Real Estate Practice Unit 10-11

Front 1

Curb appeal

Back 1

The first impression of a home when seen from the street

Front 2

Office preview

Back 2

For the other salespeople in the office to preview the listing and get a head start on selling it. They may have buyers who are perfect for the listing

Front 3

Caravan

Back 3

Similar to an office preview, but it is open to all the members of the MLS

Front 4

Classified ads

Back 4

Ads that use only text and are great when you first take a listing because they cost very little

Front 5

Display ads

Back 5

Are those including text and photos, and usually are placed by the brokerage company in the weekend real estate section

Front 6

Home flyer

Back 6

A property's brochure. The purpose of this flyer is to provide quick facts and help buyers remember your property, so it should be clear and brief

Front 7

Buyer’s broker

Back 7

An agent who represents only the buyer and has a fiduciary duty to find the best house for the least money at the terms most favorable to his or her principal (the buyer)

Front 8

Baby Boomers

Back 8

Born between 1946 and 1964 and are currently the largest generation in the history of the nation. Counting nearly 81 million people

Front 9

Generation X

Back 9

Was born between 1961 and 1981. 44 million members in this group

Front 10

Generation Y / Millennium Generation

Back 10

The children of Generation X. Born between 1982 and 2000. More than 70 million

Front 11

Buyer’s profile

Back 11

A prepared list of questions used to determine the buyer’s motivation and how much may be spent on a home

Front 12

Preapproval letter

Back 12

A written commitment from a lender to loan a certain amount based on a written application by the buyer

Front 13

Prequalification

Back 13

Based on verbal information supplied by the buyer. The mortgage broker, lender, or loan officer will provide a written letter, stating the mortgage amount the buyer has been approved for and the terms of the loan

Front 14

Homebuyer’s Checklist

Back 14

Allows the salesperson to find out exactly what the buyer is looking for in a home

Front 15

Due diligence

Back 15

The reasonable effort to provide accurate and complete information about a property. According to the Code of Ethics, “REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority”. The Code of Ethics requires a REALTOR® to “exercise reasonable care in the buyer’s interest to obtain accurate information about a property”

Front 16

Code of Ethics - Working with Buyers

Article 1

Back 16

When representing buyer, seller, property owner, tenant, or other client as a salesperson, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant, or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly.

Front 17

Code of Ethics - Working with Buyers

Standard of Practice 2-1

Back 17

REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority. Article 2 does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines.

Front 18

Code of Ethics - Working with Buyers

Article 6

Back 18

REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client, without the client's knowledge and consent. When recommending real estate products or services (homeowner's insurance, warranty programs, mortgage financing, title insurance, etc.), REALTORS® shall disclose to the client or customer to whom the recommendation is made any financial benefits or fees, other than real estate referral fees, the REALTOR® or REALTOR®'s firm may receive as a direct result of such recommendation.

Front 19

Code of Ethics - Working with Buyers

Article 9

Back 19

REALTORS®, for the protection of all parties, shall assure whenever possible that agreements shall be in writing, and shall be in clear and understandable language expressing the specific terms, conditions, obligations, and commitments of the parties. Each party will receive a copy of each agreement after signing or initialing.

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Code of Ethics - Working with Buyers

Article 10

Back 20

REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, or sexual orientation. REALTORS® shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, or sexual orientation. REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, or sexual orientation.

Front 21

Code of Ethics - Working with Buyers

Standard of Practice 10-1

Back 21

When involved in the sale or lease of a residence, REALTORS® shall not volunteer information regarding the racial, religious, or ethnic composition of any neighborhood, nor shall they engage in any activity which may result in panic selling; however, REALTORS® may provide other demographic information. (Adopted 1/94, Amended 1/06)

Front 22

Code of Ethics - Working with Buyers

Article 11

Back 22

The services which REALTORS® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.

REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent in such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth.