Real Estate Agents, Realtors, and Salesmen
May/June 1974
by Les Scher
 |
Excerpted by permission of Macmillan Publishing Co., Inc. from Finding and Buying Your Place in the Country by Les Scher. Copyright©1974 by Les Scher.
|
If you're looking to buy land in the country, finding the right real estate agent can be tricky. Which is why Les Scher has written Real Estate Agents, Realtors, and Salesmen to help you separate good agents from bad apples and deal with the latter. Check out this excerpt from Real Estate Agents, Realtors, and Salesmen, (Macmillan Publishing Co., Inc., 1974).
RELATED CONTENT
FEEDBACK ON? ""REAL ESTATE AGENTS, REALTORS, AND SALESMAN March/April 1975 As a broker and realtor,...
DON'T FORGET YOUR EXTENSION AGENT! January/February 1976 [ When you need back-to-the-land advice an...
FEED BACK ON.. ""Real Estate Agents,Realtors, and Salesmen"" September/October 1974
...
Rainwater Environmental Alliance for Learning (REAL) School Gardens, with the help of a grant from ...
THE DIFFERENCES BETWEEN THE REAL ESTATE AGENT, THE REALTOR, AND THE SALESMAN
A person who is licensed by the state to sell land will be either a real estate "agent" or "broker," a "realtor," or a real estate "salesman." The terms "agent" and "broker" are used interchangeably.
THE REAL ESTATE AGENT OR BROKER
States generally require that a person aspiring to become a real estate agent serve as an apprentice to an already licensed agent for a specified period of time, that he take a few college courses, and that he pass an examination on basic real estate law. However, brokerage laws are not very detailed, and licenses are easy to obtain. The real estate agent acts as a middleman throughout the negotiations between you and the owner who is selling his land. For example, if you want to make an offer to buy some land, you will give your offer to the broker to deliver to the seller. The seller then gives his response to the agent, who delivers it to you. The agent cannot legally refuse to inform the seller of any facts involving a possible sale, even if the amount of money or terms you offer seem outrageous. Usually an agent can accept a deposit from you on behalf of the owner, although he rarely has the power to actually accept your offer and sign a final Contract of Sale on the seller's behalf. Some states permit real estate agents to write certain documents, such as Deposit Receipts and Contracts of Sale, although many areas consider contract drafting to be an illegal practicing of law.
THE REALTOR
In an attempt to create an, aura of "professionalism" for the land-selling industry, the National Association of Real Estate Boards (NAREB), consisting of 1,500 local boards, established a code of ethics by which its members swear to abide. A "realtor" is any real estate agent who has been accepted as a member into one of the local real estate boards. In my experience, realtors generally seem more anxious than the average real estate agent to comply with state and local real estate laws. Because of the extra status they enjoy, they are usually cautious to avoid doing anything that would cause them to lose their membership in NAREB. An agent or salesman working under a realtor is kept under close supervision by that realtor. Although you will encounter few realtors in small towns, you can always identify an agent who is a realtor by a sign in his window displaying the round emblem and initials of NAREB.
THE REAL ESTATE SALESMAN
To become a real estate salesman only requires passing a very simple examination. No apprenticeship is required and no experience is necessary. For this reason, most people you will meet selling land will be salesmen. Salesmen must work under a licensed real estate agent and can show land only under the agent's authority. A salesman cannot sign any documents or receive any money in his own name, but he can do so in the agent's name. The average salesman knows very little about land, real estate laws or the property he is showing. His knowledge about the parcels he is instructed to show comes solely from his employer, the real estate agent. Although an agent is legally responsible for the acts and words of his salesman, some agents deliberately misinform their salesmen so as to mislead potential buyers.
Page: 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
Next >>
