agency and Buyer Agency

Dual agency, designated agency, roles without fiduciary responsibility, dealing with agency conflicts of interest, frequently asked questions (faqs).

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Most states require some form of disclosure to the client or prospective client as to how you will be representing them in their real estate transaction. Your duties and obligations to the client will vary significantly based on the type of representation to which you've contractually agreed. Learn more about what these various duties are.

Key Takeaways

• Agency is a top-level form of representation in which the agent is bound to fiduciary duties like confidentiality and full disclosure.
• Buyer agency requires the buyer agent to exercise fiduciary duty on behalf of the buyer.
• Dual agency and designated agency are viewed as precarious agencies because it's virtually impossible to exercise fiduciary duties.
• Generally speaking, choosing the honest and transparent move when conflicts of interest arise is the best way to go.

"Real estate agent" is a generic term referring to our occupation, but does not always define an agent's position and duties in a transaction. "Agency," the highest level of representation—it requires certain fiduciary duties, including client confidentiality and full disclosure. The confidentiality requirement continues after the transaction is completed. You are working in the client's best interests, meaning trying to get the most money for your seller's listing or the lowest price for your buyer.

In most states, if you have not specifically agreed to an agency relationship with your client, you are not their agent with respect to fiduciary requirements. You would still be required to treat all parties fairly and honestly, but would not necessarily owe confidentiality or full disclosure to your customer. This status has become more widely utilized with the expansion of buyer agency, representing buyers as their agent.

Dual agency—representing the buyer and seller—is a tricky designation that's used in most states. Why? It's virtually impossible to provide confidentiality and full disclosure to two clients at the same time. It requires careful disclosure to both clients that your ability to represent them aggressively has changed. It is considered by many to be a risky practice, with possible conflicts of interest.

In some states—Florida, for example—dual agency is banned.

Subagency describes an agent who brings a buyer for another company's listing. The subagent is working on behalf of the seller, owing them fiduciary duties. It's rare now because it's bad for buyers and makes brokers and sellers vicariously liable for the actions or errors of the buyer's representative.

Designated agency allows a brokerage to offer an alternative to a dual agency. Basically, in designated agency, the broker assigns one agent to be the agent of the seller, and another agent to represent the buyer. They both retain agency status with the required fiduciary obligations. It necessitates certain procedures to keep the respective clients' information separated in-house, with access limited to the appropriate agent.

Designated agency is viewed by some experts as being no different than dual agency, in that it's virtually impossible for buying and selling agents from the same broker to act in the best interest of the buyer and seller.

Under various names, "transaction brokerage," "facilitator," and "non-agency" are all roles without agency fiduciary duties. They are fair to all concerned but facilitate without agency. However, in some cases, unethical agents may take advantage of their lack of fiduciary duty.

Study the law in your state as it regards real estate representation. Then study the options that your broker chooses to offer their customers. All brokers do not have to offer all types of representation. The remedies to the client for breach of fiduciary duties can be painful for the agent and broker.

Buyer agency, the practice of providing top-level agency representation and fiduciary duties to buyers, has become quite popular in most areas. Now you can have a written agency agreement with a buyer that promises them all the fiduciary obligations of the agency and your very best efforts on their behalf.

But that can cause issues when you're writing a purchase contract for a buyer on your or your company's listing where you've also signed an agency representation agreement. Now your company is an agent for both the principals in the transaction. Obviously, that's a problem, as you can no longer fulfill the requirements to keep all their information private and to disclose all you know at the same time.

An example would be a seller(s) divorce situation. If you're their agent, you will not disclose that, but if you were the buyer's agent and had no relationship with the seller, you would give this information to your buyers to possibly help them make a better deal. If you're a dual agent, you cannot do either. So you have to let both parties know that your new status has changed your ability to serve them.

From a purely customer-focused and ethical perspective, no matter what your role or representation status, be honest, fair and transparent in your dealings.

What is the difference between subagency and dual agency?

Subagents typically work for the seller's agent by finding buyers for a listing. Their fiduciary duty lies with the seller. Dual agents, on the other hand, work on behalf of the buyer and seller at the same time and have a fiduciary duty to both.

What is agent representation?

Typically, buyers and sellers in a real estate transaction have agent representation. The buyer works with a buyer's agent and the seller works with a seller's agent. An agent may represent both the buyer and seller, although this practice is outlawed in multiple states.

Feldman & Feldman. " Breach of Fiduciary Duty in Real Estate Transactions ."

Adam Law Group. " A Quick Guide to Florida Agency Law ."

CA Realty Training. " What Is Dual Agency in Real Estate? "

Florida Legislature Online Sunshine. " 475.278 Authorized Brokerage Relationships; Presumption of Transaction Brokerage; Required Disclosures ."

Clever. " 5 Things to Know About Subagents in Real Estate ."

Maryland Realtors. " What Is a Subagent ."

Connected Risk Solutions. " How Vicarious Liability Functions in Real Estate ."

Consumer Advocates in American Real Estate. " Designated Agency—Is It Fraud? "

IFREC Real Estate Schools. " Florida Agency Law: Single Agent, No Agency, and Transaction Broker ."

Consumer Federation of America. " New Report Shows that Most Florida Real Estate Agents Work as Facilitators, Providing Their Customers No Loyal Representation and Overcharging Them for Their Services ."

PropertyClub. " What Is a Transaction Broker and When Should You Hire One? "

Castle Realty. " What Is Buyer's Agency? "

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What a Real Estate Agent Does

Real estate agent compensation, real estate agent vs. real estate broker, real estate agent vs. realtor, the bottom line.

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Real Estate Agent: Definition, How Agents Work, and Compensation

A real estate agent is a licensed professional who arranges property transactions, connects buyers and sellers, and represents them in negotiations. Real estate agents are usually paid through a commission—a percentage of the property’s sale price—so their income depends on the size and number of deals they close. In almost every state, a real estate agent must work for or be affiliated with a real estate broker, someone who is more experienced, has taken additional coursework, and is licensed.

Key Takeaways

• A real estate agent is a licensed professional representing buyers or sellers in real estate transactions.
• A real estate agent usually works for commission, a set percentage of the final sale price.
• In most states, a real estate agent must work with a real estate broker, firm, or fellow professional with more experience and a specialized license.

Yurle Villegas / Investopedia

Real estate agents usually specialize in either commercial or residential real estate. In either case, their duties largely depend on whether they work for the buyer or the seller. Agents who work for the seller, known as listing agents, advise clients on how to price the property and prepare it for sale. They commonly supply tips on last-minute improvements to boost prices or encourage faster offers. Seller agents market the property through listing services, their network of professionals and others, and advertisements.

Agents who work for the buyer search for available properties that match the buyer’s price range and wish list. These agents usually look at past sales data for comparable properties to help prospective buyers create a bid that is at least realistic.

From there, the agents act as go-betweens for the principal parties, conveying offers, counteroffers, and other questions back and forth, essentially negotiating on the client’s behalf. Once a bid is accepted, agents on both sides have work ahead: helping their clients through the paperwork, communicating on their behalf, advising on inspections and moving, and generally shepherding the deal through to closing.

When you’re engaged in a real estate transaction, you should be clear about which party a real estate agent represents: the buyer, the seller, or both parties. The party that the real estate agents represent and have a fiduciary responsibility to can significantly affect how they act during the transaction. State laws regulate whether an agent can represent both parties in a real estate transaction, technically known as “dual agency.” Agents must disclose whom they represent so that buyers and sellers are aware of any conflicts of interest.

Dual agency, in which one person represents both the buyer and seller in a real estate transaction, is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Texas, Vermont, and Wyoming.

Traditionally, agents were paid a percentage of the property’s sale price through commission. The more the house sells for, the more money the agent makes. However, payment arrangements for real estate agents are changing, with online listings allowing consumers to do much of the shopping on their own without help from an agent.

Some brokerages charge a lower commission for more expensive properties, and some handle the entire transaction for a flat fee that ends up lower than a regular commission. Other companies offer an à la carte price structure that lets sellers pay only for certain parts of the sale process, such as adding the property to a  multiple listing service or helping with an open house.

You hear people use the terms “real estate agent,” “real estate broker,” and “realtor” interchangeably. While there is overlap among them, there are key differences to know.

The distinctions between a real estate agent and a real estate broker vary across states. Generally speaking, anyone who earns a basic real estate license, which involves taking a certain number of accredited courses and passing an exam, is a real estate agent: a salesperson qualified to help consumers buy or sell property.

A real estate broker is a step up the professional ladder. Brokers have additional training and education and have a broker's license. Most states also require that brokers have a certain amount of recent experience as active real estate agents. Brokers handle the technical aspects of the real estate transaction. A client signs a contract with a brokerage, not an individual agent. In many states, brokers' additional certification authorizes them to handle other legal and financial aspects of a deal, such as handling the  earnest money deposit and establishing the escrow account.

Brokers normally own a firm or a franchise. They can be on their own but must obtain an additional license to hire agents or other brokers to work for them. Meanwhile, a real estate agent ordinarily cannot work alone but must operate with a real estate broker; the exceptions are in states such as Colorado and New Mexico, which mandate that every real estate professional be licensed as a broker. More typically, agents work for brokers and split commissions with them.

On March 15, 2024, the National Association of Realtors settled a class-action lawsuit brought by home sellers who alleged that the association had inflated the commissions paid to its realtors. As part of the proposed $418 settlement, the NAR agreed to prohibit offers of broker compensation when a property is listed on its multiple listing services (MLS). If approved by the court, the new rule is expected to give buyers more room to negotiate on agent commissions.

Every real estate broker is or has been a real estate agent, but not every real estate agent is a broker. How do realtors fit into the equation?

A realtor is a member of the National Association of Realtors (NAR), a trade association. Both agents and brokers can be realtors, along with property managers, appraisers, and other real estate industry professionals. Realtors are expected to be experts in their field and must follow the NAR’s code of ethics, which requires agents to uphold specific duties to clients, customers, the public, and other realtors. In addition to NAR, realtors must belong to a state or local real estate association or board.

All realtors are real estate agents, brokers, or in a related profession, but not all agents or brokers are realtors. There are about three million active real estate licensees in the U.S., almost 1.6 million NAR members, and about 106,500 brokerage firms in the U.S.

What Does a Real Estate Agent Do?

A real estate agent juggles various tasks, like property appraisals, negotiations, and administrative duties while also meeting with clients. Their research typically involves studying market trends, property values, local zoning laws, neighborhood features, and marketing strategies. They also keep abreast of the latest real estate laws and regulations.

How Do I Become a Real Estate Agent?

To become a real estate agent, you need to complete some steps, though these vary by jurisdiction. Here's what's typical: you are above a certain age, a legal resident of where you plan to practice, have completed the necessary pre-license education, passed your state's real estate exam, have activated your license, and finally, have joined a real estate brokerage.

What Is a Real Estate Agent's Salary?

The median annual salary was $49,980 for real estate sales agents and $62,190 for real estate brokers in 2022, according to the U.S. Bureau of Labor Statistics. However, salaries for agents can vary significantly depending on experience and location. These professionals make money primarily through commissions on property sales, which means their income can fluctuate based on the real estate market and the size and number of deals they close. It's also the case that many real estate agents do so part-time , and experience and skill can vary widely—and also the pay.

What Is a Real Estate Professional?

A real estate professional is someone who works in the real estate industry. They can have different titles as an agent, broker, property manager, or someone else involved in real estate.

What Does it Take to Succeed as a Real Estate Agent?

To have success as a real estate agent, you need good communication skills, the ability to network, be adept at technology, and have an in-depth knowledge of the relevant housing market. Good real estate agents should also be skilled at setting goals, creating a marketing plan, maintaining connections with past clients, and staying resilient in the face of challenges, given the volatility in the industry.

A state regulatory board authorizes a real estate agent to represent clients in property transactions, generally working under a licensed broker. Essential skills include communicating and reading other people for client interaction and deal negotiation, understanding local market trends, having knowledge of real estate law, being organized enough to handle many listings at once, and having the integrity to build trust and ensure successful transactions. Many factors can influence the success and earning potential of those working in real estate. 

Realtor.com. " Real Estate Agent, Broker, Realtor: What's the Difference? "

J. Wilcox and J. Forsyth. "Real Estate: The Basics." CRC Press, 2022. Pages 92-110.

A. Nichiforeanu. " Interests and Behaviours of Real Estate Market Actors in Commercial Property Valuation " . CRC Press, 2020. Pages 7-26.

J. Wilcox and J. Forsyth. "Real Estate: The Basics." CRC Press, 2022. Pages 122-145.

J. Wilcox and J. Forsyth. "Contemporary Issues in Real Estate." In "Real Estate: The Basics." CRC Press, 2022.

Colorado Department of Regulatory Agencies: Division of Real Estate. " Colorado Real Estate Broker License Application – Requirement Grid ."

New Mexico Regulations & Licensing Requirements. " New Mexico Real Estate Commission and GAAR Take Steps to Expedite Licensing Transactions: Licensing Requirements ."

National Association of Realtors. " National Association of Realtors Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers ."

U.S. Census Bureau. " Real Estate and Rental and Leasing: Summary Statistics for the U.S., States, and Selected Geographies: 2017 ." Download data.

National Association of Realtors. " Quick Real Estate Statistics ."

U.S. Bureau of Labor Statistics. " Real Estate Brokers and Sales Agents ."

Business Insider. " There Are Way Too Many Real-Estate Agents. "

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Home Buying Resources | ABR®

Buyer representation agreement.

If you’ve started looking for a home—and a real estate professional to assist you—your buyer’s representative may ask you to sign a Buyer Representation Agreement. What is this form? Why should you sign it?

A Buyer Representation Agreement is a legal document that formalizes your working relationship with a particular buyer’s representative, detailing what services you are entitled to and what your buyer’s rep expects from you in return. While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services you will receive.

• Receive a higher level of service. If you’ve formalized an agency relationship with a buyer’s rep, you can expect to be treated like a client instead of a customer. What’s the difference? Clients are entitled to superior services, relative to customers. While the details vary from state to state, and from one buyer’s agent to another, you can generally assume that being a client means that you’ve formed a fiduciary, or agency, relationship with your buyer’s rep.
• Get more without paying more.  Oftentimes the listing broker has already agreed to pay a buyer’s broker's commission. If they haven’t, you can ask your buyer’s rep to avoid showing you any such homes. Or you can still view the home, knowing that you’ll need to factor your broker’s commission into any offer you may write. 
• Avoid misunderstandings. A Buyer’s Representation Agreement clarifies expectations, helping you understand what you should and shouldn’t expect from your buyer’s rep, and what they will expect from you, which usually centers on loyalty.
• Agency relationships are based on mutual consent. While most representation agreements specify a time period, they can be terminated early if both parties consent. Most buyer’s reps are willing to end the agreement early if the working relationship isn’t going well. Some buyer’s reps also offer representation agreements for as little as one day, for the purpose of giving both parties a brief trial period to explore working together.
• Strength as a team. When you and your buyer’s rep work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home-buying experience.  

Buyer’s Rep Agreement: Why Should Buyers Sign One?

Simply put, a buyer's representation agreement is a contract signed between a prospective home buyer and a real estate brokerage for the right to represent them in a real estate transaction.

It will outline the terms of the agreement, including time frame and the services that the brokerage agrees to render the client during that time, which is typically 3 months by default.

Some Realtors® will request a buyer's representation agreement before showing houses, while others prefer to wait until a customer is ready to make an offer on a property. It is up to you and your chosen REALTOR® to decide when to sign.

Why Sign a Buyer’s Rep Agreement?

Many buyers are reluctant to sign a contract, fearing being bound to a particular brokerage or agent or pressured into buying a home they don’t want. While it may seem intimidating, the buyer's representation agreement does not force you to buy and provides you, as the client, with a number of benefits. We’ll talk about a few of these benefits below.

1. You Will Become a Client Instead of a Customer

Clients and customers are separated by one main difference — a contractual relationship. When you sign a buyer's representation agreement with your REALTOR®, you become their client and they are contractually bound to act in your best interest.

Without that document in place, your Realtor®’s legal obligation would be to the seller. According to the Texas Association of Realtors ®, Realtors have a higher ethical obligation to their clients to “protect and promote their interests.”

Real estate transactions are subject to a wealth of rules, and, as much as they might want to help you, there are some things the REALTOR® you are working with is not legally allowed to tell you unless you are a client.

Your REALTOR® will also be able to provide you with additional services not legally available to customers, such as a Broker’s Price Opinion (BPO) and to negotiate on your behalf during the purchase process.

For those outside the industry, the distinction of “client” over “customer” may seem a small one, but it can have a large impact on your real estate transaction and your confidence in the final outcome.

2. All Expectations Will Be Clearly Outlined

The home buying experience can be overwhelming, and a buyer’s representation agreement offers peace of mind by clearly outlining all expectations both you and your REALTOR® have for each other throughout the process. ​

Your chosen REALTOR® will go over the agreement with you and all of the services they will perform as your buyer agent. This simple step will clear up any possible misunderstandings upfront and you will be able to proceed with confidence.

“Putting myself into the shoes of a buyer, one thing I don't want to worry about is who has my interests in mind,” Reagan Williamson , Managing Broker, pointed out. “When expectations are discussed and clearly set, upfront, as to the client/REALTOR® working relationship, I can focus on finding the right house and my REALTOR® can focus on properly representing me as their client."

3. You Will Work With, and Get to Know, One Person

Talking to five different people about five different homes can be confusing and it can be hard to compare homes listed by different brokerages if you aren’t familiar with real estate terminology. A buyer's representation agreement means that you have one person to speak to, no matter what the question.

The rapport you have with your real estate agent will put you at ease, and they will be able to guide you with their years of experience. Always be sure to meet with your REALTOR® before you sign any contract with them.

Realtors, likewise, will want to ensure a good fit before moving forward. “I try to develop the relationship with the person first, so that they don’t feel trapped into a contract” said Jeff Shaffer , Realtor. “Then, when I know we work well together, I ask them to sign the agreement so that I am able to act in their best fiduciary interest.”

Having one person to guide you through the process, who is acting in only your best interest, will make your home search significantly less stressful.

4. It Protects Your Rights As a Client

Licensed Realtors are bound by a code of ethics, holding them to the highest standard of behavior in all steps of the real estate transaction. According to Article 1 of the Code of Ethics , “When representing a buyer, seller, landlord, tenant, or another client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.”

If you feel you were not properly represented during the transaction, your status as their client will afford you recourse unavailable to customers. While these situations are rare, knowing that you are protected by these rules will give you peace of mind.

5. It Guarantees Your Agent Will Get Paid By the Selling Broker

REALTORS® work exclusively on commission and are paid by the seller upon the sale of a home. If you are working with an agent and are pleased with his or her diligent work, make sure you sign a buyer’s representation agreement to ensure they will get paid by the selling broker.

“After all the work that they do, if the REALTOR® doesn’t have a signed buyer's representation agreement, then the company that has the listing may not pay the REALTOR®,” explained Judy Smith , Sales Manager.

“It’s the only legal document that guarantees a buyer’s agent is going to get paid.” While it may not affect your bottom line, a buyer’s agent will spend hours helping you and will feel much more comfortable spending that time if there is an agreement in place so that they can be compensated for their efforts.

Do I Have to Sign a Rep Agreement?

While there are many benefits to signing a buyer’s representation agreement, the Texas Association of Realtors ® affirmed that it is not required by law in Texas. However, many brokerages require their agents to obtain a signed agreement before they can submit an offer on their behalf.

This is designed to protect both the client and the brokerage by clearly outlining services and expectations. The Code of Ethics & Standards of Practice also encourages that they, “for the protection of all parties, assure whenever possible that all agreements related to real estate transactions are in writing.”

Can I Break The Agreement, If Needed?

If your relationship with your REALTOR® sours or you feel uncomfortable, or simply want to put your home search on hold, you can easily terminate your buyer’s representation agreement at any point for any reason. All that is required is a notice, in writing, stating you wish to terminate.

You can also request to work with a different agent within the brokerage if you feel another person would be a better fit. Buyer’s representation agreements are officially between the home buyer and the brokerage, so any brokerage agent can fulfill those obligations. Buyer’s representation agreements are legal contracts, but that doesn’t mean you will be stuck working with a person you don’t wish to.

Variations in Buyer’s Rep Agreements

There is a standard model that all buyer’s representation agreements follow. They are typically 1-4 pages in length and stipulate the time frame of the agreement and the services your agent agrees to render during that time. The Texas Association of Realtors (TAR) has a default agreement for all of its members to use, which can be found here .

Some brokerages have drafted their own customized buyer’s representation agreement for their agents to use. These are designed to best cater to their customer base and tend to be shorter than the TAR form.

That being said, nearly all aspects of the buyer’s representation are negotiable and can be changed to suit your needs during a home search. If the time frame listed in the agreement doesn’t work for you, feel free to ask for a shorter or longer period.

You can also ask to specify the price range, property type, or area you are searching for, any of which will further limit the contract. You can then work with a different agent on transactions outside those parameters if that is your wish.

Other Considerations

There are a few things to keep in mind when you are considering signing a buyer’s representation agreement. First, make sure the person representing you is a licensed REALTOR®. They are bound by the Code of Ethics & Standards of Practice and have mandated continuing education every year to ensure they are up to date on all new real estate laws and regulations.

Secondly, make sure you meet your REALTOR® in person, or via video conference before you sign to ensure you are comfortable and work well together. Don’t be afraid to speak to several different Realtors® before deciding on which one to move forward with. But, before you start looking at houses, choose one REALTOR® to assist you to avoid any confusion or issues.

Finally, once you have signed a buyer's representation agreement, direct your questions and requests to your REALTOR® only and allow them to act on your behalf. Let them contact any selling agents with questions or show you properties you are interested in. If you go to an open house, make sure you let the agent hosting know that you are already being represented.

A buyer's representation agreement may seem like just one more thing to sign in the real estate transaction process, but it is designed to protect you and ensure you have the best possible real estate experience. You will reap the benefits of your REALTOR®’s experience and expertise, and buy with confidence knowing that your best interests are being promoted.

Once you have chosen your REALTOR®, be sure to read our 10 Dos and Don’ts for Homebuyers to make the most of your house hunting experience. If you are looking for your first home, we have a First Time Homebuyers Guide to walk you through the entire process.  

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As you prepare to become a real estate agent, you'll need to understand the three different types of agency and how they apply to your role. In short, the type of agency you have will determine how exactly you can represent your clients. Further, the type you'll need will depend on the specific situation. Here's what you should know.

What Does Agency Mean for Real Estate Agents?

Agency is defined as the ability to take action or choose what action to take. To have agency in a situation means that you have the authority to undertake a variety of tasks for yourself or someone else to accomplish an objective. 

Agency comes into play as a real estate agent because you are representing someone else (the buyer, seller, or both), while working with third parties. The person being represented is often referred to as the principal. So the relationship between the principal and agent is known as agency. 

3 Types of Agency Classifications

When studying to earn your real estate license, you'll need to understand the three types of agency and how they apply to you as a real estate agent. Being so, here's a quick overview of what they are:

Special Agency

General Agency

General agency enables an agent to take action for another person on an ongoing basis to achieve a variety of tasks within a specific area.  In contrast to special agency, general agency isn't limited to a single event. Additionally, as a general agent, you can be granted the authority to bind within the specific area you are managing. An example of a general agent would be a property manager who acts on behalf of clients on an ongoing basis. Another example would be a client that wants you to handle multiple real estate transactions on their behalf. General agency can be granted by a general power of attorney. 

Universal Agency

Universal agency grants an agent full power to make decisions and accomplish tasks for another person in a wide range of areas, not limited to a specific area like a general agency. Universal agents have a nearly unlimited ability to bind and have ongoing authority. A power of attorney is required for this relationship. A person may want a universal agent if, for example, they are a real estate investor that wants to retire and entrust someone else with their business dealings. 

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In real estate transactions, you typically have two agents: one representing the seller and one representing the buyer. These two agents negotiate with one another, each with the goal of getting the best possible outcome for their client. The seller’s agent wants to sell the house at the highest price, while the buyer’s agent works to negotiate for the best deal.

When the two agents work for different brokerages (i.e., real estate companies), this relationship is pretty straightforward. But what if your dream home just got listed by a brokerage you’ve already hired to help you find a house? Or what if you listed your home with an agent and a colleague at their brokerage has a potential buyer?

In this case, you might find yourself facing a designated agency situation.

In real estate, designated agency refers to a specific agent who’s designated by their brokerage to represent a party in the transaction. Usually, one agent from that brokerage will already be representing the buyer or seller. If an ideal opportunity comes along within the same brokerage (i.e., a compatible buyer or seller), the brokerage can designate an agent to represent the other party in the transaction.

In short, designated agency means agents from the same company represent the buyer and seller.

How does designated agency work?

Let’s say you listed your home with Agent X who works for Brokerage Company A. A week later, Tom Homebuyer visits Brokerage Company A to help him find a home. In learning about his preferences, the brokerage realizes your house might be a perfect fit.

Still, though, Tom Homebuyer deserves to have an agent to represent him and negotiate on his behalf. To provide that while keeping the business in house, Brokerage Company A may designate one of their own agents — let’s say Agent Y — to represent Tom Homebuyer.

Now you and Tom Homebuyer find yourself in a designated agency situation where both involved agents work under the same brokerage.

What is a designated agent?

In short, a designated agent is someone who a brokerage appoints to represent either a homebuyer or seller in an effort to keep a real estate transaction in house.

What is dual agency?

Dual agency means that rather than two agents from the same company working with the buyer and seller, one agent represents both parties. That single agent has dual agency.

Be advised that different states call this arrangement different things. In California, dual agency may mean designated agency (i.e., two separate agents are involved, each representing their own party). It’s best to ask your brokerage about the details of the arrangement to have clarity. Why? Because while designated agency can come with some risks, dual agency is never a good idea.

The conflict of interest in dual agency

With dual agency, a single agent represents everyone involved in the transaction. They can’t negotiate against themselves, which means neither the buyer nor the seller gets the benefit of the negotiation process.

Worse yet, buyer’s and seller’s agents usually split the real estate commission. With dual agency, the single agent gets to pocket the whole amount. They have a vested interest in seeing the deal close quickly so they can get that money, in some cases regardless of whether it benefits the buyer or seller.

What are the benefits of designated agency?

Clearly, whether you’re buying or selling, designated agency serves you much better than dual agency. It can also streamline the transaction and get you to the closing table faster. When both agents work for the same company, they have a more direct line to one another.

Plus, designated agency can allow you to tap into an opportunity that might otherwise be off the table. If you’re shopping for a home and you’ve signed an agreement with a specific brokerage, designated agency is your only option for shopping the listings they have.

The benefits of working with a designated agent

If you’re working with a trustworthy brokerage, a designated agent may also make it easier for you to find the right real estate representative. Because this arrangement usually arises because there’s a specific house or buyer in mind for you, the brokerage should pair you with someone who has the skillset required to help you succeed in the situation at hand.

What are the risks of designated agency?

That said, this arrangement isn’t without risks. Specifically, if the brokerage isn’t reputable, they may set up a designated agency to benefit their agents, not the buyer and seller.

At the end of the day, a real estate transaction is likely one of the biggest you’ll undertake in your life. You both need and deserve to have an agent in your corner who truly has your best interests in mind. If a brokerage recommends a designated agency arrangement, make sure you interview the agent they would like to designate. Look into their reviews and ask for referrals before you agree to this setup.

How to find a designated agent

Generally, this isn’t something you’ll seek out yourself. Instead, this situation usually arises because the brokerage has taken certain steps to keep the real estate transaction in-house.

Just like finding an agent on your own , though, you should take your own steps to vet the designated agent before you agree to this arrangement. Your real estate attorney can best advise you on designated or dual agent situations.

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Insurance is coming to real estate in new and important ways. Investors in real estate have long had a variety of structuring options when acquiring real estate assets, including buying real estate directly, buying interests in entities that hold real estate, and investing in REITs or private equity funds. While the underlying asset in each case is real estate, the choice of structure introduces varying degrees of complexity in purchase agreement negotiations and risk allocation. As the size of real estate funds continues to grow, more investors are seeking much larger transactions, often through “platform” acquisitions and other equity-level transactions.

To address new issues around post-closing risk, tools that have long been prevalent in corporate mergers and acquisitions (“M&A”) are being used in the real estate context. One such tool that is of particular value in these transactions is representations and warranties insurance (“RWI”). RWI is used in M&A transactions to allocate to a third-party insurer a buyer’s risk of loss in connection with a breach of the seller’s representations and warranties and to mitigate a buyer’s collection risk with respect to a seller that may have no assets by the time that the breach of a seller representation and warranty has come to light. RWI can provide similar benefits to buyers in complex commercial real estate transactions and facilitate the closing of deals.  

Representations and Warranties Generally

Seller representations and warranties (“R&Ws”) are used in purchase agreements to provide assurance to buyers that they are getting exactly the assets that they are paying for and that the acquisition of those assets will not result in the imposition of unforeseen liabilities. Such R&Ws typically fall into four categories: (i) R&Ws regarding a seller’s right to transfer the assets in question (such as good standing, due authorization, enforceability and ownership); (ii) R&Ws related to the condition and status of the assets (such as environmental, “no violations or liens”, contracts, and litigation); (iii) R&Ws regarding the revenue associated with the assets (such as financial statements, rent roll, and leasing); and (iv) R&Ws related to the potential liabilities that may arise in connection with the acquisition of the interests or assets (such as “no undisclosed liabilities”, tax, and compliance with laws representations). In a commercial real estate transaction, these R&Ws may survive for only a short period of time, typically 6-12 months and include caps based on a percentage of the purchase price. In a M&A transaction, however, these R&Ws may last significantly longer (12-24 months for “general” R&Ws and 6 years or longer for certain “fundamental” representations) and have much higher caps. Traditional real estate industry methods of risk allocation and risk management, including post-closing guaranties, holdbacks or even escrows often are insufficient or uneconomic in most of these “corporate-real estate” transactions.

Understanding RWI Coverage

Like traditional real estate post-closing indemnities, RWI protects parties against financial losses arising from inaccuracies in the R&Ws made by the seller in a purchase agreement. RWI policies provide coverage for breaches of a broad range of R&Ws, such as:

Organization and Good Standing;

Title to Property/Shares;

Capitalization/Authority;

Financial Statements;

Absence of Undisclosed Liabilities;

Litigation;

Compliance with Laws; and

Tax Matters.

Also like traditional indemnities, RWI insures breaches of R&Ws as long as the breach was not “actually known” by the key members of the buyer’s deal team at the closing and does not otherwise fall into any of the policy’s exclusions. Standard RWI exclusions include R&Ws regarding pension underfunding, asbestos and PCBs, R&Ws that constitute projections or are otherwise forward-looking, and so-called “10b-5” representations. 

RWI policies, however, allow for longer R&W survival periods than in commercial real estate transactions and standard M&A transactions. Coverage typically extends for 3 years in the case of general representations and warranties and up to 7 years in the case of fundamental representations and warranties. 

In terms of size, RWI has been used to insure transactions with total enterprise values ranging from $5 million to well over $1 billion. Current RWI markets have the capacity to insure limits of liability from $1 million to over $300 million. 

RWI coverage is subject to a deductible equal to approximately 1% of the total enterprise value of the transaction, which typically drops by 50% after the first year of coverage. The deductible is often split 50/50 between the buyer and the seller (with the seller’s portion normally funded into escrow at closing), although, in some cases, the buyer may agree to bear the entire deductible. RWI typically costs between 3% and 4.5% of the total amount of coverage purchased, although the cost can be slightly above or below this range depending on the size and nature of the transaction, current market conditions, etc. Who pays for the coverage is negotiable, but the costs are most often either split 50/50 between the parties or borne entirely by the buyer. These material terms should be addressed at the outset of any transaction.

RWI Coverage in Commercial Real Estate Transactions

In commercial real estate transactions, RWI can be an effective tool to mitigate a buyer’s risk of loss in connection with a breach of the seller’s R&Ws. This is especially true in transactions that involve the purchase of equity interests in entities that hold real estate. In addition to R&Ws regarding the underlying real property itself, such transactions typically contain the full suite of R&Ws common to non-real estate M&A transactions. The R&Ws in such transactions are generally very compatible with the coverage offered by RWI. 

Not all transactions are well-suited for RWI. Direct sales of real estate, for example, may involve a simple purchase agreement, with limited, if any, representations and warranties. Risks that are allocated to the buyer in such transactions are usually managed through a combination of due diligence and title insurance. The benefits of RWI in such transactions tend to be limited and do not ordinarily warrant the cost. But in a deal where the buyer is acquiring equity rather than real estate and is seeking meaningful recourse for “M&A-style” R&Ws over a longer period of time, RWI can be extremely helpful.

RWI markets have become very efficient over the years. Insurers in the RWI space have deep experience with M&A transactions and are able to provide coverage quickly and efficiently in “M&A-style” commercial real estate transactions. The entire underwriting process, including due diligence by the insurer and the negotiation of the RWI policy, can normally be completed in 1-3 weeks.  

While the market has evolved to the point where RWI policies now have many terms that have become industry standards, the policies are bespoke and negotiable. In order to obtain the strongest insurance coverage available, the purchase and sale agreement must be customized to align with the coverage provided by the RWI policy. For example, RWI insurers will typically provide broader coverage of R&Ws when the purchase agreement contains a so-called “materiality scrape” and is silent on the availability of consequential damages. Experienced legal counsel and insurance brokers are necessary to insure that the purchase agreement and RWI policy are drafted and negotiated so as to maximize available coverage and minimize the potential for out-of-pocket loss to the buyer. 

Real estate investors, funds, and institutions who invest in platform deals and acquire equity in entities owning large portfolios of properties rather than purchasing individual assets may be taking on exposures that are broader than in a traditional acquisition of real estate. To help mitigate the risks associated with these sophisticated commercial real estate transactions, purchasers and investors in such transactions should consider the use of RWI. RWI provides buyers with meaningful protection from R&W breaches at a price point that is reasonable in the context of a significant M&A transaction. Experienced M&A, real estate, and risk management attorneys can provide critical assistance to buyers and sellers who seek to effectively navigate the complexities of sophisticated real estate transactions and mitigate their exposure for post-closing liabilities through the use of RWI.     

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Selling Your Home: What is dual agency or limited representation?

When you list a property with an agent you are listing your home with the broker and all of the brokerage's agents are working on your behalf and are bound to act in your best interest.  Dual representation takes place when another agent from the same brokerage brings a buyer to purchase a home.  Dual representation has to be disclosed to all parties. Real estate agents that are members of the National Association of Realtors Ⓡ  (NAR) are called Realtors Ⓡ  and are held to a higher standard called the NAR Realtor Code of Ethics. The NAR specifically states a Realtor's duties to customers vs clients. There are certain things we must adhere to, but Realtors Ⓡ  do not owe customers the same duties as they do to their clients. Most active agents are Realtors and adhere to these practices.  

Limited dual representation forces both agents to fulfill all of the fiduciary duties an agent normally has to a client, loyalty, obedience, disclosure, confidentiality, and accounting, to both the seller and the buyer.  There may be conflicts that arise in this situation since both agents in a limited dual representation scenario have to fulfill the fiduciary duties to the buyer and the seller.

The Arizona Association of Realtor's Ⓡ  Consent to Limited Representation disclosure limits the duties the Broker (whom the listing and buyer's agent work for) owes the buyer and the seller as follows:

• The Broker will not, without written authorization, disclose to the buyer that the seller will accept the price and terms other than stated in the listing.
• The Broker will not, without written authorization, disclose to the seller that the buyer will accept a price or terms other than offered.
• The Broker will not disclose confidential information of either party without written authorization.

The AAR Consent to Limited Representation disclosure also obligates the broker and the broker's agents to exercise reasonable skill and care in the performance of their duties.  In addition, the broker and the agents must deal honestly and fairly with all parties.  Each agent should be looking out for their client's best interest as well as provide their fiduciary duty to the other parties.  

Here are some situations that might occur:

• the listing agent may be obligated to provide comparable sales to the buyer and the buyer's agent.  This is the same information that any buyer's agent has access to 
• both agents cannot discuss motives of buyer or seller to the other parties or the other agent
• they cannot disclose confidential information about either the buyer or seller without written permission unless it affects the ability of one party to close
• they cannot recommend or suggest a price
• they cannot recommend which repairs should be completed
• they cannot disclose the lowest price the seller will accept, or the highest price the buyer will pay
• they cannot disclose the financial position of either party without written permission

Here's a sample of the disclosure:

AAR Consent to Limited Representation

If you have any questions please contact me.  

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Representation Options in a Real Estate Transaction: FSBO, Dual Agency, and More 

May 15, 2024

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Real Estate Transaction Representation Options

  Real estate transactions can be complex, which is why buyers and sellers are usually represented by knowledgeable agents.  

However, there are several different roles that agents can play in the transaction. For instance, a home listed for sale by the owner gives buyers the option to purchase the property directly from an owner without an agent, while dual agency occurs when one real estate agent represents both parties in the transactions.  

Understanding the nuances of these different representation options is crucial, as each may have different implications for the success of the transaction. With clarity, you can make confident decisions that shape your real estate transaction.  

In this article, we’ll discuss several options for representation in your next real estate deal.  

For Sale by Owner (FSBO)  

If you’ve spent time browsing Zillow or other listing sites, you may have seen homes listed FSBO, or ‘for sale by owner.’ FSBO indicates that the owner is selling the property directly, without engaging a real estate agent or broker to facilitate the deal. Around 7% of homes were FSBOs in 2023.  

Why might a seller choose to forgo hiring an agent, and all the advice and experience they can offer? The main reason is cost. Selling a home without an owner can save the seller money because they avoid paying agent commissions, which are usually around half of around 6% of the sales price (the other half goes to the buyer’s agent).  

FSBO homes on average sell for tens of thousands of dollars less than agent-assisted transactions. FSBO may be cheaper; however, keep in mind that the seller/homeowner still must pay attorney fees to draw up the contracts, in addition to the buyer’s agent’s commissions, which usually turn out to be 2-3% of the sales price.  

When the homeowner/seller chooses to represent themselves, they are responsible for all the tasks typically handled by an agent—including advertising and listing the house , organizing showings, negotiating the price and sales terms, handling maintenance issues or contingencies, preparing legal paperwork (with an attorney), and recording the sale with local government offices. Homeowners interested in listing their properties for sale by owner should keep these duties in mind, as they’ll need the know-how to be able to perform them successfully.  

Individual Agency  

Another option for representation in a real estate transaction, and perhaps the most common option, is when each party has an exclusive agent who solely represents their interests.  

This option allows for optimal confidentiality, as each agent can represent their own party without any potential conflicts of interest. This allows agents to operate under the principle of fiduciary duty , which requires that real estate agents act in the best interests of their clients.  

Additionally, when buyers and sellers are represented by separate, individual agents, the agents typically split the commission.  

Individual agencies are recommended for most real estate transactions so that each party can receive the guidance and experience-based advice they need. Each party will receive the top guidance possible for their best interests from a trusted source.  

Designated Agency  

Another alternative is designated agency, in which different agents within the same brokerage represent the buyer and seller separately. Also known as appointed agency, this arrangement can provide dedicated representation to each party while still allowing both to benefit from the resources of a full-service brokerage.  

Designated agency is considered more ethical than dual agency, since there’s less potential for conflicts of interest. Parties still get a separate agent to fulfill their fiduciary duties, but since both work for the same broker, the broker remains neutral.   

The two agents may know each other (as often happens when a buyer contacts one agent who knows another), but they may not know each other, as when two agents work for a broker who manages thousands of agents. However, there is still potential for issues if the agents work together rather than remaining loyal to their respective representees.  

Dual Agency   

Dual agency occurs when a real estate agent represents both the buyer and the seller in the same transaction.   

Dual agency can offer benefits like streamlined communication and potentially smoother transactions. The closing process might be faster since a single agent prepares everyone’s paperwork.  

However, the risk of dual agency is that it causes potential conflicts of interest as the agent must balance the best interests of both parties. Buyers and sellers should be aware that in dual agency situations, the agent can’t provide undivided loyalty to either party. Their fiduciary duty could be compromised. Confidentiality may also be compromised, as the agent must navigate sharing information between the buyer and seller.   

Moreover, there’s a risk of unequal representation, where one party may receive more favorable treatment. For example, a dual agent is always incentivized to support the seller because the higher the home sells for, the higher the agent’s commission will be and the more money they will make from the sale. Knowing this, a buyer being represented by a dual agent might not receive ideal treatment, brewing mistrust and potentially resulting in a discordant relationship.  

For this reason, some states strictly regulate dual agency transactions, requiring agents to disclose their role and obtain consent from all parties involved. Most states (e.g.,  Michigan ) have an agency disclosure requirement law so that both parties understand exactly what kind of agency they’ll have during the transaction. Some states have even outright banned dual agency , under the argument that a single agent cannot represent two parties’ best interests at once. These states include:  

• Alaska  
• Colorado  
• Florida  
• Kansas  
• Maryland  
• Texas  
• Vermont  
• Wyoming  

It’s essential to carefully consider the implications of dual agency and seek guidance to navigate this complex aspect of real estate transactions. It is generally recommended that both parties sign a dual agency agreement to specify the terms and conditions of the agency arrangement and ensure that everyone is informed of the nature of the arrangement.  

Conclusion  

As you navigate the world of real estate, understanding the complexities of various representation structures for real estate transactions is crucial.   

Being aware of how these factors affect buyers and sellers can help you confidently navigate your next real estate deal with clarity and insight.  

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The National Association of REALTORS® and its affiliated Institutes, Societies, and Councils provide a wide range of programs and services that help members increase their skills, proficiency, and knowledge. Designations and certifications acknowledging experience and expertise in various real estate sectors are awarded by NAR and each affiliated group upon completion of required courses.

Real estate designations and certifications through NAR are specialized credentials for REALTORS®. Both designations and certifications are forms of real estate agent education that require real estate professionals to be active members of NAR. The difference between the two is that a designation requires annual dues, but a certification only requires an application fee without annual dues.

Designation and Certification Guidelines and Promotional Materials for Associations

NAR Family Designations

Designations are specialized credentials for REALTORS®. Designations offer extensive benefits that are continually improved upon and expanded. For this reason, maintaining a designation requires annual dues and continued membership in NAR.

Accredited Buyer's Representative / ABR®

ABR® designees advocate for homebuyers, and are recognized as distinguished agents in the industry. The designation program establishes a foundation of training, skills, and resources to help real estate professionals succeed as a buyer's representative.

• See course information for U.S. REALTORS® .
• See course information for International REALTORS® .

Presented by REBAC (Real Estate Buyer's Agent Council) and the Center for REALTOR® Development Contact REBAC at [email protected] or 800-648-6224.

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Accredited Land Consultant / ALC

• See course information .

Presented by the REALTORS® Land Institute (RLI) Contact RLI at 800.441.5263 or [email protected] .

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Certified Commercial Investment Member / CCIM

Presented by the CCIM Institute Contact CCIM at 800-621-7027 or www.CCIM.com .

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Certified International Property Specialist / CIPS

• Designation overview
• See course information for U.S. residents .
• See course information for non-U.S. residents .
• See course information for Association Executives .

Presented by the National Association of REALTORS® and the Center for REALTOR® Development Contact Member Support at [email protected] or 1-800-874-6500 ext. 8369.

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Certified Property Manager® / CPM®

CPM® designees are recognized as experts in real estate management. Holding this designation demonstrates expertise and integrity to employers, owners, and investors.

Presented by Institute of Real Estate Management (IREM) Contact IREM® at 800-837-0706, ext. 4650.

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Certified Real Estate Brokerage Manager / CRB

Visit REBInstitute.com or contact the Real Estate Business Institute (REBI) at [email protected] or 800-621-8738

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Certified Residential Specialist / CRS

The CRS designation is the highest credential awarded to residential sales agents, managers, and brokers. On average, CRS designees earn nearly three times more in income, transactions, and gross sales than non-designee REALTORS®.

Presented by Residential Real Estate Council Contact RRC at https://www.crs.com/about-us/contact-us or 800-462-8841.

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Counselor of Real Estate® / CRE®

The Counselors of Real Estate® is an organization of commercial property experts worldwide who provide seasoned, objective advice on real property and land-related matters. Only 1,100 professionals from all disciplines of real estate, academia and government hold the CRE credential. Membership is selective and extended by invitation, although commercial real estate practitioners with 10 years of proven experience may apply.

Presented by The Counselors of Real Estate® Contact CRE® at 312-329-8427 or [email protected] .

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General Accredited Appraiser / GAA

Presented by National Association of REALTORS® Contact GAA program staff at 800-874-6500 ext. 8268 or email [email protected] .

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NAR's GREEN Designation / GREEN

• See course information for non-U.S. REALTORS® .

Presented by The GREEN REsource Council and the Center for REALTOR® Development Contact The GREEN REsource Council at [email protected] or 800-648-6224.

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Graduate, REALTOR® Institute / GRI

Presented by National Association of REALTORS® Contact your  State Association to get information on program requirements, course schedules, location, and tuition.

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Performance Management Network / PMN

Presented by Women's Council of REALTORS® Contact the Women's Council of REALTORS® at 800-245-8512.

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REALTOR® Association Certified Executive / RCE

RCE is the only professional designation designed specifically for REALTOR® association executives. RCE designees exemplify goal-oriented AEs with drive, experience and commitment to professional growth.

Presented by National Association of REALTORS® Contact Renee Holland at 312-329-8545 or [email protected] .

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Residential Accredited Appraiser / RAA

Presented by National Association of REALTORS® Contact RAA program staff at 312-329-8268 or email [email protected] .

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Seller Representative Specialist / SRS

Visit www.REBInstitute.com or contact the Real Estate Business Institute (REBI) at [email protected] or 800-621-8738.

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Society of Industrial and Office REALTORS® / SIOR

• See course information for North American residents .
• See course information for non-North America residents .

Presented by Society of Industrial and Office REALTORS® Contact SIOR at 202-449-8200.

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Seniors Real Estate Specialist® / SRES®

Presented by SRES® Council and the Center for REALTOR® Development Contact SRES® Council at [email protected] or 800-500-4564.

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NAR Family Certifications

Like designations, certifications are also specialized credentials for REALTORS®. Maintaining a certification requires only an application fee and continued membership in NAR, but no annual dues.

At Home With Diversity® / AHWD

Learn to work effectively with – and within – today’s diverse real estate market. The At Home With Diversity® certification teaches you how to conduct your business with sensitivity to all client profiles and build a business plan to successfully serve them.

Presented by the National Association of REALTORS® and the Center for REALTOR® Development For more information on this course and its business principles, please contact us at [email protected] or 800-874-6500 ext. 8393.

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Broker Price Opinion Resource / BPOR

Certified Real Estate Team Specialist / C-RETS

Visit www.REBInstitute.com or contact the Real Estate Business Institute (REBI) at [email protected] or 800-621-8738.

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Digital Marketing: Social Media

The RRC Digital Marketing: Social Media certification is for real estate professionals who want to develop expertise with social media resources and the sites that are an essential part of today's digital marketing mix, whether you are promoting your business or the properties you represent.

Find a Digital Marketing: Social Media Certified REALTOR®

NAR's e-PRO® certification program helps REALTORS® master the advanced digital marketing techniques of today. With the e-PRO® certification, REALTORS® increase their ability to reach customers, expand their capabilities, and build trust by safeguarding client information.

Presented by the National Association of REALTORS® and the Center for REALTOR® Development Contact e-PRO® at [email protected] or 877-397-3132.

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Home Finance Resource (HFR)

The Home Finance Resource Certification course is designed to teach REALTORS® how to explain key pieces of the loan origination process to clients and confidently answer questions about mortgage options.

Presented by the National Association of REALTORS® and the Center for REALTOR® Development Contact HFR at [email protected] or 833-383-2604.

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Inside Sales Agent

The Inside Sales Agent certification program teaches REALTORS® the art of cultivating leads and adding qualified customers to the office’s sales funnel. The certification provides opportunities to learn and practice the skills and techniques top agents use to turn leads to clients and existing customers into repeat business while helping you build your lucrative career.

Presented by the Residential Real Estate Council.

Contact RRC at crs.com/about-us/contact-us .

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Luxury Homes Certification / LHC

Luxury Homes Certification is for agents looking to hone their skills in the ever-growing luxury home market. The courses included will give REALTORS® the knowledge they need to approach the luxury niche, including pricing strategies, negotiation tactics, and how to stand out from the crowd.

Presented by the Residential Real Estate Council Contact us at [email protected] .

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Military Relocation Professional / MRP

Presented by the National Association of REALTORS® and the Center for REALTOR® Development Contact us at [email protected] or 888-648-8321.

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Pricing Strategy Advisor / PSA

Presented by the National Association of REALTORS® and the Center for REALTOR® Development

Contact us at  pricingstrategyadvisor.org/contact-us/ .

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Real Estate Investing / REI

The Real Estate Investing (REI) certification program is for REALTORS® who want to master the ins and outs of working with investors and those who are establishing themselves as real estate investors.

Find an REI Certified REALTOR®

Real Estate Negotiation Expert / RENE

The Real Estate Negotiation Expert (RENE) certification is for real estate professionals who want to sharpen their negotiation and client advocacy skills.

Presented by the Real Estate Business Institute (REBI) Contact REBI at 800-621-8738 or [email protected] .

Find a RENE Certified REALTOR®

Resort & Second-Home Property Specialist / RSPS

Presented by the National Association of REALTORS® and the Center for REALTOR® Development Contact us at [email protected]  or 800-874-6500 ext. 8320.

Find an RSPS Certified REALTOR®

Short Sales & Foreclosure Resource / SFR®

Presented by the National Association of REALTORS® and the Center for REALTOR® Development Contact us at [email protected] or 877-510-7855.

Find an SFR® Certified REALTOR®

The Smart Home certification is for real estate professionals who want to develop expertise in the technology, privacy issues, and best transition tactics

involved in selling smart homes.

Find a Smart Home Certified REALTOR®

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Individual Entrepreneur Vorotnikov Aleksei Vladimirovich: Data from the Registers of Individual Entrepreneurs and Organizations

According to the Uniform State Register of Legal Entities published by the Russian Tax Service, Vorotnikov Aleksei Vladimirovich (Individual Taxpayer Identification Number 246209798200) is referenced in the following legal entities.

• 1. Company Head, CEO
• 2. Founder Vorotnikov A. V.
• 3. Operating as a Sole Entrepreneur
• 4. Vorotnikov Aleksei Vladimirovich and indirectly associated parties

This TIN was issued by the tax office of Krasnoyarsk Krai .

The organizations for which this person is referenced the region Moscow Oblast (wholesale of timber, building materials and sanitary equipment).

Previously Vorotnikov A. V. was specified in the details of organizations, registered in the Krasnoyarsk Krai : retail trade by order; wholesale of coffee, tea, cocoa and spices and 1 type of operations more region.

Vorotnikov A. V. since 01/23/2024 is not a sole proprietor

Company Head, CEO

• LLC "TREES" (general manager since 08/19/2022 until 03/29/2023 * ).
• OOO "BRATSTVO STALI" (director since 05/19/2011 until 10/14/2014 * ; the organization was liquidated on 10/14/2014).

Founder Vorotnikov A. V.

Vorotnikov A. V. has been the founder of LLC "TREES" since 19 August 2022.

Previously Vorotnikov A. V. was a founder of the organizations:

Operating as a Sole Entrepreneur

Sole entrepreneur vorotnikov aleksei vladimirovich.

Main activity: Buying and selling of own real estate (OKVED code 68.10).

Additionally, the following activities were declared:

Registrar at place of residence of the individual entrepreneur: Mezhraionnaia inspektsiia Federalnoi nalogovoi sluzhby №23 po Moskovskoi oblasti (tax office code – 5081). Tax authority with which was registered: Inspektsiia Federalnoi nalogovoi sluzhby po g. Krasnogorsku Moskovskoi oblasti (tax office code – 5024). Date of registration with the tax authority: 10/24/2023.

Registration number in the Pension Fund: 060022076596 from 25 October 2023.

Latest changes in the Unified State Register of Individual Entrepreneurs:

• 01/23/2024 . Representation of information about accounting with the tax authority.
• 10/25/2023 . Providing information on registration as an insurer in the territorial body of the Pension Fund of the Russian Federation.
• 10/24/2023 . Representation of information about accounting with the tax authority.

Vorotnikov Aleksei Vladimirovich and indirectly associated parties

According to the data contained in the Unified State Register of Legal Entities, the following indirect links with Russian organizations, their heads and founders can be traced. Please note that the links may be of a formal nature and do not necessarily indicate real contacts of these persons. When establishing the connection, not only the match of the surname, first name and patronymic, but also the TIN of the individual was taken into account.

* The date of change in the Unified State Register of Legal Entities (Individual Entrepreneurs) is shown (may be different from the actual date).

The data presented on this page have been obtained from official sources: the Unified State Register of Legal Entities (USRLE), the State Information Resource for Financial Statements, the website of the Federal Tax Service (FTS), the Ministry of Finance and the Federal State Statistics Service.

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Analysis of real estate market in Moscow Oblast, Russia: