International Real Estate License

Dual or limited agency

admin — Sat, 22 Nov 2008 09:50:36 +0000

Dual or limited agency

In both Florida and Colorado’s case, dual agency and sub-agency (where both listing and selling agents represented the seller) no longer exist. Dual agency occurs when the same brokerage represents both the seller and the buyer under written agreements. Individual state laws vary and interpret dual agency rather differently.
Many states no longer allow dual agency. Instead, “transaction brokerage” provides the buyer and seller with a limited form of representation, but without any fiduciary obligations (see Florida law). Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state’s laws of agency, and many states require written Disclosures to be signed by all parties outlining the duties and obligations.
If state law allows for the same agent to represent both the buyer and the seller in a single transaction, the brokerage/agent is typically considered to be a Dual Agent. Special laws/rules often apply to dual agents, especially in negotiating price.
In some states (notably Maryland[10]), Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, Dual Agency occurs by allowing each agent to be designated as “intra-company” agent. Only the broker himself is the Dual Agent.

Types of services that a broker can provide

admin — Wed, 19 Nov 2008 09:51:12 +0000

Types of services that a broker can provide

Some states do allow a broker and one agent to represent both sides of the transaction as dual agents. In those situations, conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties.
Since each state’s laws may differ from others, it is generally advised that prospective sellers or buyers consult a licensed real estate professional.
comparative market analysis (CMA) - an estimate of the home’s value compared with others. This differs from an appraisal in that property currently for sale may be taken into consideration (competition for the subject property).Exposure - Marketing the real property to prospective buyers. Facilitating a Purchase - guiding a buyer through the process. FSBO document preparation
Preparing necessary paperwork for “Sale By Owner” sellers. Home Selling Kits - guides to how to market and sell a property. Hourly Consulting for a fee, based on the client’s needs. Leasing for a fee or percentage of the gross lease value.hese services are also changing as a variety of real estate trends re-engineer the industry.

Transaction brokers

admin — Sun, 16 Nov 2008 09:49:59 +0000

Transaction brokers
Some state Real Estate Commissions, notably Florida’s [5] after 1992 (and extended in 2003) and Colorado’s [6] after 1994 (with changes in 2003), created the option of having no agency nor fiduciary relationship between brokers and sellers or buyers. Having no more than a facilitator relationship, transaction brokers assists buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers.
As noted by the South Broward Board of Realtors, Inc. in a letter to State of Florida legislative committees “The Transaction Broker crafts a transaction by bringing a willing buyer and a willing seller together and assists with the closing of details. The Transaction Broker is not a fiduciary of any party, but must abide by law as well as professional and ethical standards.” (such as NAR Code of Ethics)
The result was that in 2003, Florida created a system where the default brokerage relationship had “all licensees …operating as transaction brokers, unless a single agent or no brokerage relationship is established, in writing, with the customer”[8][9] and the statute required written disclosure of the transaction brokerage relationship to the buyer or seller customer only through July 1, 2008.

Agency relationships with clients versus

admin — Wed, 12 Nov 2008 09:49:29 +0000

Agency relationships with clients versus
Agency relationship: Traditionally, the broker provides a conventional full-service, commission-based brokerage relationship under a signed listing agreement with a seller or “buyer representation” agreement with a buyer, thus creating under common law in most states an agency relationship with fiduciary obligations. The seller or buyer is then a client of the broker. Some states also have statutes which define and control the nature of the representation.
Agency relationships in residential real estate transactions involve the legal representation by a real estate broker (on behalf of a real estate company) of the principal, whether that person or persons is a buyer or a seller. The broker (and his/her licensed real estate agents) then becomes the agent of the principal.
Non-agency relationship: where neither written agreement nor fiduciary relationship exists, a real estate broker (and his agents) works with a principal who is then known as the broker’s customer. When a seller chooses to work with a transaction broker, there is no agency relationship created.

College graduates

admin — Sun, 09 Nov 2008 09:48:58 +0000

College graduates
After gaining some years of experience in real estate sales, a salesperson may decide to become licensed as a real estate broker (or Principal/qualifying broker) in order to own, manage or operate his/her own brokerage. In addition, some states allow college graduates to apply for a broker license without years of experience. College graduates fall into this category once they have completed the state required courses as well.[4] Commonly more course work and a broker’s state exam on real estate law must be passed. Upon obtaining a broker’s license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate or associate broker) or take charge of his/her own brokerage and hire other salespersons (or broker) licensees. Becoming a branch office manager may or may not require a broker’s license. Some states such as New York allow licensed attorneys to become real estate brokers without taking any exam. In some states, such as Colorado, there are no “salespeople”, as all licensees are brokers.
A Realtor is a real estate salesperson or broker who is a member of the National Association of Realtors (NAR). All Realtors are brokers/salespersons, but not all brokers/salespersons are Realtors. There are 1.3 million Realtors in the US and an additional 1 million licensed real estate agents who are not members of NAR.

In most jurisdictions

admin — Mon, 03 Nov 2008 09:47:52 +0000

In most jurisdictions
In most jurisdictions in the United States, a person is required to have a license in order to receive remuneration for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licensed. In some states, lawyers are allowed to handle real estate sales for compThe difference between salespersons and brokers
In the past, when brokers (and their agents) only represented sellers, the term ‘’real estate salesperson’’ may have been more appropriate than it is today, given the different ways that brokers and their agents can help a buyer through the process rather than simply “sell’’ him or her a property. Legally however, the term ’salesperson’ is still used in many states to describe a real estate agent.
Real estate education: In order to become licensed, most states require that an applicant take a minimum number of classes before taking the state licensing exam. Such education is often provided by real estate brokerages as a means to finding new agents.
Today in many states, the real estate agent (acting as an agent of the broker with whom he/she is employed) is required to disclose to prospective buyers and sellers who represents whom. See below for a broker/agent’s relationship to sellers and their relationship to buyers.

A real estate broker

admin — Sat, 01 Nov 2008 09:45:23 +0000

A real estate broker
A real estate broker is a term in the and which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it is known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by reference to the English common law of agency with the broker having a fiduciary relationship with his clients.
Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients, but there are significant differences between the actions and liabilities of brokers and estate agents in each country. Beyond the US, other countries take markedly different approaches to the marketing and selling of real property.
In the US, real estate brokers and their salespersons (commonly called “real estate agents” or, in some states, “brokers”)[1] assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a Buyer’s agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms. Without a signed agreement, brokers may assist buyers in the acquisition of property but still represent the seller and the seller’s interests.

Licensing Agreement

admin — Thu, 30 Oct 2008 11:28:36 +0000

Licensing Agreement
The licensing agreement between Realogy and Meredith is for a 50-year term, with a renewal option for another 50 years. Financial terms of the transaction were not disclosed, and the transaction is not expected to have an immediate material impact on Realogy’s financial results.
Meredith will receive ongoing license fees based upon the royalties that Realogy earns from franchising the Better Homes and Gardens Real Estate brand. Meredith, owner of an 85-million name consumer database, will offer Realogy selected database services.
Realogy plans a July 1, 2008 launch of the Better Homes and Gardens Real Estate franchise system and will engage in various pre-launch activities in the interim. “This is a tremendous opportunity to capitalize on the power of America’s leading consumer magazine brand on behalf of the world’s most successful real estate franchise company,” said Meredith President and Chief Executive Officer Stephen M. Lacy.
“It fits extremely well with our strategic objective to further diversify our business by providing Meredith with significant sources of revenue not dependent on traditional advertising.”

Arello Is The Association Of Real Estate

admin — Tue, 28 Oct 2008 11:27:44 +0000

Arello Is The Association Of Real Estate
It is important to verify the licensure/registration of the person or persons with whom you are working or are considering working in any profession. This site is the only one of its kind and is the product of the cooperation by various governmental and not-for-profit organizations who are seeking to help assist and protect the public. The banner ads you may see help pay for this effort.
The information here is deemed to be reliable, but please see the ‘Important Legal Notices’ section of this site for more information on the data available here.
In addition to the license/registration search, you may also link from this site to the various real estate regulatory organizations around the world, view online versions of real estate regulations from several jurisdictions that have them available, and also find links to other real estate organizations and sites of interest. We hope the site is helpful to you.
ARELLO is the Association of Real Estate License Law Officials, comprising the official governmental agencies and other organizations around the world that issue real estate licenses/registrations in addition to regulating real estate practice and enforcing real estate law.

The Netherlands Real Estate Practices

admin — Fri, 24 Oct 2008 11:27:09 +0000

The Netherlands Real Estate Practices
Real estate sales commissions are typically paid by the seller and average 2 – 3 % on most residential sales. There is a 0.5 to 1 % notary fee, a 6 % transfer tax and a 0.6 to 1 % registration fee. Most listings are exclusive to one agent only.The compulsory real estate license requires coursework and passing an examination. A “Hold Thesum Certificate” is required for a real estate license. Continuing education is required to maintain the real estate license.
Titles, deeds and mortgages are recorded in the Title and Mortgage register. There are no restrictions for foreigners with regard to purchasing property.It are mandatory to hire a notary to perform the registration process in The Netherlands. Before the notarial deed is executed, the Dutch civil law notary involved has to undertake a notarial title search at the Land Registry Office.
Civil law notaries can consult the land register of the Land Registry Office by an on-line system, called the Automatic Cadastral Registration (AKR). They can conduct online research for deeds and other registered documents from 1998 onward. Older deeds and documents are scanned on demand and are sent immediately by email. The public notary executes the transfer deed online.