What do I need to know about real estate?

Ensure the agent has a licence. Check with your local state or territory consumer protection agency. Do some research to understand the going rate for homes for rent or sale in the area. An independent evaluation may help. Read contracts and documents carefully before you sign. Get legal advice if you are unsure about what the contract means.

What do realtors have to disclose to buyers and sellers?

Under state and federal laws, realtors and real estate brokers must disclose certain information to buyers and sellers. Full disclosure provides parties with the information needed to properly negotiate price and assess the property’s suitability for their needs.

What makes a real estate agent an unlawful agent?

It is unlawful for real estate agents to: 1 intentionally mislead you 2 lead you to a wrong conclusion or impression 3 give you a false impression 4 leave out or hide important information (e.g. in fine-print disclaimers) 5 make false or inaccurate claims.

What to know when signing a real estate contract?

Get legal advice if you are unsure about what the contract means. Ask for explanations to ensure you understand: lease or settlement time frames and any cooling-off periods. Ask yourself whether the information the agent has given you seems fair and accurate. Never sign blank sales authorities, contracts of sale or rental agreements.

What are the rules for getting a real estate license?

Real estate license portability describes the rules that each state has for real estate agents who aren’t licensed in their state, but who have clients interested in buying or selling in that state. There are three basic classifications of real estate license portability laws: cooperative, physical location, and turf.

Can a real estate agent represent an out of State client?

Physical Location: Unlike a Cooperative portability state, a state with a physical location real estate license portability law allows you to represent your client in an out of state purchase or sale, but you have to do so remotely, you can’t be in the physical location state you want to transact in.

Can a real estate agent give you real estate advice?

Remember they don’t represent you anymore. They can’t by law give you any advice. When the home inspection happens and the buyer wants you to fix X, Y, and Z your agent also will no longer be able to help you with guidance. Throughout the whole transaction, the agent cannot offer you any real estate advice.