None of your business
This is the most common specialization of licensees.
What is residential sales and leasing?
N.A.R
National Association of REALTORS
A husband and wife come to the agent’s open house to view the property.
What is a customer?
Very rare. In some states it is illegal. Essentially, the seller states in the agreement the net amount of proceeds he/she will receive from the sale, and the broker gets to keep the rest.
What is a Net Listing?
The broker is obligated to act in good faith and follow the instructions of the principal. This does not extend to unlawful or unethical instructions from the principal. This would not serve the best interest of the broker nor the principal.
What is Obedience?
These homes produce higher commissions and the properties are generally more interesting than a house located in a middle-income type of community.
What are Luxury Homes?
C.R.E.
What is Counselor of Real Estate
The agent has a signed listing agreement with a seller.
What is a client
Less common; is non-exclusive authorization to sell or lease a property and receive a commission. It is open to multiple brokers who will be competing against each other. The first broker to procure a buyer and perform according to the terms of the agreement is entitled to the commission. If the seller finds the buyer/tenant, then no commission is paid to a broker.
What is an Open listing?
Brokers are responsible for all funds received from or on behalf of the principal. Documentation must be provided to all parties in a timely manner. Brokers are required to maintain trust accounts for all funds; to commingle funds belonging to the principal is unlawful. Specific instructions regarding the handling of trust accounts can be found in Rule §535.146 of the Texas Administrative Code.
What is Accounting?
The market will be very active at times, especially in a downturned economy.
What are Foreclosure?
TRETA
What is the Texas Real Estate Teacher Association
The sales agent when assisting a customer would provide information of a general nature but would not disclose confidential information. However, the customer is to be treated
What is honesty, fairness, and competence.
The most often used form of listing agreement. It ensures that a commission is paid to the listing broker if a buyer is procured, no matter who finds the buyer.
What is Exclusive Right-to-Sell (Lease)?
As an agent, the broker must exercise a reasonable degree of care while transacting business entrusted to the broker by the principal.
What is Reasonable Care?
An advantage to working with this specialization is they typically buy more than one property.
What are investors?
GRI
What is the Graduate REALTORS Institute
Hired by the principal to sell or locate a property in exchange for compensation. The broker may or may not have agents working for him/her to perform the duties related to real estate transactions.
What is a Broker
This type of listing is very similar to the Exclusive Right-to-Sell agreement with one very important exception. If the seller finds a buyer for the property, the listing broker does not earn a commission.
What is Exclusive Agency?
The broker should always place the principal’s interests above their own. While the broker is required to deal honestly and fairly with all parties, the license holder represents only the principal and owes a duty of fidelity to the principal.
What is Loyalty?
Not all brokers will let the agents. The risk is high to the broker since lawsuits are not uncommon. You would need to understand financial matters is a plus and in some cases, so is general maintenance issues.
What is property management?
CPM
What is Certified Property Manager
A person who has a real estate license. The license may be “active” or “inactive”. If the license is not active, then the agent is not allowed to perform the duties of an agent.
What is a License Holder?
Also called Single Representation.
What is Non-exclusive Seller Agency?
It is the duty of the license holder to keep the principal’s information private and not disclose information without the principal’s permission.
What is Confidentiality?