A
real estate broker
is a term in the United States and Canada 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") 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.
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 compensation without being licensed as brokers or agents.
Lisa L
asked:
"I am in escrow on some property in which the seller and his real estate agent were not very forthcoming in their disclosure statements. Through a third party I found out some things about the property that are detriments (such as occassional flooding) but I am willing to overlook them and still purchase the property. I have released all my contingencies and we have a close date set. My real estate agent happened to tell the seller's real estate agent that we found out some of these things on the property - most importantly about the flooding - and now the selling real estate agent wants me to sign a bunch of documents listing out what I found out as if she had told me about them. I don't want to do it - it took considerable effort for me to uncover these issues and I have already signed off on contingencies. I don't think I need to also let her off the hook as if she had disclosed these things to me - she did not. Can the realtor force me to sign these?I am asking if a real estate agent can legally force me to sign informal and misleading documents in order to progress with the purchase? The seller and I have already signed all legal documents as outlined in our legal contract."
Question posted courtesy of:
Faye H replied:
"Let her off what hook? If you're still willing to purchase the property, even after knowing all the things that are wrong with it, where's the hook? Unless you're planning on suing one of them after the deal is closed.If you don't want to sign them, then don't sign them but you're likely to end the sale and possibly lose your earnest money in the process since you've already released all your contingencies.I'm not sure what you are trying to accomplish by not signing them."
sylviavnpttn replied:
"You have a LEGAL AND BINDING CONTRACT. all disclosures within the contract should be what the seller knows about the property. Now the other agent cannot FORCE you to sign anything. Basically what the agent is trying to do is cover his clients ass- if the selling side has a problem with it you can always take it before arbitration (see how they like that). Either way the selling agent is not within his rights to present other docs. for disclosures, nor do you let them off the hook. You will have no recourse if you do. Hope this helps."
Miss V replied:
"I don't believe they can force you to sign them. Discuss with your closing attorney with regards to any liability you may suffer in the future because of these problems. Had you known in advance, you might have offered a lower price, since fixing them in the future will be your cost and not one that you can toss over to the Seller. In fact, if the Seller has not offered you a one year Home Warranty, this will be the time, in lieu of the other documents. Make sure it covers as many items as possible, from appliances, to heating system to plumbing."
Drew replied:
"Force you, you can walk away from the deal, you must ask what els have they lied about?"
Linda704
asked:
"1. What do I need to do to become a real estate agent in Charlotte, NC?2. What classes do I need to take?3. Where can I study to become a real estate agent in Charlotte, NC?4. What are the requirements?5. Any other information I need to know about becoming a real estate agent?"
Question posted courtesy of:
snwbm replied:
"My sister in law is an agent in north carolina and she was laid off from her office and can't find work anywhere.Why would you want to become a new real estate agent during a real estate slump and while the country is headed towards a recession?You won't be able to find any work for atleast the next year or two."
elvira p replied:
"you have to go to real estate school you can go to Howard perry real school. and then take the state board."
Bonnie P replied:
"Check with your local Howard, Perry & Walston school, or go to for all the info you are looking for. Good luck, it's hard but well worth it in the end."
sjsteelemoon
asked:
"We are looking to buy a house. We found a real estate agent before we found the house we really want. It's a foreclosed home. How does the real estate agent get paid?"
Question posted courtesy of:
newjerseyguy replied:
"By the seller."
Dizzy_Lizzy replied:
"If the bank owns the home, chances are they’ve listed it with a real estate agent of their own. Your agent should be able to look up the home in the MLS to see what the seller will be paying as a buyer’s agent’s commission."
hollywoodmelody replied:
"If the house is an REO(bank owned) then the commission is paid by the lender who owns the property. If it is a foreclosure,the seller of the home pays the commission. If you use an agent you are also responsible for his commission but sometimes Buyers can request the commission to be paid by the Seller. Look over your Purchase Contract to verify. Your Escrow Instructions would also state who pays what......"
Extreme replied:
"All commissions come from the sale of the property and gets deducted from the purchase price"
godged replied:
"The seller, in this case the lender, pays the agents."
nickhinkle
asked:
"At first i was thinking of becoming a residential real estate agent but then, someone told me about commercial real estate and i was wondering would that be a better career choice and does it work the same as residential. If so, that would be major commision on a $40 million building and that would be a better route i would love to take."
Question posted courtesy of:
ctcutie95 replied:
"My father is a commercial real estate broker and he has definetly made a very successful living off of it. I dont know exactly how much comission he makes, but I have heard he has made 4 million before on one building, I dont know if that is the highest he has made on one building though. He has sold 70 million dollar buildings before. It definetly makes you much more than residential real estate. And the market doesnt get bad for commercial. It is a better market and a smarter choice."
PIE R SQUARED replied:
"Commercial real estate agents usually make more than residential BUT there is a long wait for your first commission the commissions are few and far between but they are larger."
gregdaman925
asked:
"I was wondering what the difference was between a real estate broker and a real estate agent? How long would you have to go to school to be either one?I pretty much got my answer to this question. Can a real estate broker act as both a broker as well as the agent? I plan on starting my own realty but want to do both jobs."
Question posted courtesy of:
newmexicorealestateforms replied:
"There are two different types of licenses in all the states. They are the licensee who can be a salesperson or a broker the broker has to have more education than the salesperson and can at some point become a Qualifying broker who is the one responsible for the licensee's. Most states are now moving to create one license name but keep the QB designation as a separate license. The QB is usually the owner of the real estate company although in most states you are not required to have a real estate license to own the company but you are required to hire a Qualifying Broker to qualify your company as a licensed real estate company to do real estate business in the state.To find out what you need to do since you didnt say what state go to the link provided and check out the schools in your state and the requirements for licensing.Real Estate Educators Association (REEA) includes search for real estate schools: Buena Suerte"
bostonianinmo replied:
"An agent works for and under the supervision of a broker."
northville replied:
"a broker can have their own business and make overrides from other agents. An agent works under a broker.In my company I let the agent act like a broker, and let them over ride other agents, but without the headaches of being a broker. We need to talk."
Tmabel replied:
"As a real estate agent you have to have your licenses held by a real estate broker you are not allowed to do anything in your own name it has to be in your brokers name or the company's name.To become a real estate agent you have to be at least 18, take the class and pass the state exam.To become a real estate broker you have to be an active real estate agent for 1 year take a class and pass the state exam. After wards you can do anything that you like in your own name. You can even open your own real estate business"
My favorites videos about: Real Estate Agents---
A six-year real estate boom in Dubai that spurred a $475 billion building frenzy has ended, according to agents who say sales are collapsing amid fears that the global economic downturn will hit the sheikdom.
The real estate business is very complex. There are a lot of documents to go over, countless time frames, legalities, and complex issues & personalities that can come up in every transaction. While I deal in this business every day, it is no wonder that buyers & sellers have a lot of questions about how our business works.
McAllen Texas Realtors need a good website to compete in today's real estate market.
With so many new real estate tools at ready disposal, it's no wonder that many sellers and buyers elect to avoid the cost of an agent by attempting to sell their own properties or find a house for them. There are some tips that would help you
