Does real estate jargon leave you scratching your head? The following glossary can help shed light on some of the different ways a REALTOR® may work with you in a property transaction:

Broker — A licensed agent who has the experience and training necessary to receive a broker's license, which allows that person to manage his or her own real estate business and/or sponsor other agents. "Sponsoring" an agent means the broker holds the agent's real estate license and is legally responsible for the business conduct of that agent. The broker supervises the agent's activities and provides additional services and facilities in return for a portion of the agent's commission.

Agent — An agent with a salesperson license who must work under direct sponsorship and supervision of a licensed broker in order to practice real estate. Agents may work with home buyers as a "buyer's agent" or with home sellers as a "seller's agent."

Associated Broker — An agent holding a broker's license who decides to work under the supervision and guidance of another broker.

*Note: Both real estate brokers and sales agents must be licensed by the Texas Real Estate Commission (TREC) in order to conduct property sales within the State of Texas.

Listing agent — Sometimes referred to as a "seller's agent," this term describes a real estate agent who works for and represents a home seller.

Buyers agent — Describes a real estate agent who works for and represents a home buyer.

REALTOR® — Some brokers and sales agents choose to become REALTORS®, which means they must adhere to the National Associations of REALTORS®' (NAR) Code of Ethics and be a member in good standing of the local, state and national association. For this reason, all REALTORS® are real estate agents, but not all real estate agents are REALTORS®.

Customer — Is a principle in a transaction who is not represented by an agent. The customer is entitled to receive information but no advice. The Texas Real Estate Commission and NAR's Code of Ethics require agents to treat customers honesty and fairly.

Client — Is a principle in a transaction who is represented by an agent, and will receive advice in addition to honesty and fair treatment. The agent is bound to work for their principle to obtain the best results for their principle.

REALTOR® Teams — In a REALTOR® team, multiple licensed sales agents from the same brokerage work together to ensure that all parts of the transaction run smoothly by using activity specialists. For example, one REALTOR® may be in charge of showing homes to the client, while another may handle paperwork and scheduling. Be sure to ask your REALTOR® how she and/or her team conducts business so that you'll know what to expect.

Single agency — Single agency takes place when broker/agent represents either the home buyer or the home seller, but never both during a single transaction.

Dual Representation — Dual representation takes place when one broker represents both the buyer and the seller during a single transaction. The practice was formerly known as Dual Agency. Dual Agency is now illegal in Texas, but it has been replaced by the practice called Intermediary. Special rules are in place that require the agent to provide information about the Intermediary process, and to obtain the informed written consent of both principles. One of the major benefits of the Intermediary practice is that it allows for advice to be given to the principles through an appointment process. Under the old Dual Agency advice to the principles was not permitted. Be sure to ask your REALTOR® how she and/or her team conducts business so that you'll know what to expect.

"Limited Service" agent — Some brokerages offer real estate services on a "limited service," "flat fee," or an "a la carte" basis. In the past, those services were limited to listing homes on the Multiple Listing Service (MLS) or providing paperwork to clients without any support negotiating or evaluating offers. However, law passed in 2005 requires Texas real estate agents to present and accept offers and counteroffers on the client's behalf, assist the client in developing offers, and answer the client's questions as part of their minimum level of service.

These definitions are just a starting point in understanding the various ways REALTORS® work for you. Remember to contact your Central Texas REALTOR® to inquire about their specific business practices.

If you're a current or soon–to–be homeowner—congratulations! Homeownership is wonderful right that we enjoy as Americans and one of the best ways to begin building wealth. Because buying a home is likely the largest investment you'll ever make, it's important to protect that investment and your interests as a homeowner. Below are several ways to do so:

1. Ask your REALTOR®
Through organizations such as the Texas Real Estate Political Action Committee (TREPAC) REALTORS® work as a group to advise elected officials and influence public policy in order to protect private property rights, real estate licensees and—most importantly—home buyers. Ask your REALTOR® about current issues affecting Austin homeowners and what actions you can take together to protect your rights.

2. Sign up for legislative alerts
The Texas Association of REALTORS® (TAR) will be glad to alert you via e-mail when legislation arises that could infringe on your homeowner rights or lead to additional taxes. Rest assured that the e–mail you provide TAR will be used only to send you legislative alerts and will not shared with other parties.

3. Contact your legislator
Once you're aware of issues that could affect you as a homeowner, contact your state and local representatives to share your opinion and influence the decision-making on Capitol Hill. Together, homeowners and REALTORS® can raise a strong voice to help support all citizens in living the American Dream.

As a home buyer or seller, you may have heard of the "MLS" but have questions about what that term actually means. If that's the case, we're here to help! The following Q&A can help shed a little light on the subject.

1. What is the MLS?
The Multiple Listing Service (MLS) is database of property listings. Properties for sale are listed in the MLS by REALTORS®. REALTORS® are a valuable tool in your Austin home search because they have exclusive, direct access to the MLS, which provides them with full property descriptions, as well as additional details about each home, including security codes, tax data and historical information. Though online property searches available to the general public provide basic information about a home—such as the square footage and number of beds and baths—this is only a fraction of the details shown to REALTORS® via the MLS.

2. How does MLS listing content get online?
There are two ways MLS content is distributed online. First, real estate associations can feed property details from the MLS directly to their consumer websites. For example the property search data on AustinHomeSearch.com comes directly from the Austin Board of REALTORS®' (ABoR) MLS.

Second, real estate associations offer tools that allow REALTORS® to feature property listings from the MLS on their personal websites, as well as send their listings to third party websites such as www.zillow.com. Tools provided by real estate associations are directly connected with the MLS; therefore, when they are used as the primary tool in sending listings to other sites, the property data distributed is correct and remains current. That said, third party sites receive data from a variety of other sources, some of which may not distribute information straight from the MLS.

3. Can I trust the information on any real estate agent's website?
Typically only REALTORS®, who can be distinguished by their membership in the National Association of REALTORS® (NAR), can access the MLS. Therefore, property listings should be accurate if you are visiting a REALTOR®'s website.

4. Are all home search sites the same?
No! Home search sites hosted by real estate associations or by REALTORS® offer the most current and comprehensive property information because they receive data feeds directly from the MLS. Third party home search sites can feature some inaccurate or outdated information because they receive property data from many different sources, some of which do not pull their listings straight from the MLS. Finally, it nearly goes without saying that property listings found on websites such as www.craigslist.com should be viewed with the utmost caution, as there is no guarantee of accurate information or ethical conduct by those posting the listings.

Now that you know a little about the MLS and what makes AustinHomeSearch.com one of the most trusted home search sites, contact a REALTOR® and start browsing for properties today!

Is truth stranger than fiction? Sometimes. The following information sets the story straight on common misconceptions about REALTORS®…The facts may surprise you.

Misconception #1: All real estate agents are REALTORS®. Nope. According to the National Association of REALTORS® (NAR), only about half of real estate agents are REALTORS®. Unlike agents licensed only by the state, REALTORS® have taken additional steps to become members of their professional real estate association, which means they must adhere to NAR's continuing education requirements and Code of Ethics.

Misconception #2: REALTORS® are rich. That depends on your definition of "rich." According to NAR's 2009 Member Profile, the median gross annual income of REALTORS® in 2008 was $36,700. REALTORS® with two years or less experience earned a median gross income of $8,600, while those in the business for at least 16 years earned a median income of $53,900.

Misconception #3: REALTORS® don't have to work long or hard to earn their pay. False. REALTORS® can perform more than 180 services for clients. A REALTOR®'s work day extends beyond the hours of "9 - 5" and well into the weekend. To ensure that processes go smoothly and informed decisions are made, REALTORS® spend many hours performing "invisible" work: running reports, researching public records, scouting neighborhoods, coordinating showings, preparing paperwork, negotiating offers, and the like.

Misconception #4: The homebuyer pays the commission of the buyer's agent. Not usually. In most situations, an exclusive buyer's agent's commission actually comes from the seller's commission in what is called a "co-fee." This means that the buyer's agent typically works for the same commission that is paid by the seller and split with the seller's listing agent.

Misconception #5: There's no point in using a REALTOR® when you can search for homes online. Wrong again. Aside from the fact that REALTORS® have access to listing information that may not be available online, REALTORS® can use their in-depth knowledge of the city to recommend neighborhoods best suited to clients' budget and personal preferences that clients may have never considered during their initial online search. In addition, the robust market statistics, education and professional networks that REALTORS® bring to the table can prove invaluable when it comes to making offers, handling negotiations, securing financing and more.

If you’re looking to buy a home in Austin, Texas, we have good news for you: The state of Texas’ disclosure laws help safeguard your best interests in the real estate transaction.

It wasn’t always this way.

In the early 1960s real estate agents were required by law to represent the seller's interests, leaving no need to disclose a property’s defects to potential buyers. Today, however, real estate disclosure is codified into national and state laws as an extension of consumer rights. Home sellers now have specific duties to buyers in real estate transactions.

A good example of a nationally codified disclosure law is the 1992 Estate Disclosure and Notification Rule, which requires sellers of homes built before 1978 to disclose potential or known lead-based paint hazards and provide available written reports to buyers or renters.

Texas law now requires that sellers provide buyers with a completed Seller's Disclosure of Property Condition Notice on or before the effective date of a contract. The notice must disclose all potential or known structural defects, as well as information concerning issues with any of the following:

• Heating
• Plumbing
• Mechanical and electrical systems
• Easements
• Environmental hazards
• Landfills
• Flooding
• Zoning violations or noise problems
• Termite and pest infestations; or
• Treatments or damage

Though all real estate agents are required to adhere to disclosure laws, REALTORS® go a step further to ensure that clients are treated fairly not only by legal standards but by strict ethical standards as well. In following a strict Code of Ethics, REALTORS® disclose any and all relevant information to their clients to avoid misrepresentation of themselves or the property at any time during the transaction.

Working with a REALTOR® can help you avoid legal issues common in real estate transaction. For more information about your real estate rights, visit the Consumer Tools section of AustinHomeSearch.com.

Fact or fiction? Find out which statements are complete myths when it comes to Austin’s real estate market.

1. Home prices have decreased dramatically. Wrong! Data from the Austin Board of Realtors® shows that median price levels have remained stable while gradually increasing—for example, a median price of $175,500 seen at the start of this year (January 2009) had become $185,250 by the end of the third quarter (September 2009). In addition, median prices seen throughout 2009 have fluctuated only slightly compared to 2008 while remaining above those seen in 2007.

2. It’s the wrong time to buy real estate. False! Thanks to its job market, stable home prices and affordability, Austin has the second healthiest housing market in the nation. There are plenty of homes available, and those ready to buy can take advantage of homebuyer tax credits, housing grants, low interest rates and renewable energy incentives.

3. It’s the right time for everybody to buy real estate. Nope! Whether it’s a good time to buy depends not only on the local housing market, but on the goals and unique situation of each person. Someone who is neither emotionally nor financially ready to handle homeownership should not enter into a real estate transaction—even when the market presents good opportunities. Talk to your REALTOR® to make the decision that’s right for you.

4. It’s a terrible time to sell. Wrong again! Austin real estate is sold every day to first-time and seasoned homebuyers looking to take advantage of amazing homeownership opportunities and incentives. In addition, sellers who work with a REALTOR® can usually sell their homes more quickly…in any market.

5. More homes are being sold by owners, making REALTORS® obsolete. No way! In the Austin area area, the percentage of people who planned to use a REALTOR® rose to 82 percent in 2008. According to the National Association of REALTORS® (NAR) the majority of For-Sale-By-Owner (FSBO) sellers are located in rural areas and small towns where the seller knows the buyer. It’s important to recognize that the value of REALTORS® goes beyond their access to the Multiple Listing Service (MLS)—it lies in the many other resources and services they bring to the table.

Central Texas real estate is different. Get the facts from your REALTOR® today or Find a REALTOR® on AustinHomeSearch.com.

All REALTORS® are real estate agents, but not all real estate agents are REALTORS®. What’s the difference?

Those who receive basic real estate training and a license from the state of Texas to sell real estate may call themselves real estate agents. However, only members of the National Association of REALTORS® (NAR) may call themselves REALTORS®.

To be a member of NAR, REALTORS® must abide by a strict Code of Ethics This document provides rules, regulations and boundaries that bind a REALTOR® to his or her duties to the consumer and mandates that all parties be treated fairly. The REALTOR® Code of Ethics includes:

• Loyalty to clients;
• Fiduciary (legal) duty to clients;
• Cooperation with competitors;
• Truthfulness in statements and advertising; and
• Non-interference in exclusive relationships that other REALTORS® have with their clients.

Another distinct feature about REALTORS® is that they must complete mandatory ethics training and continuing education requirements. Many REALTORS® enhance this training by earning designations in specialized fields, which allows them to better meet your specific needs.

For example, REALTORS® can specialize in serving buyers, serving sellers, serving those over the age of 55, serving those interested in green real estate and more!

Remember: Working with a REALTOR® can save you time, trouble and money when it comes to buying, selling or leasing Austin real estate. Learn more about REALTORS® or find a REALTOR® on AustinHomeSearch.com today.