Agency A legal relationship in which someone (principal) hires someone else (agent) to represent them to a third party. Amortization Schedule A timetable for payment of a mortgage loan. An amortization schedule shows thestrong>amount of each payment applied to interest and principal and shows the remaining balance after each payment is made. Application Fee A…

Typically, the general public does not understand how a REALTOR® gets paid. Most REALTORS® are paid by commission only and do not receive a salary or hourly pay. In addition, most real estate agencies are only paid a commission when a property is sold. The real estate industry is one of the only industries that…