Real Estate Glossary

A person authorised to act for another (usually for the owner) in the selling, buying, renting or management of a property. Commonly used to refer to licensed real estate agents and real estate representatives.

AGENTS IN CONJUNCTION

Two or more agents employed by a principal to sell or let real estate and share commission.

APPRAISAL

The term commonly used in America to indicate what is termed in Australia as a Valuation. In Australia, the term means an opinion of the potential saleability of a residential property by a licensed Real Estate Agent.

AUCTION

A sale usually in public, by an auctioneer, in which property is sold to the highest bidder.

AUCTION AGENCY AGREEMENT

An agreement that the vendor must sign when a property is listed for auction. Details the reserve price and the costs of the auction, including advertising and the agent's commission. Usually includes a condition that one agent will have the exclusive right to sell the property for a period during and after the auction.

AUCTIONEER

One who is licensed to sell, or offer for sale, real estate where persons become purchasers by competition, being the highest bidders.

BASIS POINT

One percent (1%) is the equivalent of 100 basis points.

BID

A verbal or written offer to purchase.