Special Agent In Real Estate
Definition of "Special agent in real estate"
A special agent in real estate is a real estate agent hired to do a specific task or job, as opposed to a general agent, who is a real estate agent who can do any task he or she is assigned to. A special real estate agent is generally only employed to do a specific task, after which they are no longer employed by the client.
A special agent in real estate differs from a general agent. The primary difference between a special agent and a general agent is their responsibilities. A general real estate agent is hired to conduct a number of different real estate related tasks for a company, while a special real estate agent has a specific responsibility or set of responsibilities to which he/she is limited. Let’s look at an example of a special agent in real estate.
Example of a special agent in real estate
To better understand the definition of a special agent in real estate, let’s take the case of a woman who we will call Denise. Denise’s mother recently passed away, leaving Denise a sizeable inheritance that included a beautiful victorian-style house.
The house is old but beautiful; its wrap-around veranda, steep roof, and bright white siding are in stark contrast to the more modern structures that stand adjacent in its upscale neighborhood. However, Denise lives in an apartment in the city with her boyfriend and golden retriever, Gus. She has a life and job, and she doesn’t want to move to the suburbs, nor does she want to continue paying property tax on the house. So what is Denise to do?
What Denise needs in this situation is a special real estate agent. This special real estate agent will take care of all the steps that will be necessary in order for her to sell her mother’s house. Once everything has been taken care of by this special real estate agent, the business engagement between Denise and her agent will be complete, as the agent will have completed his/her task as her special agent.
Popular Real Estate Terms
Person who dies leaving a will specifying the distribution of the estate. ...
Written enumeration of the desired selling prices associated with homes or office buildings for sale. The prospective buyer can then determine if the properties for sale are within his ...
Person providing advice for compensation about real estate. ...
Real property being offered for sale that has received a contract for sale but has not gone to a closing. Under these circumstances, it may be possible to accept a refundable binder for ...
Branch of the federal government responsible for collecting taxes including personal and corporate. The IRS administers tax rules and regulations, and investigates tax irregularities. ...
Sponsor of a syndicate involving people or companies buying an interest in a real estate investment or unit. The group of investors are in effect engaged in a joint venture for profit." ...
The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected ...
Decline in value of real estate property because it is near something which is damaging to its worth. For example, a house located next to a pollution treatment center, drug center, or ...
Way in which the U.S. government uses to subdivide public land. Land is designated as either a base line (East-West) or principal meridian line (North-South). It is a rectangular approach ...
Comments for Special Agent In Real Estate
What is the difference between a general agent and special agent?
Apr 22, 2020 10:43:27Hey, Karina! A special agent is an agent hired to perform specific duties for customers. The special agents can only assist the customer in the specific job that they have been appointed for. For example, a listing agent who is hired to sell a client’s home is an example of a special agent, and the agent can’t help the client with buying a home if requested. A general agent can perform all the duties and tasks for which the client has appointed him, regarding real estate. We have a useful FAQ: What is a general agent? that explains the term and uses relevant examples. Thank you for your question, hope this was helpful.
Apr 24, 2020 08:53:04Have a question or comment?
We're here to help.