CODE OF ETHICS
Offers and or Counter Offers
This document identifies and describes the agency relationships that a licensee may have with a seller, landlord, buyer, or tenant and that specifically permits or rejects the practice of disclosed limited agency.
Office Policy
An unbiased estimate of how much a home is worth.
Appraisal
This document spells out the agreed-upon terms under which a buyer and seller agree to engage in a real estate transaction.
46168
For Sale signs should not be placed on a property for sale without prior consent from the...
Seller
This form is often provided prior to a listing and details the amounts received by the seller after deducting all costs and expenses from the gross proceeds in a transaction arising from the sale of an asset.
Net Proceeds
An agreement between a seller and a realtor that the seller will compensate the realtor regardless of who (realtor or seller) brings the buyer.
Exclusive Right to Sell
An employment contract between a property owner and a real estate broker.
Listing Contract
46151
Martinsville
In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS®, this should occur.
Mediation
An objective document given to you by a particular professional after they have evaluated your house. This is not an appraisal.
Inspection Report
An agreement in which the seller agrees to pay the realtor a commission in the event that the REALTOR brings the buyer; however, if the seller brings the buyer then no commission is to be paid to the listing agent.
Exclusive Agency
A legal document that requires sellers to provide previously undisclosed details about the property's condition.
Seller's Disclosure
46158
Mooresville
True or False:
When REALTORS® are contacted by the client of another REALTOR® regarding the creation of an exclusive relationship to provide the same type of service, and REALTORS® have not directly or indirectly initiated such discussions, they may not discuss the terms upon which they might enter into a future agreement.
False
This is a form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).
Closing Disclosure
Proof that a lender has checked your credit, verified your information, and approved you for up to a specific loan amount.
Pre-Approval
A written contract that creates an agency between you, as a potential home buyer, and the buyer's agent you'd like to work with.
Buyer's Exclusive Agency Contract
46123
Avon
When advertising unlisted real property for sale/ lease in which a realtor has ownership interest, he/she shall disclose their status as both owners/landlords and a ______________.
Licensed Real Estate Agent
This is completed to determine or confirm land boundaries.
Survey
This occurs when a homeowner sells their property for less than what’s owed on the mortgage. It allows the lender to recoup some of the loan that's owed to them but must be approved by the lender before the seller moves forward.
Short Sale
A document that if signed by each party, provides that both parties agree to give up any claims against the other in regards to the fulfillment (or lack thereof) of the agreed upon contract.
Mutual Release
46157
Monrovia