L. listing agreement

A contract between the property owner and the broker to place properties
for sale with the brokerage

P. offer to purchase

The proposal made by a potential buyer to an owner of property to
purchase the property under stated terms

E. counteroffer

The rejection of an original purchase and the submission of a new and
different offer

O. Multiple Listing Service (MLS)

A cooperative listing service conducted by a group of brokers, usually
members of a real estate association

I. independent contractor

A person who chooses the method to use in completing the work under
contract, and is accountable for the results

D. commission

The main source of earnings for real estate salespeople and brokers based
on a certain percentage of the property’s sales price

V. transaction sides

Buyer and seller sides to a transaction

T. Real Estate Professional Assistantsm
(REPA)

A comprehensive two-day certificate course that introduces the real
estate business and the specific ways support staff can become valuable
assets to their employers

C. broker-owner

A broker who creates a firm and sets all the policies of the firm

H. franchise

A national real estate company that generally offers the greatest
opportunity for training

U. third party

The customer in an agency relationship

M. listing coordinator

A brokerage worker who manages all required paperwork for listings

F. escrow coordinator

A brokerage worker who guides the transaction through to closing and
manages all earnest money deposits, inspections, disclosures, financing,
title, and escrow issues

S. prospecting coordinator

A brokerage worker who seeks new business to generate leads and set up
appointments for the lead listing salesperson

B. advertising coordinator

A brokerage worker who makes sure every listing gets its share of ad time
as well as making up flyers and brochures for team listings

W. transaction coordinator

Brokerage worker to whom salespeople give the paperwork for a
transaction just after a buyer and seller sign the offer to purchase

working smarter

developing a strategy that will help you complete more tasks in a shorter amount of time

earning potential

as a real estate salesperson it is in your own hands, not based on a pay established by an employer

independent firms

two types

Small independent firms usually have one or two office locations and offer
the greatest amount of flexibility for a new associate
Large independent firms are usually owned by private parties or partnerships,
and may have many offices in one area.

job outlook

expected prospects for employment