Which term describes the client’s obligation to compensate the agent for services rendered?

The term that describes the client's obligation to compensate the agent for services rendered is "Compensation." In the context of real estate, when clients engage an agent, they typically enter into a contractual agreement where the client agrees to pay the agent a fee for their services. This fee can be structured as a commission, flat fee, or hourly rate, depending on the terms negotiated.

Understanding this concept is crucial as it reflects the client's responsibility to reimburse the agent for their expertise, time, and effort in facilitating real estate transactions. This obligation ensures that the agent is motivated to provide high-quality service and work diligently on behalf of their client. Properly understanding compensation also underscores the importance of clear communication between the client and the agent regarding payment structures and expectations.