GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Agent

Synonyms:	assistant, broker, commissioner, go-between, middleperson, negotiator, representative, servant
Acronyms & abbreviations:	agt
Filed Under:	abbreviation, financial-banking, insurance, investments, legal-contracts, mortgages, real-estate
Tags:	agent, classifieds, insurance, investment, mortgage, property listing, realty

agent (agt): 1. A person who acts on behalf of another person (or client) when dealing with a third party transaction. In real estate, an agent is a person who conducts property transactions on behalf of sellers and buyers. The agent usually works on commission or for a pre-determined fee.

agency (agcy) A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
agency closing The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
broker (Bkr) A person or firm who acts on behalf of another.
broker-agent An individual, usually in the employ of an insurance company, that is licensed as both an insurance broker and agent.
escrow agent A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
exclusive listing A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
finder fee A fee paid by a party to another for services rendered.
mis-selling The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
Mortgage Broker (MB) One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
seller broker One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.