Brokerage Types and Affiliations: Terms

Question 1

Buyer’s Broker

Answer 1

A broker who represents the buyer in a fiduciary capacity

Question 2

Cooperating Broker

Answer 2

A broker who assists another broker in the sale of real property. Usually, the cooperating broker is the (selling) broker who found the buyer who offers to buy a piece of property that is listed with another (listing) Broker

Question 3

Franchise

Answer 3

The private right to operate a business using a designated trade name and the operating procedures of a parent company (the franchiser)

Question 4

Independent Broker

Answer 4

Brokers who choose to NOT affiliate with any real estate franchise.

Question 5

Multiple Listing Service (MLS)

Answer 5

A service in which member brokers pool their listings and offer cooperation and compensations to the other member brokers usually owned and operated by a local association of realtors, but not always

Question 6

National Association of Realtors (NAR)

Answer 6

The dominant real estate industry trade association in the United States

Question 7

Referral Companies

Answer 7

These Brokerages are designed to house agents that do not wish to be a part of the local realtor Board. Agents in these brokerages may still operate as any other Active Real Estate Agent, but without the benefits or the services and information of the Board of Realtors. These agents choose to refer contacts, clients or leads to agents in other Brokerages.

Question 8

Utah Association of Realtors (UAR)

Answer 8

The dominant real estate industry trade association in Utah.