What defines an agent in a real estate context?

In real estate, an agent is fundamentally defined as an individual who has the authority to represent another party in transactions. This representation includes the responsibilities and duties to act in the best interests of their client, whether that client is a buyer, seller, landlord, or tenant. Agents facilitate negotiations, provide expertise on market conditions, and guide their clients through the complexities of real estate transactions.

The role of an agent is built upon a fiduciary relationship, which requires trust and loyalty. This means the agent must prioritize their client's needs and preferences while ensuring compliance with legal and ethical standards in the industry.

The other options listed do not capture the full essence of what an agent is in real estate. A buyer of property or a person seeking rental property describes the roles of clients rather than the agent's function. A legal entity in a sales contract pertains more to the parties involved in the agreement rather than defining an agent’s role. Therefore, the principal definition of an agent in this context is indeed centered around their authority to represent someone in transactions.