Definitions Of Relationships

Seller also means "landlord" (and sub-landlord) and buyer also means "tenant" (and sub-tenant).

Transaction-Broker
A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction-broker concerning a property or a buyer's financial ability to perform the terms of a transaction and if a residential property, whether the buyer intends to occupy the property. No written agreement is required.

Seller's Agent
Same as transaction-broker except - A seller's agent (or listing agent) works solely on behalf of the seller.

Buyer's Agent
Same as transaction-broker except - A buyer's agent works solely on behalf of the buyer.

Customer
A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party's agent or as the party's transaction-broker.

NOTE: Some prefer customer, some prefer client; Even though it may be what we prefer; Its not always what we say, so either way is OK

Joint Tenancy
The main distinguishing characteristic of joint tenancy is the right of survivorship.  If one of the joint tenants dies, his interest passes automatically to the surviving party or parties instead of being tied up in lengthy probate proceedings. When two or more people own a property as joint tenants, they own an undivided equal interest in the property.

Tenancy-in-Common
This is so standard a form of ownership for unrelated buyers that it is generally presumed to be the way they hold title if nothing else appears to the contrary.  The shares are presumed to be equal unless stated otherwise on the deed, and each of the tenants has equal rights of possession.  There is no right of survivorship; each tenant-in-common should note in his will the person or persons to whom his share will pass.

Community Property
This type of ownership is available to married couples in nine states - Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.  Both husband and wife have an equal right to possess the property during their marriage, and in some states, upon the death of either spouse, the survivor automatically receives half of the community property and the other half passes to the lawful heirs.

Sole and Separate Property
Holding title this way means that no one else has any interest in it.  If you are married and wish to take title this way, you should record a quitclaim deed from your spouse to yourself so that no community interest could be claimed at a later date (in community property states).