Sell My House Real Estate Agents and Commissions 1

Question 1

What is the traditional total real estate commission rate in the US?

Accepted Answer

5–6%

Answer

Historically, the total commission has been around 5–6% of the sale price, typically split between the listing agent and the buyer's agent.

Question 2

What does a listing agent do for a home seller?

Accepted Answer

Markets the home, advises on pricing, and negotiates on the seller's behalf

Answer

A listing agent (seller's agent) is hired by and represents the seller, providing pricing guidance, marketing, and negotiation services throughout the transaction.

Question 3

What is a 'dual agency' in real estate?

Accepted Answer

When one agent or brokerage represents both the buyer and the seller in the same transaction

Answer

Dual agency occurs when the same agent or brokerage represents both parties, which creates a conflict of interest and is illegal in some states.

Question 4

What is a listing agreement?

Accepted Answer

A contract between the seller and the listing agent authorizing the agent to market the property

Answer

A listing agreement is a legally binding contract that gives the agent the right to market and sell the home and outlines commission terms and duration.

Question 5

What does 'FSBO' stand for in real estate?

Accepted Answer

For Sale By Owner

Answer

FSBO stands for For Sale By Owner, meaning the homeowner lists and sells the property without hiring a traditional listing agent.

Sell My House Practice Test

Sell My House Practice Test

Sell My House Real Estate Agents and Commissions 1