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.

When searching for a new home, it's important not only to look at your finances and the outward appearance of a home, but to think about the underlying factors that would make a home ideal for you. When looking at perspective homes in the Austin area, consider the following factors and ask yourself these questions:

Stay time. How long do I plan on residing in this house? Will this be a long-term investment? Do I see myself being able to live here for the amount of time I expect to stay?

Size. How many people will be living here? Is there enough space to store all belongings? Will I be able to maintain a house of this size now and in the future?

Floor plan. Is the overall layout of this house convenient for me? Are the features of this home, such as stairs, accommodating to any small children or elderly who may live here with me?

Structure. Have I had the home inspected and talked to the seller about past repairs and remodeling? Will any structural or mechanical maintenance be required? How long will necessary maintenance take to complete? Will this house remain sturdy during times of bad weather and everyday wear-and-tear?

Neighborhood. How safe is this neighborhood? Is this a high-traffic or high-noise area? How does neighborhood activity compare at different times of day? Is this home part of a Homeowners Association and, if so, what fees are required?

Community. Does this community offer easy access to grocery stores, places of worship, shopping centers and entertainment? How does this location affect my commute to work? Would I prefer to live in a quieter, more rural community?

Schools. Which school district does this home belong to? Are there any good private or parochial schools in the area?

Of course, there are many other issues to consider throughout the homebuying process. For a list of questions to ask yourself along each step of the way, consult this homebuying list prepared by the U.S. Department of Housing and Urban Development (HUD), or talk to your Central Texas REALTOR®.

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.

The Fourth of July is upon us, and in the Austin area there are plenty of celebratory events to choose from. Below are just a few hot spots Austinites can visit for Independence Day fun.

The H–E–B Austin Symphony July 4th Concert and Fireworks: Pack a picnic and head out to Auditorium Shores at The Long Center for the biggest Fourth of July celebration in Austin. Free to the public, festivities include patriotic music by the Austin Symphony Orchestra at 8:30 p.m. and an extravagant fireworks show over Lady Bird Lake at 9:30 p.m. Early arrival is recommended for prime seating.

Willie Nelson's Fourth of July Picnic: Make your way to The Backyard for Willie Nelson's renowned Fourth of July Picnic, which has been taking place for more than 30 years. Doors to the picnic open at 10:00 a.m., with the opening ceremony beginning at 11:00 a.m. The celebration features live performances by several musicians, including Willie himself. Purchase your tickets as soon as possible to secure your place at this famous Austin-area tradition.

4th of July Celebration at Seaholm Power Plant: The Electric Company is hosting their Independence Day celebration downtown at the Seaholm Power Plant. This free, family-friendly event starts at 4:00 p.m. with food, drinks and live performances by multiple musicians. The festivities will close with a spectacular fireworks display at sunset.

Whether you celebrate at or away from your home, it is important to remember that it's illegal for citizens to use or sell fireworks within the City of Austin, as they pose several safety hazards. That said, sparklers, smoke bombs, glow worms and various noisemakers are not classified as common fireworks and are legal to use.

Have a safe and happy Independence Day!