Highlights
Real estate agents, also known as sales agents and brokers, facilitate or negotiate the sale or purchase of any property, most frequently a home. An agent is usually the person managing a specific deal; a broker is usually the person running a firm that hires the agent. "Realtor" is the common name for an agent, although it is actually the formal title for a member of the National Association of Realtors, a trade organization that requires adherence to a code of ethics. The law does not require buyers and sellers hire an agent and a recent trend is a deal handled primarily between the two parties.
Because transactions are often complicated, every state requires agents and brokers be...
Because transactions are often complicated, every state requires agents and brokers be...
Real estate agents, also known as sales agents and brokers, facilitate or negotiate the sale or purchase of any property, most frequently a home. An agent is usually the person managing a specific deal; a broker is usually the person running a firm that hires the agent. "Realtor" is the common name for an agent, although it is actually the formal title for a member of the National Association of Realtors, a trade organization that requires adherence to a code of ethics. The law does not require buyers and sellers hire an agent and a recent trend is a deal handled primarily between the two parties.
Because transactions are often complicated, every state requires agents and brokers be licensed. They must be high school graduates and pass a written test on basic transactions and laws. Most states require classroom instruction, training and, for some advanced positions, some experience selling property. Licenses usually must be renewed every few years and some states require continuing education credits to remain licensed. Agents can work for a buyer or the property owner. They usually are self-employed people providing services as a contractor to a broker's firm. They locate houses to be sold, advertise the property, locate buyers, match buyers to properties that fit their needs, negotiate a price, prepare the paperwork, arrange financing and numerous other tasks. In 2004, the U.S. Bureau of Labor Statistics estimated about 460,000 people worked in the industry. Many worked part time, combining their real estate activities with other careers, because two sales can be days or months apart. The median annual earnings of salaried real estate sales agents, including commissions, were $35,670 in May 2004. Commissions on sales are the main source of earnings, usually a percentage of the sale price. The money is usually split between the agent who listed the property and agent who made the sale to a buyer. The U.S. Bureau of Labor Statistics warns that getting a job is easy, but competition is stiff from experienced agents and is dependent on the volatile swings of the housing market. The job has been made easier in recent decades because of computerization, which allows potential buyers to screen out scores of possible homes with online virtual tours.
Because transactions are often complicated, every state requires agents and brokers be licensed. They must be high school graduates and pass a written test on basic transactions and laws. Most states require classroom instruction, training and, for some advanced positions, some experience selling property. Licenses usually must be renewed every few years and some states require continuing education credits to remain licensed. Agents can work for a buyer or the property owner. They usually are self-employed people providing services as a contractor to a broker's firm. They locate houses to be sold, advertise the property, locate buyers, match buyers to properties that fit their needs, negotiate a price, prepare the paperwork, arrange financing and numerous other tasks. In 2004, the U.S. Bureau of Labor Statistics estimated about 460,000 people worked in the industry. Many worked part time, combining their real estate activities with other careers, because two sales can be days or months apart. The median annual earnings of salaried real estate sales agents, including commissions, were $35,670 in May 2004. Commissions on sales are the main source of earnings, usually a percentage of the sale price. The money is usually split between the agent who listed the property and agent who made the sale to a buyer. The U.S. Bureau of Labor Statistics warns that getting a job is easy, but competition is stiff from experienced agents and is dependent on the volatile swings of the housing market. The job has been made easier in recent decades because of computerization, which allows potential buyers to screen out scores of possible homes with online virtual tours.
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LCF sees uptick in distressed home sales
There were five distressed home sales — four foreclosures and one short sale — in La Caņada Flintridge in July for a total loss to investors of more than $1 million, according to recently released real estate data. "These numbers are...Tags: Real Estate, Homes, Car Safety Tips and Advice, Foreclosures, Pasadena (Los Angeles, California)
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Piece of Mind: Sound wall the alarms
A local real estate agent once said to me with only a hint of humor in his voice that he was confident he could sell a particular home in the tony Meadow Grove area of our city if he could find the right buyer, specifically one who was deaf, or at least...Tags: Real Estate Buyers, Vehicles, Travel, Transportation, Los Angeles
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Celebrity sellers have little effect on home prices
Their internationally recognized names sell music and movie tickets. They promote perfumes and presidents. But when it comes to selling their own houses, celebrities often find that their cachet doesn't pull in the cash.
Actors Goldie Hawn and Kurt...Tags: Realty, Kurt Russell, Real Estate, Sotheby's Holdings Incorporated, Michael Jackson
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Homeowners try to sell by themselves as S. Florida market rebounds
As the once-beleaguered housing market improves, homeowners are showing more interest in selling solo. Delray Beach-based BuyOwner.com says home sales in Miami-Dade, Broward and Palm Beach counties are up 200 percent this year, compared with the same...
Tags: Realty, Miami (Miami-Dade, Florida), Real Estate Buyers, ForSaleByOwner.com, Real Estate
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Baltimore-area housing market sees bidding wars return as buyers' choices shrink
David D. Igla lost out on three Ellicott City homes in the past few months before he finally beat the competition and had an offer accepted.
What kind of so-called buyer's market is this, he wondered?
Some houses zip off the market —...Tags: Realty, Marketing, Real Estate Buyers, Unrest, Conflicts and War, Rentals
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Everything you need to know to be a flipper
Q: I'm intrigued by the idea of flipping a house — buying, fixing up and re-selling at a profit. But I have exactly zero experience and no cash. Not exactly a recipe for success. What's the best way to go about finding a flip-worthy home? Are...
Tags: Realty, Real Estate Buyers, Property, Real Estate, Homes
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Homes that bear history's burden
Living in a 1678 stone house allowed Marlene Casey to "take something that has been in existence for hundreds of years and lovingly restore what needs to be restored and preserve it for future generations," she said.
But after raising two sons in the...Tags: Realty, Real Estate, Ridgewood, Services and Shopping, Homes
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Ask a real estate pro: Be leery of one-sided home sale contracts
Sun SentinelBoard-certified real estate attorney Gary M. Singer writes about the housing market in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner's associations or any other residential real estate topic, click...Tags: Politics, Real Estate Buyers, Real Estate, Homes, Lawyers
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Bel Air Businessman Arrested on Sexual Assault Charges
KTLA NewsLOS ANGELES (KTLA) -- Police arrested a Bel Air resident and charged him with felony sexual assault. The Los Angeles District Attorney's Office filed charges against Judd Weiss, who owns a valet parking service and is a commercial real estate broker...Tags: Trials, Realty, Justice System, Sex Crimes, Assault
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Lenders are using a variety of tools to prevent mortgage fraud
Don't even think about fudging on your application for a mortgage by inflating your income a tad, checking the box to indicate you're going to live there when you're really not or exaggerating your job description. Not long ago, people could get away...Tags: Realty, Mortgages, Internal Revenue Service, Real Estate, Services and Shopping
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Julie Andrews' Brentwood house isn't going for a song
Singer and actress Julie Andrews has listed the Brentwood house she owned with her late husband, director and screenwriter Blake Edwards, for $2.649 million. Less than a month after coming on the market, the tidy white home with gray shutters is already...Tags: Blake Edwards, Dallas 2011 (tv program), Courtney Love, Academy Awards, Movies
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Energy audits may be beneficial for both home buyers and sellers
WASHINGTON — It may be the best-kept secret in residential real estate: For a couple of hundred dollars, a potential buyer bidding on an existing house can ask for a formal energy audit along with the standard inspection clause. That audit, in turn,...Tags: Realty, Marketing, Real Estate Buyers, Real Estate, Homes
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