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On Aug. 17, the rules governing real estate agent commissions are changing. Some experts say the shift should eventually reduce costs for consumers.
Ken H. Johnson, a real estate economist at Florida Atlantic University and a former real estate broker, says the new rules just add another layer of complexity to an already-confusing process.
For decades, if you wanted a real estate agent to help you buy or sell a home, the model was static. At the close of escrow, the seller typically used their proceeds to pay a 5% to 6% commission ...
A real estate agent is a person who represents sellers or buyers of real property, usually under a licensed broker. Learn about the categories of representation, the real estate licensing and education requirements, and the types of services that a broker can provide.
A multiple listing service (MLS) is an organization that real estate brokers use to share information and compensation for properties. Learn about the origin, purpose, benefits, limitations and criticisms of MLS systems in different countries and regions.
The National Association of Realtors (NAR) is an American trade association [4] for those who work in the real estate industry. As of December 2023, it had over 1.5 million members, [5] making it the largest trade association in the United States [6] including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries.
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