DEFINITIONS

The Agent is the real estate company under which the individual salesperson who is representing you is licensed.

REALTOR, is often used interchangeably with Licensee, Real Estate Agent or Salesperson and in B.C., is licensed under the Real Estate Act. A REALTOR can use the term REALTOR if he/she belongs to a local board or association that enforces a strict code of ethics.

The Buyer is often referred to as the Purchaser.

The Seller is often referred to as the Vendor.

The Principal is someone who has engaged an Agent to act for and on his or her behalf either to buy or sell a home.

This pamphlet has been designed to explain various types of agency relationships and to help you understand what it all means. If you are still unclear about these concepts, feel free to seek legal counsel.