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05 Aug 2016
The reality regarding Realtors

Recently I read an annual poll taken among Americans rated Realtors among the least respected professions in the country. The first time in history, Realtors fell not only to the base of their list, but even below non-licensed, non-governed professions. Yes, we finally outperform used-car salesman because least respected profession. Different polls have yielded different results, however particular poll focused on 'the trust of your professional to present useful advice.'


Now, to me herein lies a selected conundrum. To get started on, certain significant differences exist between professions. As an example, Realtors are licensed, therefore, they may be controlled by three governing bodies: their local board of Realtors, the state of hawaii board of Realtors, and also the Nar. To be licensed, each Realtor must pass numerous significant signposts. As an example, in Texas, at the least three college level courses has to be completed to have a license. Needless to say, this only refers to college-degreed individuals: more is required if your candidate won't possess an approved degree. Next, they should pass the licensing exam.

Once their license is obtained, continuing education is usually recommended to support the license, as they are common in many professions, like Accountancy, Law, etc. This requirement is strictly enforced and must include a minimum volume of real estate property law. Thus Realtors stay relatively abreast of modifications in real estate and law, and, in particular, nowadays, with the growing problem of mortgage fraud, that may in some instances, implicate the owner, whether or not the seller is unaware of regulations, they could potentially face criminal charges and substantial fines being an accomplice. (Ignorance in the law is not any excuse).

A real estate agent, as a seller's agent, typically spot the red flags in connection with mortgage fraud and alert their client towards the possibility and possible reasons for relief to stop an inadequate outcome (like jail). In a nutshell, the Realtor can be a professional, and, in some instances, can't only sell your house, but help keep you from legal troubles.

Additionally, Realtors, per the nation's Association of Realtors, are bound by way of a code of ethics, that they can must agree and adhere to, for should they usually do not, they are able to (and often are) brought before a court of inquiry through their local or state boards to ascertain their guilt or innocence and receive appropriate disciplinary measures. In short, if a Realtor is unethical (not just operating outside of the law, but operating within the law unethically), they're able to (and may, if found guilty) lose their license to rehearse.

Are you aware that a realtor is governed by precisely the same body of law that governs attorneys? You heard that right; quite simply regulations of Agency and yes it varies a bit state by state, but fundamentally, it says that a Realtor is required for legal reasons to put your interests above their own. The idea is this: Attorneys and Realtors are bound by the same set of laws. Yet, somehow, Attorneys rate Greater within the poll.

Ever consider what it cost only to practice property? Involving the cost of joining the neighborhood, state, and national boards, plus the local MLS dues, showing rates, website fees, errors & omissions insurance, advertising costs, AND broker related fees and dues, a real estate agent pays 1000s of dollars (even countless amounts) annually only to be a Realtor.



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