Real Estate Agent Essentials

01Agency Relationships & Dual Agency

A listing agent represents the seller and a buyer's agent represents the buyer, each owing that party fiduciary duties. Dual agency is when one agent or brokerage represents both parties in the same deal — a conflict of interest that requires written disclosure and informed consent from both parties where permitted.

02Fair Housing Act Protected Classes

The federal Fair Housing Act prohibits housing discrimination based on seven protected classes: race, color, national origin, religion, sex, familial status, and disability.

03Earnest Money & Escrow

Earnest money is a buyer's good-faith deposit submitted with an offer; it's held by a neutral third party (title company, escrow agent, or broker trust account) rather than paid directly to the seller, and is applied toward closing costs or the down payment if the deal closes. Escrow more broadly means a neutral party holds funds/documents until all agreed conditions are met.

04Contingencies

Contingencies (inspection, financing, appraisal) are conditions in a purchase contract that must be satisfied for the deal to proceed. If a contingency isn't met, the buyer can typically cancel and recover their earnest money under that contingency's terms.

05Comparative Market Analysis (CMA)

A CMA estimates a property's market value using recent sales of comparable nearby properties, helping set a listing price or inform an offer. It is not a formal, licensed appraisal.

06Lead-Paint Disclosure for Pre-1978 Homes

Federal law (EPA/HUD Title X) requires sellers and landlords of most housing built before 1978 to disclose known lead-based paint hazards, provide any available records, and give buyers or tenants an EPA-approved lead hazard pamphlet before the buyer or tenant becomes obligated under the purchase contract or lease.