A real estate agent is a licensed person who helps buyers and sellers of real estate find each other and facilitates the negotiation and closing of real estate transactions. A buyer and seller will each often have an agent representing and assisting them in this process.

Real estate agents are often referred to as agents or sales agents—and may be referred to as a Realtor®—which indicates the agent is a member of the National Association of Realtors® trade association. Real estate agents may also assist landlords and tenants (renters) with finding each other and negotiating leases and are referred to as rental agents in that context.

There are various fee structures available in the market, but agents traditionally work on a commission basis, taking a percentage of the sale price of a completed real estate transaction as their fee. The seller of a property will typically sign an agreement with their agent (the listing agent) to list and market the property and will split this fee with the buyer’s agent.

The commission fee shared by the seller's agent and the buyer's agent is typically deducted from the funds paid by the buyer at the closing of the transaction (along with other closing costs) before the remaining funds are distributed to the seller.

In most states a real estate agent must be affiliated with or sponsored by a licensed real estate broker or real estate brokerage firm. A real estate broker is generally required to have a certain amount of experience as an agent in the real estate industry and must meet additional licensing requirements to own a brokerage firm and handle escrow accounts and earnest money deposits.

A real estate agent will typically split the agent’s share of the sales commission with the agent’s brokerage firm—although the percentage or amount shared may vary.

In South Dakota, real estate agents are licensed professionals who facilitate the buying, selling, and leasing of real estate properties. They represent and assist clients throughout the transaction process, including negotiation and closing. Real estate agents in South Dakota must operate under a licensed real estate broker or brokerage firm, as they are not authorized to handle escrow accounts or earnest money deposits independently. Agents may also be Realtors® if they are members of the National Association of Realtors®, adhering to its code of ethics. The typical compensation for real estate agents is through a commission, which is a percentage of the property's sale price. This commission is usually shared between the seller's agent (listing agent) and the buyer's agent and is paid out at the closing of the transaction. The commission is then further split between the agent and their affiliated brokerage firm according to agreed terms. Real estate brokers in South Dakota are required to have additional experience and licensing to manage a brokerage firm and oversee financial transactions related to real estate deals.