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Real Estate Agent
A real estate broker or a real estate agent is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually work under a licensed broker to represent clients.[1] Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. In North America, some brokers and agents are members of the National Association of Realtors (NAR), the largest trade association for the industry.[2] NAR members are obligated by a code of ethics that go above and beyond state legal requirements to work in the best interest of the client.[3]Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state’s laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations.
Generally, real estate brokers/ agents fall into four categories of representation:
- Seller’s Agents, commonly called “listing brokers” or “listing agents,” are contracted by owners to assist with marketing property for sale and/or lease.
- Buyer’s Agents are brokers or salespersons who assist buyers by helping them purchase property.
- Dual Agents help both the buyer and the seller in the same transaction. To protect their license to practice, a real estate broker owes both parties fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement. Special laws/rules often apply to dual agents, especially in negotiating price. In dual agency situations, a conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties .Individual state laws vary and interpret dual agency rather differently, with some no longer allowing it. In some states, Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, dual agency occurs by allowing each agent to be designated as an “intra-company” agent. Only the broker himself is the Dual Agent.
- Transaction Brokers provide the buyer and seller with a limited form of representation but without any fiduciary obligations. Having no more than a facilitator relationship, transaction brokers assist buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers. The assistance provided are the legal documents for an agreement between the buyer and seller on how a particular transfer of property will happen.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S. this commission can generally range between 5-6% of the property’s sale price for a full service broker but this percentage varies by state and even region.[4] This commission can be divided up with other participating real estate brokers or agents. Flat-fee brokers and Fee-for-Service brokers can charge significantly less depending on the type of services offered.
Norman
Norman /ˈnɔːrmən/ is a city in the U.S. state of Oklahoma 20 miles (30 km) south of downtown Oklahoma City in its metropolitan area. The population was 110,925 at the 2010 census.[1] Norman’s estimated population of 120,284 in 2015 makes it the third-largest city in Oklahoma, and the city serves as the county seat of Cleveland County.
Norman was settled during the Land Run of 1889, which opened the former Unassigned Lands of Indian Territory to American pioneer settlement. The city was named in honor of Abner Norman, the area’s initial land surveyor, and was formally incorporated on May 13, 1891. Economically the city has prominent higher education and related research industries, as it is the home to the University of Oklahoma, the largest university in the state, with approximately 30,000 students enrolled. The university is well known for its sporting events by teams under the banner of the nickname “Sooners,” with over 80,000 people routinely attending football games. The university is home to several museums, including the Fred Jones Jr. Museum of Art, which contains the largest collection of French Impressionist art ever given to an American university, as well as the Sam Noble Oklahoma Museum of Natural History.
The National Weather Center, located in Norman, houses a unique collection of university, state, federal, and private sector organizations that work together to improve the understanding of events related to the Earth’s atmosphere. Norman lies within Tornado Alley, a geographic region where tornadic activity is particularly frequent and intense. The Oklahoma City metropolitan area, including Norman, is the most tornado-prone area in the world. The Storm Prediction Center (SPC), a branch of the National Oceanic and Atmospheric Administration (NOAA) is located at the NWC. SPC forecasts severe storm and tornado outbreaks nationwide. Additionally, research is conducted at the co-located National Severe Storms Laboratory (NSSL), which includes field research and operates various experimental weather radars.
In 2008, CNN‘s Money Magazine ranked Norman as the sixth best small city within the United States to live in.