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Real Estate Word of the Day: Agency

In general terms, agency typically refers to a business relationship wherein an agent is employed by a principal to do certain acts on the principal's behalf. What this translates to in the real estate world, is that agency is used to help determine the legal responsibilities a real estate professional owes to their client. According to the National Association of Realtors, "Agency ... creates a legally binding relationship between the real estate agent and their client during the buying and selling process, [and] is one of the most important aspects of the real estate profession. Because of agency, real estate agents [are required] to act in their client’s best interest." A real estate agent may represent the…

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