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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Agency


Synonyms:company, firm, representatives
Acronyms &
abbreviations:
agcy
Filed Under: abbreviation, financial-banking, insurance, investments, legal-contracts, mortgages, real-estate
Tags: banking, classifieds, contract, insurance, investment, legal, mortgage, property listing, realty
 

Definition of agency (agcy)

agency (agcy)
1. An agency generally exists because of a relationship between two parties where one party acts on behalf of the other. For example, an agent will represent a client and conduct transactions with a third party on that client's behalf.

Related Terms and Acronyms:

  • agent (agt)   A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
  • buyer broker   One who earns a commission from the buyer of a property in exchange for finding a seller and assisting in negotiation.
  • cooperating broker   A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
  • dual agency   When a real-estate agent or broker represents both parties in a transaction.
  • real estate agent   A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
  • seller broker   One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
  • subagent   A real estate agent who finds a buyer for a property, and is not the property's listing agent. The subagent usually earns a portion of the commission.

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