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Meeting the Right Realtor
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Written by MMG Staff
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Monday, 31 July 2006 |
 As a prerequisite to selling real estate, a person must be licensed by the state
in which they work, either as an agent/salesperson or as a broker. Before a
license is issued, minimum standards for education, examinations and experience,
which are determined on a state by state basis, must be met. After earning a
real estate license, most agents join their local board or association of
Realtors® and the National Association of Realtors®, the world’s largest
professional trade association. They can then call themselves Realtors®.
Moving?
Minimize your relocation stress
Realtor.com’s moving section
offers checklists, free services, tips and more. The term “Realtor®” is a
registered collective membership mark that identifies a real estate professional
who is a member of the National Association of Realtors* and subscribes to its
strict Code of Ethics (which in many cases goes beyond state law).
In
most areas, it is the Realtors* who share information on the homes they are
marketing, through a Multiple Listing Service (MLS). Working with a Realtor® who
belongs to an MLS will give you access to the greatest number of
homes.
Use an agent and understand the obligations that are owed to
you:
Agents are bound by certain legal obligations. Traditionally, these
common-law obligations include: Putting client interests first; Keeping client
information confidential; Obeying client’s lawful instructions; Reporting useful
information to client; and Accounting to client for any money
involved.
Note: Reators® are held to even higher standards of conduct
under the NAR’s Code of Ethics. As you start working with a Realtor®, request a
clear explanation of your state’s current regulations, so you will know where
you stand on these important matters.
Understand the difference between a
buyer’s and a seller’s broker:
Suppose you sign an offer to buy a home for
$150,000. You really want the property and there’s a chance other offers are
coming in, so you tell the broker that, “We’ll go up to $160,000 if we have to,
but don’t tell the seller.” If you’re dealing with a seller’s agent, he or she
may be duty-bound to tell the seller that important fact.
In most states,
the seller’s agent doesn’t have any duty of confidentiality toward you. Honest
treatment might require that the agent warn you that “I must convey to the
seller anything that would be useful, so don’t tell me anything you wouldn’t
tell the seller.”
Make the most of your money:
Our finance section
features information about banking, loans, insurance, taxes, investing and
more.
TIP: If you’re dealing with seller’s agents, keep confidential
information to yourself. Many home buyers prefer to hire a buyer’s broker, one
who owes the buyer the full range of duties, including confidentiality and
obedience. A buyer’s broker is often paid by the seller, regardless of the
agency relationship.
Know how to evaluate an agent:
There are certain
questions you should ask when evaluating a potential agent. Ask whether the
agent is a Realtor®. Then ask:
• Does the agent have an active real estate
license in good standing? You can check with your state’s governing agency.
•
Does the agent belong to the Multiple Listing Service (MLS) and/or a reliable
online home buyer’s search service? MLS is a cooperative information network of
Realtors® that provides descriptions of most homes for sale in a particular
region.
• Is real estate the agent's full-time career?
• What real estate
designations does the agent hold?
• Which party is agent representing – you
or the seller? This discussion should occur during “first serious contact” with
you. The agent should discuss your state’s particular definitions of agency, so
you’ll know where you stand.
• In exchange for your commitment, how will
agent help you accomplish your goals? Show homes that meet your requirements and
provide a list of the properties agent is showing you?
Knowledge is power. So
do your homework and you’ll be better prepared and protected. M
For
additional information, please visit www.realtor.com.
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