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A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and in a small number of other ...
Flat-fee real estate agents charge a seller of a property a flat fee, $500 for example, [11] as opposed to a traditional or full-service real estate agent who charges a percentage of the sale price. In exchange, the seller's property will appear in the multiple listing service (MLS), but the seller will represent him or herself when showing the ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
Universal agents hold broad authority to act on behalf of the principal, e.g. they may hold a power of attorney (also known as a mandate in civil law jurisdictions) or have a professional relationship, say, as lawyer and client. General agents hold a more limited authority to conduct a series of transactions over a continuous period of time; and
RESPA was created because various companies associated with the buying and selling of real estate, such as lenders, real estate agents, construction companies and title insurance companies were often engaging in providing undisclosed kickbacks to each other, inflating the costs of real estate transactions and obscuring price competition by ...
Real estate licensing is subject to both the Real Estate Law and the Regulations of the Commissioner, which have the force and effect of law. In enforcing the provisions of the Real Estate Law, the Commissioner has the authority to hold formal hearings involving a licensee or license applicant. The Commissioner also has the authority to issue ...
In Kenya, the Estate Agents Registration Board (EARB) [18] is the regulatory body for estate agency practice, and it derives its mandate from the Estate Agents Act, 1984, Cap 533, [19] which was operationalized [clarification needed] in 1987. Under that Act, the Board is responsible for registering estate agents and ensuring that the competence ...
An estate agent is roughly synonymous with the United States term real estate broker. Estate agents need to be familiar with their local area, including factors that could increase or decrease property prices. e.g. if a new road or airport is to be built this can blight houses nearby.