An individual with a broker designation may work as a broker by establishing a sole proprietor practice or may set up a corporation, often called a brokerage. In the latter case, the corporation becomes the agent or broker and the individual is considered a registered real estate salesperson employed by the corporation. When you list your property or sign a buyer agency agreement, you enter into a contract with the brokerage, not the salesperson. Agency law - defines the underlying working relationship in real estate. This is not a piece of legislation or a statute.
Agency law is common law or case law based on accumulated judgements from court cases.
Amortization period - the length of time, frequently 25 years, that it takes to completely pay off a mortgage through repayment of the original debt or principal and the accumulated interest. Assumption of a mortgage - the buyer of a property agrees to take over repayment of the current owner's mortgage as part of an agreement to purchase the property, usually to save the current owner discharge costs or because the existing interest rate and term are attractive. See mortgage and discharge. See Agent or Broker above. Closed mortgage - a mortgage contract that does not allow the borrower to prepay the mortgage debt in midterm.