What is a real estate agent and its different types?
QUESTION: Rltr. John, what is a real estate agent and its different types? ANSWER: An Agent is a general term for persons who act as bridge between two principals of a real estate sale or lease transaction. A Broker is a primary agent, and a Salesperson is a secondary agent under the supervision of the Broker. Sales Agent works for sellers; while its counterpart on the buyer side is called Buyer’s Agent. Exclusive Buyer Agents (EBA) are the rarest among all types of real estate agents — they work only for buyers, and never for sellers. A Listing Agent is a type of agent who is affiliated with a multiple listing facility that is shared by several agents. Agents are generally required by law (RA 9646 and PD 957) to be registered in Professional Regulations Commission (PRC); and also in Housing and Land Use Regulatory Board (HLURB) if they sell real estate projects (condominium, subdivisions, burial lots); but there are agents who are exempted from licensing. Auctioneers are a kind of real estate agents that sell foreclosed properties of banks and tax-delinquent properties by local government units — they are exempted from the PRC licensing. Special Power of Attorneys are also exempted from PRC licensing provided that their service is free from any fee. A Dealer is a principal of the transaction because he/she owns the property he sells, and is therefore not classified as agent; but regular dealers of projects are required to be registered in HLURB.
If there is anything else important that I forgot to include in this article, or if you experienced a real estate transaction that is anomalous, scam, fraudulent scheme that you want me to document and expose for others to be warned, or if you want to donate to the war chest of real estate consumer rights advocacy, please feel free to email me at JohnPetalcorin@Gmail.Com. If you want to comment about this article, there is a provision for this purpose that you can find below.
Thank you so much for visiting my site. May God Bless You!