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What about Commission?

Although there may be different forms of compensation for brokers and agents representing buyers and sellers in real estate transactions, they are most often paid based on a percentage of the sale price of the property... a commission.

Part of the listing contract is setting the commission that will be paid upon successful closing. This commission is generally divided four ways: among the listing broker, the listing agent, the selling broker and the selling agent. The contract with the seller indicates the total commission; the MLS listing indicates the portion of that commission to be paid to the selling broker/agent (the agent representing the buyer).

In a FSBO transaction, the homeowner is acting as listing agent and usually pays a commission to the selling agent/broker, if one is involved in the transaction.