Frequently Asked Questions

FAQ

What to look for in a real estate developer?

The 7 Must-Have Qualities in a Reputed Real Estate Developer

• Qualities of Reputed Real Estate Developers.
• Capable of Taking Hard Decisions.
• Able to Take/Tolerate Risks.
• Capable of Problem Solving.
• Having Some Creativity.
• Able to Communicate Well.
• Capable of Identifying Potential.
• Able to Build Relationships.

Is it better to sell to a developer?

1) A Chain-Free House Sale

A developer does not need to sell a property to purchase yours, making it a chain-free sale with a much lower risk of falling through. Broken property chains can cost homeowners considerable time and money, so this is the number one reason why we advise people to sell to a developer.

Which type of contract could a real estate agent lawfully create from scratch?

A real estate sales agent is allowed to fill in the blanks of a pre-printed real estate contract only, and is not allowed to originate or create from scratch any type of contract. A land contract is a legal contract/instrument and a lease would be a legal contract/instrument.

Which action would be considered lawful practice by a real estate broker?

solicit an offer to purchase the property from a prospective buyer.

What are the four types of contracts that may be prepared by a licensed real estate broker?

Real estate licensees are allowed to assist buyers and sellers with the preparation of four types of contracts: listing contracts, buyer brokerage agreements, option contracts, sale and purchase contracts.

What is an agents legal requirement to act in the clients best interest and with the utmost good faith called?

A fiduciary duty involves actions taken in the best interests of another person or entity. Fiduciary duty describes the relationship between an attorney and a client or a guardian and a ward. Fiduciary duties include duty of care, loyalty, good faith, confidentiality, prudence, and disclosure.

Who prepares a contract?

The contract will usually be prepared by the vendor's conveyancer, solicitor or real estate agent.

What is typically sold at an estate sale?

Estate sales are often overflowing with furniture, home furnishings, and assorted household items. Buyers may also discover artwork and fine jewelry. Antique dealers and private collectors flock to estate sales in search of antiques and collectibles from varied eras.

How do you make an estate sale successful?

Regardless of what category you might fall under, here are 7 simple steps to holding a successful estate sale.

1. Step 1: Take inventory and organize your items.
2. Step 2: Determine items to be sold.
3. Step 3: Price items to be sold.
4. Step 4: Promote the sale.
5. Step 5: Set up the selling area to maximize sales.
6. Step 6: Hold the sale.

How long does an executor have to sell a house in NY?

One such responsibility is to carry out the sale of any actual property owned by the deceased. After receiving testamentary letters, an executor has up to one year to promote a house in New York.

How to organize you real estate sales team

What happens when one sibling is living in an inherited property and refuses to sell?	In California, any co-owner of inherited property, including a home, can force its sale by initiating what is known as a partition action. Once the action is approved by the court, a partition referee is tasked with selling the home and splitting the profits.
What percentage do most estate sale companies take?	Between 30 to 40 percent What Percentage Do Estate Sales Take? Estate sale companies generally charge a standard commission rate between 30 to 40 percent of sales. Before they agree to take on a client, they'll typically provide a gross sales minimum. This means that the total value of all the items to be sold must meet or exceed that value.
Are estate sale prices negotiable?	However, the only way you'll know if the prices are negotiable is by asking. Many people avoid bargaining for fear of offending the sellers or looking tacky, but it's actually quite easy to ask for a price reduction and still come off looking like a well-mannered guest.
When a broker's license is revoked the licenses of the salespeople in the brokerage agency are?	If an employing broker's license expires, is suspended, or is revoked, then the licenses of all of the broker's salespeople are likewise voided. to have a commitment from an employing broker to obtain a license.
What happens to a sales agent's license in Texas when their sponsoring broker's license is revoked?	Section 535.121 - Inactive Sales Agent License (a) The license of a sales agent immediately becomes inactive upon: (1) the death of the sales agent's sponsoring broker; (2) the expiration, suspension, revocation or inactivation of the license of the sponsoring broker; (3) if the sponsoring broker is a business entity,
When an Ohio salesperson is terminated by a broker what happens to the salesperson's license?	When an Ohio salesperson is terminated by a broker, what happens to the salesperson's license? The broker returns it to the real estate division. If your Ohio license was suspended as the result of a disciplinary sanction, what must you do to reactivate your license?
Under which of the following circumstances would a broker lose or have their license suspended for a law violation committed by an associated licensee?	Under which of the following circumstances would a broker lose or have their license suspended for a law violation committed by an associated licensee? If the broker had actual knowledge of the violation. Under any circumstance, the Department applies strict liability to all managing brokers.
When a sponsoring broker's license is revoked all salespeople working for the broker will have their license automatically?	When a broker's license is revoked, the licenses of all salespeople working under them automatically become inactive. A salesperson working under a broker whose license has been revoked can only return to real estate activities by transferring their license to another qualifying broker.
In which circumstance would a broker be guilty of commingling funds?	“A broker may not commingle money that is required to be held in escrow-or interest earned on an escrow account-with business, personal or other funds.” Per 49 Pa.

• Can restrictions be placed on a NC real estate license?

  • Violation of Rules

    The commission reserves the right to restrict the real estate license and practice from performing specific duties. Other grounds of disciplinary action can also include the overall suspension or termination of real estate practice in North Carolina.

• Which of the following is a broker not responsible for?

  • A broker is not responsible for the acts of independent contractors.

• When can a broker remove money from his escrow account?

  • Money in an escrow account is only withdrawn when the escrow agent pays the seller to complete the transaction. It can also be withdrawn to refund the buyer if the transaction has failed.

• Which of the following is an example of illegal commingling?

  • Examples of illegal commingling in real estate include: Depositing security deposit checks into your personal bank account. Depositing personal income or business funds into the designated trust account that holds tenant security deposit funds.

• What not to do when staging a house?
  • 20 Most Common Staging Mistakes
    1. Too Much Furniture.
    2. Furniture That Doesn't Fit the Room.
    3. Household Smells.
    4. Keeping Knick Knacks on Display.
    5. Excessive Dark Paint.
    6. Drastically Different Paint Colors Throughout the Home.
    7. Pushing All Furniture Against the Walls.
    8. A Lack of Light.
• When you stage a house does the furniture stay?
  • The majority of furniture that home stagers sell is sold right out of the property it's being used in, say Karen Otto with Dallas-based Home Star Staging and Anthea Click with FP Staging and Design in Nashville. People come in to look at the property, decide they like the furniture, and ask about purchasing it.

• Does staging a home really work?
  • 81 percent of buyer's agents said staging made it easier for their clients to visualize the property as their home. 51 percent said staging has an effect on most buyers' view of the home. 27 percent of seller's agents said staged homes spent less time on the market.

• What are the benefits of staging a house?
  • Home staging:
    • Makes your home look clean and organized.
    • Strives to make rooms look bigger.
    • Makes your home feel more welcoming.
    • Uses maximum space, adding functionality to each room and corner.
    • Modernizes your living space through new, creative furnishings.
• What is the 3 foot 5 foot rule in staging a home?

  • What is the 3 foot 5 foot rule in staging a home. 3 feet – Style spaces as they will be seen up close during home tours and open houses. Pay attention to details at this range. 5 feet – Arrange furnishings and decor based on how rooms will look in listing photos from 5+ feet away.