A realtor comes into the picture after the buyer or seller has decided to sell a property. In this context, an agent’s role is to represent the buyer or seller in negotiations with the property’s current owner. This agent also acts as a mediator in the sale negotiations between the buyer or seller and the potential buyer or seller. The agent’s role in this transaction depends on whether he is working for the buyer or the seller. In either case, there are certain general duties that agents should perform.
A real estate agent has a legal duty to advise his clients and to provide information about the facts of the deal. He should advise the clients about the risks involved, advantages, disadvantages, and timing required for buying or selling a house. A good real estate agent keeps in mind the current market conditions and trends, and he estimates the prices of houses in the same neighborhood. He prepares marketing documents such as contracts, disclosures, and other paperwork.
To become a real estate agent, one needs to have a high school diploma or a college degree, unless he is working under a broker or as an assistant. Some states do not require licensing, while others do. An agent can start out by working as an assistant to a broker, representing the buyers in the sales process. This position gives agents the chance to network with other buyers and sellers. To become a real estate agent, one must attend a training course given by a real estate agent’s board. These programs vary from state to state.
It is important for real estate agents to understand the law. They must keep themselves informed about local laws regarding real estate. They should know about foreclosure laws and the rights of homeowners in the process of foreclosure. They should have a clear understanding of fiduciary responsibilities. Brokers, on the other hand, deal with money on behalf of buyers and sellers, so they need to be aware of tax laws, including income and capital gains taxation, and avoid double taxation.
Real estate agents help the clients find houses for sale. They negotiate with the buyer or the seller, and arrange all the paperwork and documents required to close the sale. Real estate agents are responsible for carrying out title searches, gathering financial data, interviewing possible clients, preparing contracts, getting financial approval for the property, and closing the deal. Most agents get a certain percentage of the total sale price as their commission. Real estate brokers have to follow the rules and regulations imposed by the Florida Real Estate & Real Estate Broker Practices Act.
Agents have to meet a certain minimum number of transactions a year. This requirement is designed to make sure that there is continuity in the relationship between the broker and his clients. The Real Estate & Real Estate Broker Practices Act allows agents to participate in limited business transactions and compensation based on sales volume for five years starting from the date of first service. The Florida Real Estate & Real Estate Broker Practices Act does not require a license or registration to be obtained by real estate brokers, but it does require that brokers register with the Florida Department of Financial Services (DFS). The DFS maintains a database of licensed real estate brokers and those who have not complied with the law are removed from the list.
Real estate agents help a buyer find a home he wants to buy or rent. He prepares the detailed contract that the client signs, collects the down payment, delivers the title certificate, keeps an inventory of the property, and makes renovations or repairs to the house, if needed. When a buyer finishes buying the property, the agent pays the escrow agent who delivers the checks to the buyer. Real estate agents also get the title insurance paid by the buyer.
In order to become an agent, brokers must complete a one-year associate degree from an accredited university or college. During the associate degree program, the students are prepared to enter the business world of real estate brokerage. After graduating, the associates must complete a four-year bachelor’s degree at an approved college or university. During the bachelor’s degree program, the students are prepared to enter the professional world of real estate brokerage. The four-year degree program includes classes such as finance, business, accounting, statistics, environmental health, and planning. Students are also given extensive courses such as ethics, business laws, real estate law, estate management, communication skills, marketing, and project management.