Real estate broker the licensed real estate agent. There are state laws defining the types of relationships that can exist between clients and real estate licensees, and the lawful duties of real estate licensees to represent clients and members of the public. Rules vary substantially as defined by the law from state to state, for example, on subjects that include what legal language is necessary to transfer real property, agency relationships, inspections, disclosures, continuing education, and other subjects. In the United Kingdom, an estate agent is a person or business entity whose business is to market real estate on behalf of clients. There
Representative agent group of heterogeneous agents to a representative agent is not just an analytical convenience, but it is ""both unjustified and leads to conclusions which are usually misleading and often wrong."" In his view, the representative agent ""deserves a decent burial, as an approach to economic analysis that is not only primitive, but fundamentally erroneous."" A possible alternative to the representative agent approach to economics could be agent-based simulation models which are capable of dealing with many heterogeneous agents. Another alternative is to construct dynamic stochastic general equilibrium (DSGE) models with heterogeneous agents, which is difficult, but is becoming more common