What is the definition of an agent in real estate terms?

In real estate, the definition of an agent specifically refers to an individual who is authorized to represent and act on behalf of another person, known as the principal. This relationship is typically established through a legally binding agreement, such as a listing agreement or buyer representation agreement. The agent has fiduciary duties to the principal, which include loyalty, disclosure, confidentiality, and care.

This definition encompasses a broad range of duties and responsibilities, such as negotiating contracts, marketing properties, and providing information and advice related to real estate transactions. Agents play a crucial role in facilitating real estate transactions and ensuring that both the interests of the buyers and sellers are represented and protected throughout the process.

On the other hand, while someone providing financial advice may contribute to the real estate process, that is not the primary responsibility of an agent. Similarly, maintaining property on behalf of a client refers to property management, and selling properties exclusively for the principal does not capture the agent's broader role in representing all aspects and negotiations of the transaction.