Standards of Practice, Article 3, discusses REALTORS® cooperation and compensation with each other. Broker cooperation is a unique way in which agents are able to work together while at the same time representing their own clients' best interests.
Article 3
REALTORS® shall cooperate with other brokers except when cooperation is not in the client’s best interest. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. (Amended 1/95)
• Standard of Practice 3-1
REALTORS®, acting as exclusive agents or brokers of sellers/landlords, establish the terms and conditions of offers to cooperate. Unless expressly indicated in offers to cooperate, cooperating brokers may not assume that the offer of cooperation includes an offer of compensation. Terms of compensation, if any, shall be ascertained by cooperating brokers before beginning efforts to accept the offer of cooperation. (Amended 1/99)
• Standard of Practice 3-2
To be effective, any change in compensation offered for cooperative services must be communicated to the other REALTOR® prior to the time that REALTOR® submits an offer to purchase/lease the property. (Amended 1/10)
• Standard of Practice 3-3
Standard of Practice 3-2 does not preclude the listing broker and cooperating broker from entering into an agreement to change cooperative compensation. (Adopted 1/94)
• Standard of Practice 3-4
REALTORS®, acting as listing brokers, have an affirmative obligation to disclose the existence of dual or variable rate commission arrangements (i.e., listings where one amount of commission is payable if the listing broker’s firm is the procuring cause of sale/lease and a different amount of commission is payable if the sale/lease results through the efforts of the seller/landlord or a cooperating broker). The listing broker shall, as soon as practical, disclose the existence of such arrangements to potential cooperating brokers and shall, in response to inquiries from cooperating brokers, disclose the differential that would result in a cooperative transaction or in a sale/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/ tenant representative must disclose such information to their client before the client makes an offer to purchase or lease. (Amended 1/02)
• Standard of Practice 3-5
It is the obligation of subagents to promptly disclose all pertinent facts to the principal’s agent prior to as well as after a purchase or lease agreement is executed. (Amended 1/93)
• Standard of Practice 3-6
REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)
• Standard of Practice 3-7
When seeking information from another REALTOR® concerning property under a management or listing agreement, REALTORS® shall disclose their REALTOR® status and whether their interest is personal or on behalf of a client and, if on behalf of a client, their representational status. (Amended 1/95)
• Standard of Practice 3-8
REALTORS® shall not misrepresent the availability of access to show or inspect a listed property. (Amended 11/87)
• Standard of Practice 3-9
REALTORS® shall not provide access to listed property on terms other than those established by the owner or the listing broker. (Adopted 1/10)
Thursday, February 25, 2010
Spotlight on NAR Code of Ethics: Part 4
Standards of Practice, Article 2, discussing how we are to be honest and give true representation of all material facts.
Article 2
REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts which are confidential under the scope of agency or non-agency relationships as defined by state law. (Amended 1/00)
• Standard of Practice 2-1
REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority. Article 2 does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines. (Amended 1/96)
• Standard of Practice 2-2
(Renumbered as Standard of Practice 1-12 1/98)
• Standard of Practice 2-3
(Renumbered as Standard of Practice 1-13 1/98)
• Standard of Practice 2-4
REALTORS® shall not be parties to the naming of a false consideration in any document, unless it be the naming of an obviously nominal consideration.
• Standard of Practice 2-5
Factors defined as “non-material” by law or regulation or which are expressly referenced in law or regulation as not being subject to disclosure are considered not “pertinent” for purposes of Article 2. (Adopted 1/93)
Article 2
REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts which are confidential under the scope of agency or non-agency relationships as defined by state law. (Amended 1/00)
• Standard of Practice 2-1
REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority. Article 2 does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines. (Amended 1/96)
• Standard of Practice 2-2
(Renumbered as Standard of Practice 1-12 1/98)
• Standard of Practice 2-3
(Renumbered as Standard of Practice 1-13 1/98)
• Standard of Practice 2-4
REALTORS® shall not be parties to the naming of a false consideration in any document, unless it be the naming of an obviously nominal consideration.
• Standard of Practice 2-5
Factors defined as “non-material” by law or regulation or which are expressly referenced in law or regulation as not being subject to disclosure are considered not “pertinent” for purposes of Article 2. (Adopted 1/93)
Wednesday, February 24, 2010
Spotlight on NAR Code of Ethics: Part 3
Standards of Practice, Arcticle 1, as you can read below, discusses our relationship to our clients. As a client of a Realtor your agent is responsible to "protect and promote the interests of their clients." We are also required to "treat all parties honestly." This is important, and in my opinion is just good business and moral practice anyway.
Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)
• Standard of Practice 1-10
REALTORS® shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises. (Adopted 1/95, Amended 1/00)
• Standard of Practice 1-11
REALTORS® who are employed to maintain or manage a client’s property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. (Adopted 1/95)
• Standard of Practice 1-12
When entering into listing contracts, REALTORS® must advise sellers/ landlords of:
1) the REALTOR®’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;
2) the fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and
3) any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)
• Standard of Practice 1-13
When entering into buyer/tenant agreements, REALTORS® must advise potential clients of:
1) the REALTOR®’s company policies regarding cooperation;
2) the amount of compensation to be paid by the client;
3) the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;
4) any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g., listing broker, subagent, landlord’s agent, etc., and
5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)
• Standard of Practice 1-14
Fees for preparing appraisals or other valuations shall not be contingent upon the amount of the appraisal or valuation.
(Adopted 1/02)
• Standard of Practice 1-15
REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized,
REALTORS® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)
Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)
• Standard of Practice 1-10
REALTORS® shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises. (Adopted 1/95, Amended 1/00)
• Standard of Practice 1-11
REALTORS® who are employed to maintain or manage a client’s property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. (Adopted 1/95)
• Standard of Practice 1-12
When entering into listing contracts, REALTORS® must advise sellers/ landlords of:
1) the REALTOR®’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;
2) the fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and
3) any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)
• Standard of Practice 1-13
When entering into buyer/tenant agreements, REALTORS® must advise potential clients of:
1) the REALTOR®’s company policies regarding cooperation;
2) the amount of compensation to be paid by the client;
3) the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;
4) any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g., listing broker, subagent, landlord’s agent, etc., and
5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)
• Standard of Practice 1-14
Fees for preparing appraisals or other valuations shall not be contingent upon the amount of the appraisal or valuation.
(Adopted 1/02)
• Standard of Practice 1-15
REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized,
REALTORS® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)
Tuesday, February 23, 2010
Spotlight on NAR Code of Ethics: Part 2
Standards of Practice, Arcticle 1, as you can read below, discusses our relationship to our clients. As a client of a Realtor your agent is responsible to "protect and promote the interests of their clients." We are also required to "treat all parties honestly." This is important, and in my opinion is just good business and moral practice anyway.
Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)
• Standard of Practice 1-1
REALTORS®, when acting as principals in a real estate transaction, remain obligated by the duties imposed by the Code of Ethics. (Amended 1/93)
• Standard of Practice 1-2
The duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether conducted in person, electronically, or through any other means.
The duties the Code of Ethics imposes are applicable whether REALTORS® are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on REALTORS® acting in non-agency capacities.
As used in this Code of Ethics, “client” means the person(s) or entity(ies) with whom a REALTOR® or a REALTOR®’s firm has an agency or legally recognized non-agency relationship; “customer” means a party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the REALTOR® or the REALTOR®’s firm; “prospect” means a purchaser, seller, tenant, or landlord who is not subject to a representation relationship with the REALTOR® or REALTOR®’s firm; “agent” means a real estate licensee (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation; and “broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 1/95, Amended 1/07)
• Standard of Practice 1-3
REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.
• Standard of Practice 1-4
REALTORS®, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits that might be realized through use of the REALTOR®’s services. (Amended 1/93)
• Standard of Practice 1-5
REALTORS® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties. (Adopted 1/93)
• Standard of Practice 1-6
REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)
• Standard of Practice 1-7
When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. REALTORS® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93)
• Standard of Practice 1-8
REALTORS®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a ¬pre-existing contract has been terminated. (Adopted 1/93, Amended 1/99)
• Standard of Practice 1-9
The obligation of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law. REALTORS® shall not knowingly, during or following the termination of professional relationships with their clients:
1) reveal confidential information of clients; or
2) use confidential information of clients to the disadvantage of clients; or
3) use confidential information of clients for the REALTOR®’s advantage or the advantage of third parties unless:
a) clients consent after full disclosure; or
b) REALTORS® are required by court order; or
c) it is the intention of a client to commit a crime and the information is necessary to prevent the crime; or
d) it is necessary to defend a REALTOR® or the REALTOR®’s employees or associates against an accusation of wrongful conduct.
Information concerning latent material defects is not considered confidential information under this Code of Ethics. (Adopted 1/93, Amended 1/01)
Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)
• Standard of Practice 1-1
REALTORS®, when acting as principals in a real estate transaction, remain obligated by the duties imposed by the Code of Ethics. (Amended 1/93)
• Standard of Practice 1-2
The duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether conducted in person, electronically, or through any other means.
The duties the Code of Ethics imposes are applicable whether REALTORS® are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on REALTORS® acting in non-agency capacities.
As used in this Code of Ethics, “client” means the person(s) or entity(ies) with whom a REALTOR® or a REALTOR®’s firm has an agency or legally recognized non-agency relationship; “customer” means a party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the REALTOR® or the REALTOR®’s firm; “prospect” means a purchaser, seller, tenant, or landlord who is not subject to a representation relationship with the REALTOR® or REALTOR®’s firm; “agent” means a real estate licensee (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation; and “broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 1/95, Amended 1/07)
• Standard of Practice 1-3
REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.
• Standard of Practice 1-4
REALTORS®, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits that might be realized through use of the REALTOR®’s services. (Amended 1/93)
• Standard of Practice 1-5
REALTORS® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties. (Adopted 1/93)
• Standard of Practice 1-6
REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)
• Standard of Practice 1-7
When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. REALTORS® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93)
• Standard of Practice 1-8
REALTORS®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a ¬pre-existing contract has been terminated. (Adopted 1/93, Amended 1/99)
• Standard of Practice 1-9
The obligation of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law. REALTORS® shall not knowingly, during or following the termination of professional relationships with their clients:
1) reveal confidential information of clients; or
2) use confidential information of clients to the disadvantage of clients; or
3) use confidential information of clients for the REALTOR®’s advantage or the advantage of third parties unless:
a) clients consent after full disclosure; or
b) REALTORS® are required by court order; or
c) it is the intention of a client to commit a crime and the information is necessary to prevent the crime; or
d) it is necessary to defend a REALTOR® or the REALTOR®’s employees or associates against an accusation of wrongful conduct.
Information concerning latent material defects is not considered confidential information under this Code of Ethics. (Adopted 1/93, Amended 1/01)
Monday, February 22, 2010
Spotlight on NAR Code of Ethics: Part 1
Realtors are members of an organization called the National Association. Part of this association is that members must agree to and abide by a code of ethics. I want the public to know what that document consists of and therefore this year I am going to go through the Code of Ethics in a series on this blog. This installment is the Preamble. I believe it is pretty self explanatory and therefore there isn't a whole lot to say about it. Comments and discussion are welcome:
Begin Code of Ethics:
Where the word Realtors® is used in this Code and Preamble, it shall be deemed to include Realtor-Associate®s.
While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence.
Preamble
Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.
Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS® should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS® a common responsibility for its integrity and honor.
In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession. REALTORS® having direct personal knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination, or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate Board or Association of REALTORS®. (Amended 1/00)
Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, REALTORS® urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where REALTORS® believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.
The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.
Begin Code of Ethics:
Where the word Realtors® is used in this Code and Preamble, it shall be deemed to include Realtor-Associate®s.
While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence.
Preamble
Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.
Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS® should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS® a common responsibility for its integrity and honor.
In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession. REALTORS® having direct personal knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination, or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate Board or Association of REALTORS®. (Amended 1/00)
Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, REALTORS® urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where REALTORS® believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.
The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.
Friday, February 19, 2010
Thursday, February 18, 2010
Search Like An Agent!
With ListingBook!
**Listingbook is a program that helps us work together in finding a property that fits your needs. If you haven't done so yet and would like to sign up for a (free) Listing Book Account click on this link and fill out the "Search Like an Agent" form on the right hand side (phone number isn't required). If I have sent you an invitation, all you have to do is confirm the invitation. If I sent you an invitation and you disregarded it because you didn't know what it was, let me know and I can send you a new one. Here's a brochure that explains it further. Also, feel free to tell your friends about Listingbook as well and send them the link!
**Listingbook is a program that helps us work together in finding a property that fits your needs. If you haven't done so yet and would like to sign up for a (free) Listing Book Account click on this link and fill out the "Search Like an Agent" form on the right hand side (phone number isn't required). If I have sent you an invitation, all you have to do is confirm the invitation. If I sent you an invitation and you disregarded it because you didn't know what it was, let me know and I can send you a new one. Here's a brochure that explains it further. Also, feel free to tell your friends about Listingbook as well and send them the link!
Wednesday, February 17, 2010
Search the MLS
Internet and Data Exchange has made it so easy for buyers to search for homes online.
To search for homes for sale that are listing in the Multiple Listing Service click here!
To search for homes for sale that are listing in the Multiple Listing Service click here!
Tuesday, February 16, 2010
February 2010 Real Estate Newsletter
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February 16, 2010
It's February already - Spring will be coming soon!
2009 Home Statistics According to the Intermountain MLS
2009 Stats by Year
2009 Stats by Quarter
2009 Stats by Month
Don't forget about the Home Buyer Tax Credit
**Home Buyer Tax Credit Extended & Expanded as of 11/6/2009
**Comparison of the previous tax credit and the new tax credit
**To find out more information on the credit click here
Questions You Should Ask Any Agent
**There are many articles and suggestions for home buyers and sellers about questions that they should ask Real Estate Agents. I have had clients ask me some of these questions, so I decided to just put a list together and post them on my blog. I did a series on my answers to those questions; you can take a look at those answers by clicking the link below.
See those questions answered here.
ListingBook!
**Listingbook is a program that helps us work together in finding a property that fits your needs. If you haven't done so yet and would like to sign up for a (free) Listing Book Account click on this link and fill out the "Search Like an Agent" form on the right hand side (phone number isn't required). If I have sent you an invitation, all you have to do is confirm the invitation. If I sent you an invitation and you disregarded it because you didn't know what it was, let me know and I can send you a new one. Here's a brochure that explains it further.
I'm on Linkedin!
**If you have a LinkedIn profile yourself I would love for you to add me as a connection. Here's my info
Monday, February 15, 2010
Friday, February 12, 2010
Thursday, February 11, 2010
Wednesday, February 10, 2010
Tuesday, February 09, 2010
Local News & Information: 2/9/2010
Articles from the Idaho Business Review
Canyon County defaults rise 70 percent in January
by IBR Staff
Published: February 8,2010
Time posted: 4:24 pm
Canyon County’s home defaults had dropped off in the last few months of 2009, but they came back with a vengeance in the first month of 2010.
The county’s foreclosures hit a high in January, rising from 214 filed in December to 365 filed in January for a total increase of 70.5 percent, according to IdahoDataProviders.com.
“What this all means is that you should brace yourself for a double dip in the housing market in 2010,” Charlie Nate, president of the foreclosure-tracking company, said in a release. “Look for local prices to still fall another 7% to 10% starting in the next few months. A bottom to the housing market and the beginning of a real recovery is unfortunately still at least one year away.” Read Full Article....
Canyon County defaults rise 70 percent in January
by IBR Staff
Published: February 8,2010
Time posted: 4:24 pm
Canyon County’s home defaults had dropped off in the last few months of 2009, but they came back with a vengeance in the first month of 2010.
The county’s foreclosures hit a high in January, rising from 214 filed in December to 365 filed in January for a total increase of 70.5 percent, according to IdahoDataProviders.com.
“What this all means is that you should brace yourself for a double dip in the housing market in 2010,” Charlie Nate, president of the foreclosure-tracking company, said in a release. “Look for local prices to still fall another 7% to 10% starting in the next few months. A bottom to the housing market and the beginning of a real recovery is unfortunately still at least one year away.” Read Full Article....
Monday, February 08, 2010
Representation as a Buyer is a Good Idea
The following is an excerpt from a letter my Broker (and father), Jon Gosche, has written about why it is important to use an Exclusive Buyer's Agent when purchasing your home. I think that it covers many facts that people may not know as well as misconceptions that people may have with reference to Realtors and representation. My company and I work primarily as Buyers agents. We do list properties as well, but generally they are past clients that we have worked with before, and often homes that we helped those clients purchase. We do not solicit listings but look to help buyers find their perfect home. I really love to work with buyers and it is exciting to help someone find a home that they will be able to enjoy with their family for years to come, or help an investor broaden his/her portfolio. Anyway, on with the letter excerpt (italics are my additions to the letter):
Many home buyers unwittingly harm their bargaining power, pay too much, pay unnecessary closing costs, miss important structural problems, and other things when purchasing their home because they do not understand Agency Law in Idaho. That is why the State Real Estate Commission REQUIRES that all real estate agents present a Brochure prepared by the commission to potential home buyers. This can be found online at http://www.idahorealestatecommission.com/consumer.html (Click on the agency Brochure link on the consumer information page). In spite of this, many people still fail to understand and weaken their position. It is our hope that in reading this you will be alerted to facts and myths about the home buying process. This is a list of many of the reasons to use an Exclusive Buyer's Agent, but by no means is an exhaustive list.
Many home buyers unwittingly harm their bargaining power, pay too much, pay unnecessary closing costs, miss important structural problems, and other things when purchasing their home because they do not understand Agency Law in Idaho. That is why the State Real Estate Commission REQUIRES that all real estate agents present a Brochure prepared by the commission to potential home buyers. This can be found online at http://www.idahorealestatecommission.com/consumer.html (Click on the agency Brochure link on the consumer information page). In spite of this, many people still fail to understand and weaken their position. It is our hope that in reading this you will be alerted to facts and myths about the home buying process. This is a list of many of the reasons to use an Exclusive Buyer's Agent, but by no means is an exhaustive list.
Myths:
1)The seller will pay less commission if you use the seller’s agent and therefore you can get a lower price for the house. The truth is that the seller signs a contract to pay a specific commission to the seller agent’s Broker. The Broker lists on the MLS (multiple listing) the commission and how it is to be split between involved agents. By MLS rules it must be clearly listed if the commission will vary if there is only one agent involved. The dual agent gets both sides of the commission and so using a dual agent almost never affects the commission. Fines are levied if the MLS finds this practiced. Therefore using the seller’s agent does not lower the price you will pay.
2)If you sign an agency agreement with a Buyer’s agent you are stuck with him and cannot get out of the contract. Even if he does a bad job for you, you have to buy your house through him until your contract runs out. The truth is that you are contracting with an agent to serve YOU. You may put in the contract that you have the right to discontinue the contract. Furthermore, the buyer’s contract is a mutual contract with responsibilities for both parties in the contract. The agent is responsible to serve you and if he is not fulfilling the contract specifications you can and should fire the agent. This doesn't mean that you are able cancel the contract with the agent if they are working hard for and doing a good job for you unless you both mutually agree, but if they are why would you want to discontinue using that agent in the first place?
3)You can get better service by shopping yourself because you will be able to buy anything that you find. You may find a for sale by owner and will not be able to buy it if you have an agent. The truth is that the reverse is true. Agents show the best properties they know of to clients first and to customers last. When you hire a buyer’s agent he is hired to help you find the property that you want. This includes for sale by owner! Most owners trying to sell their own houses fail. Most for sale by owner sales end up involving an agent. We can work with for sale by owners, (and often do)! Non-professionals often do not know disclosure rules and other important things. If you buy a for sale by owner home you are even in greater need of a buyer agent.
Facts:
1) Agents have a statutory (by law) responsibility to act in the best interest of their clients. Agents are required to hold client information confidentially. As a buyers' agent this includes keeping all financial information confidential as well as many other things. As a sellers' agent this includes revealing any information that they have concerning a customer buyer to their seller client. (For example, a buyer customer goes to an Open House, meets the seller's listing agent and reveals that they would want to make an offer of $200,000 on the house, but that they are approved for $220,000--the seller's agent has a duty to give the seller this information and has no responsibility to keep it confidential for the buyer.)
2) Sellers who have listed with a Real Estate agent are clients of that agent.
3)You, as a buyer cannot be an exclusive client of an agent who is also the agent of the seller for that home. You can enter a dual agent position, but before you sign a contract causing that arrangement you are a customer while the seller is a client. (The terms customer and client are confusing sometimes, but for quick clarification, a client is represented while a customer is not--see the agency brochure discussed above for a better explanation.) Anything that you tell that agent can be, and in many cases must be revealed to the seller. If you are a customer, and the agent knows how much you are pre-approved for, how much you can pay, how much you like the house, how soon you need to move, or anything else, that may affect your bargaining power he is required to tell to his client. Remember, the agent’s responsibility is to work in the best interest of his client.
4)You can sign a dual agency agreement. From that point on your vital information is to be confidential. But the dual agent cannot reveal any vital information that he may have concerning the seller either. He acts merely as a middleman.
5)An Exclusive Buyer’s Agent has a statutory responsibility to act in the best interest of the buyer. He must hold all of your information confidentially. He must not reveal anything that will weaken your bargaining power, like how much money you can spend, how much you will spend, how fast you must get into a house or anything that may give an advantage to the seller.
6)An Exclusive Buyer's Agent is to reveal any information that he may know about the seller that will help you. Often we find things out like the last sale price, what the seller owes on the property, why the seller has to move, if other offers have been made, the reason for the sale (divorce, transfer, pre-foreclosure, bought another house, etc.) and other things that may really help your bargaining position. A dual agent cannot do this for you.
7)An Exclusive Buyer’s Agent is required to do reasonable inspection of the property and to reveal know potential problems. This does not mean a Buyers agent is a home inspector. It means that any material facts that are know or reasonably should be know must be disclosed. We recommend competent home inspectors to check and protect buyers against such things.
8)An Exclusive Buyer’s Agent will alert you to closing costs that can be paid by the seller instead of you.
Contrary to popular belief, my job as a Realtor is to serve you, my client, and to do my very best to find you the home you want, get you the best deal and following through the transaction to a smooth close. I do care about my clients and your needs, as I know many other Realtors do as well. However, just helping you find a property is not a Realtors only job in a transaction. In fact, that is just the beginning. In a different post I plan to write about what services a full service Buyers' agent provides (or should provide.) Please, comment or email me if you have any questions on this post above (or anything else for that matter).
Friday, February 05, 2010
Thursday, February 04, 2010
Home Path Financing - Fannie Mae Fact Sheet
3.5% Closing Cost / Appliance Incentive Fact Sheet
To encourage the purchase of REO properties, Fannie Mae is offering a new incentive beginning January 28 through April 30, 2010.
Overview of Incentive
During the offer and negotiation of an REO property, buyers will be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:
Closing costs
The purchase of new Whirlpool® appliances by Fannie Mae
A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%
No additional selling agent incentives will be combined with this incentive at this time.
Eligibility
To be eligible for the incentive, the:
Offer must accepted on or after January 28, 2010
Property sale must close before May 1, 2010
Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) -- investors are excluded
Financing
Lenders and/or mortgage products may impose restrictions on how a buyer can use the incentive and may limit the amount of incentive a buyer can utilize. Buyers will consult their lender for guidance regarding specific caps on IPCs.
Fannie Mae has included the cost of the appliances in establishing the property sales price. Appliances in this incentive for HomePath properties are not considered a sales concession.
The incentive will be noted in Section 38 on the Real Estate Addendum.
For More Information
The incentive reinforces the organization's commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit www.HomePath.com, read the press release on fanniemae.com
To encourage the purchase of REO properties, Fannie Mae is offering a new incentive beginning January 28 through April 30, 2010.
Overview of Incentive
During the offer and negotiation of an REO property, buyers will be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:
Closing costs
The purchase of new Whirlpool® appliances by Fannie Mae
A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%
No additional selling agent incentives will be combined with this incentive at this time.
Eligibility
To be eligible for the incentive, the:
Offer must accepted on or after January 28, 2010
Property sale must close before May 1, 2010
Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) -- investors are excluded
Financing
Lenders and/or mortgage products may impose restrictions on how a buyer can use the incentive and may limit the amount of incentive a buyer can utilize. Buyers will consult their lender for guidance regarding specific caps on IPCs.
Fannie Mae has included the cost of the appliances in establishing the property sales price. Appliances in this incentive for HomePath properties are not considered a sales concession.
The incentive will be noted in Section 38 on the Real Estate Addendum.
For More Information
The incentive reinforces the organization's commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit www.HomePath.com, read the press release on fanniemae.com
Wednesday, February 03, 2010
A Little Bit On Short Sales
This is an email that I have adapted and sent to a number of clients, so I thought that I may as well post it to the blog as well.....
Let me give you a brief rundown on short sales, REO ("foreclosures") properties and the process with each of those.
In a short sale situation, an owner owes more on the property than he/she may be able to sell it for to pay the lien holders back in full. With properties that are listed as potential short sales, the owner is trying to sell the property, but because they owe more than they are able to sell it for they have to get third party bank approval – meaning they (or generally it is the agent) have to go to the bank(s) and negotiate with them and get the bank(s) to agree to the sale of the property and ‘forgive’ the borrower (owner) of the remainder money that they owe to the bank (or in some cases have the borrower sign a promissory note or understand that they may get a deficiency judgement). This is where the listing agent is negotiating the short sale with the bank. In not all cases is a short sale a ‘pre-foreclosure’ property, but in most cases it is. If the sale doesn’t go through while the owner still owns the property it generally goes to foreclosure auction. The lienholder has the right to agree to a short sale or to say no and if they say no it will generally go into foreclosure unless the owner/borrow is able to keep up with the payments and just decides to stay in the house. In most instances this is not the case.
So to give you a property specific example, let's say we are taking about a property that has two loans on it. That means that the owner owes two different banks money, a first mortgage and a second mortgage. Short sales with two loans on it are a little bit trickier because you have to get two lenders/banks to agree to the terms of the short sale. Let's say the property is listed at $159,900. Let's also say that the last sales price was $270,000 back in 2006 (the peak of the market here). So, let’s say that the total amount owed on it is $270,000. Let’s also say that the first loan on it is $200,000 and the second loan on it is $70,000. So, at a listed asking price of $159,900 the first loan is losing $40,100 (plus closing costs of sale which generally run 6-10%) and the second loan is losing the entire $70,000. It is the listings agents’ job to get the banks to agree to this sale amount of $159,900. Generally the second will end up agreeing to $1000 to $5000 because they won’t make any money at all if the first loan forecloses and takes the property back. $1000 - $5000 is better than nothing. This is not, however, always the case and, is subject to change especially if the second loan is a HELOC (Home Equity Line of Credit) in which case they generally want 10-20% of note amount (or more). (Have you noticed how I am vague with a lot of my answers? It's because there are so many different variables in short sales there is no specific formula). Even though they are a second mortgage they are still players in the short sale and still have to agree to it and sometimes play hard ball. The first is losing between $40,000-60,000 so what they are trying to figure out is if it is more worth it for them to agree to this short sale price and get the house sold or if it is more worth it for them to move forward with the foreclosure and try to sell it as a foreclosed home in their own bank-owned inventory. Now, to make it even more complicated, the asking price is not necessarily what the sales price will be. The bank has the right to say no, or even counter at a higher price than what the seller & listing agent have it listed at. They are kind of tricky that way. However, my husband and I are able to maneuver and navigate them pretty well and there is a lot more I could tell you but I want to keep it as brief as possible tonight (though I’m afraid it is still going to end up long). Another thing you need to know looking at short sales is that they can take anywhere from a couple of weeks to even months (sometimes as long as 4-6 months or more) for the bank to review and approve (or reject or counter) a buyer’s offer. We have closed short sales as quickly as 6 weeks from offer date to close and as long as 5 months offer to close. Some banks have taken even longer recently and we have some in the 5-6 months of negotiations. They aren’t like a normal sale and you have to have much more patience and understanding of the process than a typical sale. Another thing that you want to know is that in many cases the seller continues to market the property, take other offers and present those to the bank as well, unless you put terms in the contract to state otherwise and the seller agrees to that. In those instances you may have put an offer in and waited a couple of months and then ended up being pushed out of the running by a higher offer. That’s a risk that occurs with short sale offers, especially ones in which you offer less than asking price. All that to say, even though the listed asking price is $159,900 and you offer $159,900 (full asking price) that doesn’t necessarily mean that your offer will me approved by the short sale lenders.
I know this is a lot of information all at once. If you have further questions please let me know. There are a lot of short sale properties on the market so it will all definitely come up again as you look at properties to purchase.
Let me give you a brief rundown on short sales, REO ("foreclosures") properties and the process with each of those.
In a short sale situation, an owner owes more on the property than he/she may be able to sell it for to pay the lien holders back in full. With properties that are listed as potential short sales, the owner is trying to sell the property, but because they owe more than they are able to sell it for they have to get third party bank approval – meaning they (or generally it is the agent) have to go to the bank(s) and negotiate with them and get the bank(s) to agree to the sale of the property and ‘forgive’ the borrower (owner) of the remainder money that they owe to the bank (or in some cases have the borrower sign a promissory note or understand that they may get a deficiency judgement). This is where the listing agent is negotiating the short sale with the bank. In not all cases is a short sale a ‘pre-foreclosure’ property, but in most cases it is. If the sale doesn’t go through while the owner still owns the property it generally goes to foreclosure auction. The lienholder has the right to agree to a short sale or to say no and if they say no it will generally go into foreclosure unless the owner/borrow is able to keep up with the payments and just decides to stay in the house. In most instances this is not the case.
So to give you a property specific example, let's say we are taking about a property that has two loans on it. That means that the owner owes two different banks money, a first mortgage and a second mortgage. Short sales with two loans on it are a little bit trickier because you have to get two lenders/banks to agree to the terms of the short sale. Let's say the property is listed at $159,900. Let's also say that the last sales price was $270,000 back in 2006 (the peak of the market here). So, let’s say that the total amount owed on it is $270,000. Let’s also say that the first loan on it is $200,000 and the second loan on it is $70,000. So, at a listed asking price of $159,900 the first loan is losing $40,100 (plus closing costs of sale which generally run 6-10%) and the second loan is losing the entire $70,000. It is the listings agents’ job to get the banks to agree to this sale amount of $159,900. Generally the second will end up agreeing to $1000 to $5000 because they won’t make any money at all if the first loan forecloses and takes the property back. $1000 - $5000 is better than nothing. This is not, however, always the case and, is subject to change especially if the second loan is a HELOC (Home Equity Line of Credit) in which case they generally want 10-20% of note amount (or more). (Have you noticed how I am vague with a lot of my answers? It's because there are so many different variables in short sales there is no specific formula). Even though they are a second mortgage they are still players in the short sale and still have to agree to it and sometimes play hard ball. The first is losing between $40,000-60,000 so what they are trying to figure out is if it is more worth it for them to agree to this short sale price and get the house sold or if it is more worth it for them to move forward with the foreclosure and try to sell it as a foreclosed home in their own bank-owned inventory. Now, to make it even more complicated, the asking price is not necessarily what the sales price will be. The bank has the right to say no, or even counter at a higher price than what the seller & listing agent have it listed at. They are kind of tricky that way. However, my husband and I are able to maneuver and navigate them pretty well and there is a lot more I could tell you but I want to keep it as brief as possible tonight (though I’m afraid it is still going to end up long). Another thing you need to know looking at short sales is that they can take anywhere from a couple of weeks to even months (sometimes as long as 4-6 months or more) for the bank to review and approve (or reject or counter) a buyer’s offer. We have closed short sales as quickly as 6 weeks from offer date to close and as long as 5 months offer to close. Some banks have taken even longer recently and we have some in the 5-6 months of negotiations. They aren’t like a normal sale and you have to have much more patience and understanding of the process than a typical sale. Another thing that you want to know is that in many cases the seller continues to market the property, take other offers and present those to the bank as well, unless you put terms in the contract to state otherwise and the seller agrees to that. In those instances you may have put an offer in and waited a couple of months and then ended up being pushed out of the running by a higher offer. That’s a risk that occurs with short sale offers, especially ones in which you offer less than asking price. All that to say, even though the listed asking price is $159,900 and you offer $159,900 (full asking price) that doesn’t necessarily mean that your offer will me approved by the short sale lenders.
I know this is a lot of information all at once. If you have further questions please let me know. There are a lot of short sale properties on the market so it will all definitely come up again as you look at properties to purchase.
Tuesday, February 02, 2010
RE Designations Part 2
ALC-Accredited Land Consultant: ALC’s are Realtors who have specialized in land and areas such as farm and ranches, undeveloped tracts,, transitional and development land, subdvision and wholesaling of lots, and site selection and assemblage of land parcels. These Realtors must take course work, pass a comprehensive exam, service to the institue (Realtors Land Institute), show documented experience and pass an oral review all within a two-year time period. 
CCIM-Certified Commercial Investment Member: A CCIM is a recognized professional in commercial real estate brokerage, leasing, asset management, valuation, and investment analysis. The CCIM busines network includes more than 7,500 designees. A CCIMis an experienced expert and is an invaluable resource to the commercial real estate owner, investor, and user. The Commercial Investment Real Estate Institute (CIREI) requires 240 hours of graduate-level curriculum. Professional experience requirements ensure that a CCIM is highly skilled in his or her field of expertise
CIPS-Certified International Property Specialist: CIPS is awarded by the CIPS Network through the National Association of REALTORS® and local REALTOR® organizations. CIPS specialize in the 'international market' whether they travel abroad to put deals togeter, assist foreign investors, help local buyers invest abroad or serve immigrant niche local markets, the CIPS designatees are the consumners' best bed to ensure an expert in these unique aspects of international real estate. CIPS network is comprised of 1,500 real estate professionals from 50 countries who deal in all types of real estate.
CPM-Certified Property Manager®: The CPM desgniation shows someone who has acquired valuable real estate management skills through educational that lead them to receive the CPM® designation. CPM® members have the competitive edge in every area of real estate management from residential to commercial to industrial. Believe it or not, this isn't all.
Are you seeing that not all Real Estate Agents are the same? A part 3 to come. (P.S. I don't have any of these ones above)
Monday, February 01, 2010
RE Designations Part 1
You may often wonder what in the world are those letters and symbols at the end of a Realtors' name? These are Real Estate Designations. But, you are not alone if you don't know what they mean. Even as a Realtor myself I don't know what all of them stand for, as there are a lot of them. But, I will say that it is respectable for a person in the industry to have such designations. Real Estate is a pretty easy industry to get into. Getting a real estate license honestly doesn't take a whole lot of effort. I actually wish that it was a bit tougher because I do not believe that one becomes an expert in this industry just by the minimum requirements and classes it takes to get in. We are required to take continuing education each licensing period, which is good. Those who have designations have gone above and beyond the minimum required continuing ed and have actually taken specific classes to intentionally better themselves in the industry. When I was taking some of the required broker classes I thought to myself, "This is really stuff we should know as regular sales agents. This information is necessary to the industry and to our clients." All that to say, I've decided to give you a little help on just what these designations mean. There are a lot of them, so I am going to only touch on the most common ones that you see in the Treasure Valley area for now and may get to the others in another post. Here you go:
GRI-Graduate Realtor Institute: According to NAR (realtor.org), Graduate, REALTOR® Institute, is "the mark of a real estate professional who has made the commitment to provide a high level of professional services by securing a strong educational foundation. REALTORS® with the GRI designation are highly trained in many areas of real estate to better serve and protect their clients." This designation requires 90 classroom hours including the 4 GRI module classes and Real Estate Law plus passing the tests at the end of each class.
ePro-The ePro certification began in 2000 by the National Association of Realtors®. It is a comprehensive Internet certification program presented online to teach agents the fundamentals of doing business online, ways of creating and maintaining online relationships, web marketing ethical and legal issues, and how to adapt to new ways of doing business online. Agents must complete the online course to be ePro certified.
SRS-Seller Representitive Specialist: According to SRS Council is "the premiere seller agency desigation." This designation requires a two day SRS Desingation course and a passing exam at the end of the course.
ABR-Accredited Buyer Representative: According to REBAC (Real Estate Buyer's Agent Council) this is the '"benchmark of excellence in buyer representation." This designation requires a two day ABR Designation course, a passing grade of 80% or above on the test, a one day approved elective course, and at least 5 completed transactions as a Exclusive Buyers' Agent. Completion of these classes, tests and required sales denotes a Sales Associate who is qualified to provide buyer representation and is familiar with buyer brokerage and buyer agency issues.
ABRM-Accredited Buyer Representative Manager: This designation is for brokers, owners and managers who have passed both the ABR and ABRM courses and who are able to provide documentation of past management experience, including having overseen a minimum of 25 real estate transactions involving a buyers' agent or having two or more years experience overseeing buyer representatives.
CRS®-Certified Residential Specialist:The CRS is the highest designation that can be awarded in the residential field. This designation recognizes experience and education that the recipient has accomplished. According to the Council of Residential Specialists less than 4% of agents hold this designation. Agents must complete 75 closed transactions or 25 million dollars worth of sales in a 5 year period and complete 2 two day courses or 25 closed transactions or $8 million dollars worth of sales and 3 two day courses PLUS 4 additional elective course, passed tests on all of these classes and one of the following designations already completed-ABR, GRI, ALC, CPM, CRES, CCIM, FRE or ePro.
REALTOR®-Not all Real Estate Agents are Realtors. Realtors are agents who are members of the National Association of Realtors and must abide by a code of ethics within this membership organization. They (we) are suppose to be committed to a higher standard and knowledge of the industry.
Broker-A Real Estate Broker must complete 120 classroom hours including Broker Management, Real Estate Law and two elective courses. They must pass the tests at the end of each course as well as a separate national and state test once all classroom hours have been completed. In addition, to receive a brokers license, an agent must have at least 2 years experience in the industry, be able to prove full time (at least 30 hours per week) work as an agent in the past two years and a minimum of 2 million worth of sales under their belt.
GRI-Graduate Realtor Institute: According to NAR (realtor.org), Graduate, REALTOR® Institute, is "the mark of a real estate professional who has made the commitment to provide a high level of professional services by securing a strong educational foundation. REALTORS® with the GRI designation are highly trained in many areas of real estate to better serve and protect their clients." This designation requires 90 classroom hours including the 4 GRI module classes and Real Estate Law plus passing the tests at the end of each class.
ePro-The ePro certification began in 2000 by the National Association of Realtors®. It is a comprehensive Internet certification program presented online to teach agents the fundamentals of doing business online, ways of creating and maintaining online relationships, web marketing ethical and legal issues, and how to adapt to new ways of doing business online. Agents must complete the online course to be ePro certified.
SFR-Short Sales & Foreclosure Resource: This is a new certification that came about because of all the short sales & foreclosures flooding the current market. While I don't think that just because an agent has this SFR it makes them an expert, I do think it is a start. However, as a consumer, be careful. Just having taken the class and having the certification (which is a one day course) doesn't make an agent an expert. Agents need to have experience as well. For more informaiton on short sales go here.
SRS-Seller Representitive Specialist: According to SRS Council is "the premiere seller agency desigation." This designation requires a two day SRS Desingation course and a passing exam at the end of the course.
ABR-Accredited Buyer Representative: According to REBAC (Real Estate Buyer's Agent Council) this is the '"benchmark of excellence in buyer representation." This designation requires a two day ABR Designation course, a passing grade of 80% or above on the test, a one day approved elective course, and at least 5 completed transactions as a Exclusive Buyers' Agent. Completion of these classes, tests and required sales denotes a Sales Associate who is qualified to provide buyer representation and is familiar with buyer brokerage and buyer agency issues.
ABRM-Accredited Buyer Representative Manager: This designation is for brokers, owners and managers who have passed both the ABR and ABRM courses and who are able to provide documentation of past management experience, including having overseen a minimum of 25 real estate transactions involving a buyers' agent or having two or more years experience overseeing buyer representatives.
CRS®-Certified Residential Specialist:The CRS is the highest designation that can be awarded in the residential field. This designation recognizes experience and education that the recipient has accomplished. According to the Council of Residential Specialists less than 4% of agents hold this designation. Agents must complete 75 closed transactions or 25 million dollars worth of sales in a 5 year period and complete 2 two day courses or 25 closed transactions or $8 million dollars worth of sales and 3 two day courses PLUS 4 additional elective course, passed tests on all of these classes and one of the following designations already completed-ABR, GRI, ALC, CPM, CRES, CCIM, FRE or ePro.And now that the last thing I listed were designations like ALC, CPM, CRES, CCIM and FRE which I am not defining in this post, I will most certainly have to do a part 2.
Which ones do I have you ask? I am a Realtor®, a Broker, and I hold the GRI, ABR, SRS, SFR & ePro designations and certifications. My next goal is to work on the CRS. I'll keep you posted.
Which ones do I have you ask? I am a Realtor®, a Broker, and I hold the GRI, ABR, SRS, SFR & ePro designations and certifications. My next goal is to work on the CRS. I'll keep you posted.
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