What term refers to the third party or non-represented consumer in real estate?

The term that refers to the third party or non-represented consumer in real estate is "customer." In the context of real estate transactions, a customer is someone who is not formally represented by an agent or broker but might engage with them during the buying or selling process. This person may seek information or assistance regarding a property but does not have a fiduciary relationship with the agent.

In contrast, a client is a person who has entered into a formal agreement with a real estate agent or broker, establishing a fiduciary duty. This means the agent has a legal obligation to act in the client's best interest. A broker is the licensed individual responsible for managing the real estate firm and overseeing the agents working under them. A principal refers to a party involved in a transaction, which could include clients and customers, but it does not specifically denote a non-represented consumer. Understanding these distinctions is crucial for professionals in the real estate field when navigating their responsibilities and relationships with different parties involved in a transaction.