Brokerage & Agency Lockbox A secure device holding a property key, accessible only to authorized agents.
Brokerage & Agency Managing Broker The licensed broker responsible for supervising an office and its agents.
Brokerage & Agency MLS Multiple Listing Service — a database of property listings shared among real estate professionals.
Brokerage & Agency Net Listing A listing where the broker keeps anything above an agreed seller’s net — often illegal or restricted.
Brokerage & Agency Open House A scheduled time when a listed property is open for unscheduled buyer visits.
Brokerage & Agency Open Listing A non-exclusive listing where any agent who finds a buyer earns commission.
Brokerage & Agency Pocket Listing A property marketed privately within a brokerage rather than placed in the MLS.
Brokerage & Agency Cooperating Commission The portion of commission offered to the buyer’s broker by the listing broker.
Brokerage & Agency Designated Agency Different agents within one brokerage representing buyer and seller separately.
Brokerage & Agency Dual Agency When one agent or brokerage represents both buyer and seller in the same transaction.
Brokerage & Agency Exclusive Right to Sell The most common listing agreement, paying the broker regardless of who finds the buyer.
Brokerage & Agency Fiduciary Duty An agent’s legal obligation to act in their client’s best interest with loyalty and care.
