An electronic, virtual real estate brokerage system and method for guiding buyers and sellers of real estate through the process of a real estate transaction including listing of the property, searching of listed properties, scheduling of property showings, evaluation of buyer credit worthiness, negotiating the terms of sale, and providing all documents for closing, all over a communications and knowledge management network, preferably the internet. The system provides a forum for obtaining complementary services such as financing, title searches, title insurance and the like. The system provides two sets of user interfaces to accomplish all of the aforementioned functions; one set of interfaces for the sellers and one set for the prospective buyers of real estate.