Loyalty; A Fiduciary Responsibility

Real estate agents from across the country prompted me to write this article. If we step back in time 50-60 years, people

were loyal to each other. They were loyal to the people they did business with. The giving and receiving of loyalty was expected. It was almost like an unwritten law of conduct. In many cases, deals were made with a handshake. No written contract was required. What happened to it?

Then came prosperity

[Read more…]

A Day In Court Rated AAA+ by Realtors

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New CE Requirements

All licensees must complete Risk Management Avoiding Violations and either Risk Management for Salespersons or Risk Management for Brokers. All brokers must complete Risk Management Avoiding Violations and Risk Management for Brokers.

Since most people want to complete all their CE requirements at the same time, we have made that possible by offering all required courses on the same day.

We are very excited about the one-of-kind elective course “A Day In Court.” It promises to be fun, exciting, educational and one that will form memories for a lifetime.

Day One A Day In Court 9am-4pm 6 Hrs. CE Credits $60  
Day Two Risk Management…. Avoiding Violations 8am11pm 3 Hrs. CE Credits $30  
Day Two Risk Management for Salesperson 11am-3pm 3 Hrs. CE Credits $30  
Day Two Risk Management for Brokers 3pm-6pm 3 Hrs. CE Credits $30  

10 Minute Break Each Hour and One Hour Lunch Break Both Days

Special Note: Salespeople taking Risk Management for Brokers will help a salesperson realize the legal liabilities that are placed on the qualifying broker. Additionally, by taking three different Risk Management classes, the salesperson should be well prepared to limit their liabilities while protecting their clients best financial interests.

Class Dates

July 9-10 July 23-24 Aug. 6-7 Aug. 20-21 Sept. 3-4  Sept. 17-18

To register for these classes send an email to Jame@AlabamaRealEstateInstitute.com and give the name, date your cell phone number. You can pay and register the day of class.

NOTE: Make sure you bring your real estate license number to class because I can’t issue your CE credits without it.

 

Location: Class will be held at the Orange Beach Community Center, 27235 Canal Rd. 36561

For additional information call James Anderson (251) 979-2530. I look forward to seeing you in class.

Alabama Real Estate Institute–PO Box 2115, 416 E. Laruel Ave., Foley, Al. 36535

 

 

Insulating Against A Law Suit

Generally most of my posts are adaptable to sales in any industry. Today I am specifically addressing real estate sales. If someone practices real estate very long, they will face legal issues; especially if they sell a lot of real estate. There is a very simple explanation for it too. It’s impossible to please everyone, and especially, if you represent both the buyer and the seller. In this type situation the buyer feels like the seller took advantage of them, while the seller feels like the buyer took advantage of them. As a Realtor® who is wedged between both parties thinking the agent showed partiality to the other party in the transaction. To complicate matters worse, in a typical real estate sales transaction there are numerous entities that have specific requirements and guidelines that must be followed.

Managing Your Risks

Generally most of my posts are adaptable to sales in any industry. Today I am specifically addressing real estate sales. If someone practices real estate very long, they will face legal issues; especially if they sell a lot of real estate. There is a very simple explanation for it too. It’s impossible to please everyone, and especially, if you represent both the buyer and the seller. In this type situation the buyer feels like the seller took advantage of them, while the seller feels like the buyer took advantage of them. As a Realtor® who is wedged between both parties thinking the agent showed partiality to the other party in the transaction. To complicate matters worse, in a typical real estate sales transaction there are numerous entities that have specific requirements and guidelines that must be followed.

In most real estate sale transactions there are two separate agencies involved. 

More times than not one agency will have the listing and represent the seller while the other agency will represent the buyer. [Read more…]

Read Every Document you Sign

I didn’t read the small print!!!!!!

Does one really need to be reminded to read everything before signing? I’m afraid so. Courtrooms are filled with people saying, “That’s not what I heard you say when I bought it.” They might even say, “I didn’t see that small print when I bought it.” If they’re real brave and honest but sort of ignorant, they might even admit, “well I didn’t read all that stuff when I bought it.” Duh! Here’s your sign! Why do you suppose purchase agreements are so lengthy to begin with? Why do you think some things are in smaller print than the rest of the document?  Because it’s important! Let me give you some advice that will save you a lot of money as well as misery; If you buy anything expensive enough to require documents be signed, you make sure to read every little word and make sure you understand what you have read. If you don’t understand, ask questions until you do understand.

A real estate purchase is one of the largest financial investments many people will make in their life-time. [Read more…]

The Process for Buyers to Work with Real Estate Agents

Real Agents are for Your Protection

There’s a right and wrong way to do almost everything. Buying real estate is not difficult but it can be very costly if you don’t take the right steps. I would like to share this simple process in a way that you can understand it and hopefully realize the importance of each step.

Step one is to hire a Realtor® to represent your best financial interest.

Don’t let the word “hire” scare you. Hiring someone to represent you will seldom cost you anything because the seller pays a commission to the Realtor® to professionally market their property for them. This commission is generally divided between the listing agency and the selling agency unless both sides of the transaction are performed within the same agency. Therefore let’s eliminate the thought of you having to pay to have someone represent you.

Buyer’s need to be cautious [Read more…]

Gratification of A Real Estate Career

Gratification is the reward beyond income

earned by a real estate agent for providing consumers quality service. I believe gratification to be an intangible, internal feeling of accomplishment for helping someone beyond fiduciary duties. More times than not, the consumer don’t even realize the magnitude of service you have provided because it wasn’t openly discussed. For example, people I have represented in the sale of their property that were financially distressed. They were head over heels in debt, couldn’t make their monthly payments, and were exponentially getting deeper in debt with the passing of every day. Helping them get released from their financial obligations and get into a position to reestablish their credit rating was gratifying to me. [Read more…]

MARS—A Candy Bar or A Law?

MARS—A Candy Bar or A Law?

When I think “MARS” I automatically think chocolate.  My second thought is outer space. To Realtors® MARS now has a very important connotation.  The Federal Trade Commission, a part of our government that seems to have no boss, issued a new Mortgage Assistance Relief Service Ruling effective Jan. 31, 2011. The reason it is so important is because there is a $16,000 per transaction fine if the ruling is violated.

[Read more…]