‘Did You Know’ Archives
One Stop Realtors
Did you know? The internet has caused an explosion of “For Sale By Owner” opportunities which has put pressure on the existing Real Estate Commission structure forcing Realtors to add value added services.
Forms of Ownership
Tenancy In Common Ownership by two or more people. Each owner owns an undivided fractional interest. Co-owners have unity of possession. Single or multiple deeds may be issued to reflect each owners fractional interest. Each co-owner can [Click to Read More...]
Types of Deeds
General Warranty Deed Provides the most protection of any deed type. Special Warranty Deed Contains two basic warranties. The grantor (seller) received title. The property was not encumbered while the grantor held title, except as [Click to Read More...]
Disclosure Laws
Agency disclosure and types of agency relationships must be in writing. Disclosure must be made before the customer reveals any confidential information to the Realtor (personal financial information, or other information that could affect the [Click to Read More...]
Law of Agency
Transactional Brokerage is a facilitator between buyer and seller to assist in negotiating the transaction. An agent works for a client. An agent works with a customer. Creation of Agency Relationships Illinois has enacted the Brokerage [Click to Read More...]
Single Agency
19% OF REALTORS PRACTICE SINGLE AGENCY Represents a single party Negotiates on behalf of the client Historically known as the “sellers agent” Today can represent buyer or seller
Transactional Brokerage / Dual Agency
60% OF REALTORS PRACTICE DUAL AGENCY Facilitates the transaction Can not advise either party Must remain neutral Must have written approval from both parties
Listing Agreements
Exclusive-Right-To-Sell One broker is appointed as the seller’s sole agent. The broker has exclusive rights or authorization to market the seller’s property. The seller must pay the broker a commission regardless of who sells the [Click to Read More...]
Typical Listing
80% of homes are sold by co-operating brokers Co-operating commission splits vary 68% of all homes are sold via the MLS
Real Estate Sales Results
Realtors Do Not Sell Homes, Realtors Market Homes FSBO sales sell on average 13% less than market value
