Many home sellers don’t think there’s any difference between a REALTOR and a real estate agent. There’s actually quite a big difference because a REALTOR is a real estate agent who ascribes to the National Association of REALTORS Code of Ethics and Standards of Practice. The codes and standards of practice provide a framework for the REALTOR and there are 9 Articles in Duties to Clients and Customers.

Article 3 of the Code of Ethics states:

“REALTORS shall cooperate with other brokers except when cooperation is not in the client’s best interest.”

The real estate world is a complex interlocking network, and it’s quite common for real estate agents to cooperate with other brokers. The Standards of Practice in Article 3 lays out clear guidelines in terms of compensation, sharing of information, and the duty of cooperation. The REALTOR, acting as exclusive broker or agent of the landlord or home owner, has the responsibility to communicate the terms and conditions in regards to the cooperation. While the REALTOR has an obligation to cooperate, the REALTOR is not obliged to share fees, commission or any compensation with the other broker. Before any cooperation, the matter of compensation should be settled.

As you can see, REALTORS are held to a high level of ethics and they try their best to uphold the interests of their clients. If you are looking for a top Annapolis REALTOR, give John Day a call today.

Last week, we touched on Article 1 of the REALTORS Code of Ethics and this week, we shall look at Article 2, focusing on some of the Standards of Practice. For many people, the home is their biggest investment so it makes perfect sense to go with a REALTOR, rather than just any real estate agent. Why? 

Article 2 of the NAR Code of Ethics says:

“REALTORS shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property of the transaction.”  

Generally, real estate agents are not viewed in such a positive light by most people because some of them will go to the extent of misrepresenting, concealing or exaggerating pertinent facts, in their eagerness to close a deal. The National Association of REALTORS addresses these concerns and set up stringent codes to uphold the integrity of the profession so you should know, a REALTOR is a real estate agent you can trust. Most buyers are dependent on real estate agents for pertinent information so it’s the duty of a REALTOR to uphold Article 2. REALTORS have the obligation to disclose and discover adverse factors in their areas of expertise, according to their real estate authority. On the other hand, REALTORS have no obligation to be an expert in other technical or professional disciplines.

If you need to contact a top Annapolis REALTOR, John Day is the best. Go ahead, make your day with John, today!

Most people don’t really know the difference between a Realtor and a real estate agent. The difference is really quite simple. Real estate agents and Realtors are licensed to sell real estate but Realtors are bound by the Code of Ethics and Standards of Practice which are established by the National Association of Realtors.

Article 1 of Duties to Clients and Customers states:

“When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS pledge themselves to protect and promote the interests of their client.”

According to Article 1, a Realtor has a duty to place the client’s interests above his or her own interests. Since real estate agents earn a commission after completion a successful real estate deal, sometimes, clients may meet unscrupulous agents who are only concerned about their own interests. They don’t care if a potential is jeopardized as long as their interests are served. It’s unfortunate but many people are not aware that Realtors can make all the difference in the world.

If you are looking for a top Dunkirk Realtor, you will be glad you have come to John Day. In 2009, John Day was Annapolis Long and Foster’s Top Producer and he had completed the necessary requirements to earn the highly distinguished Graduate Realtor Institute designation. John Day is a highly respected Realtor in Maryland and he will always serve to protect and promote your interests.

The terms “rent-to-own” and “lease-to-own” are commonly applied to items such as furniture or large electronics. However, these phrases can also describe unique real estate agreements where people who are interested in buying Maryland real estate can become homeowners gradually.

For some rent-to-own agreements, a potential buyer may be asked to pay a large initial payment that can be used as a security deposit and to cover some of the costs of a real estate transaction. The large deposit also indicates that the potential buyer is serious about eventually owning the property. A portion of the monthly rent usually goes towards the down payment as well.

Some rent-to-own contracts lock in a certain price, but it is possible for the property owner to write the contract so that the price can increase as housing prices increase in the area.

For an owner who is having a hard time selling a property, a rent-to-own agreement can help secure a buyer and provide some income from rent. Also, tenants who live in a home and plan to buy it have more incentive to keep the property well maintained.

For a potential buyer, a rent-to-own agreement represents an opportunity to own a home when one does not have all of the money needed for a down payment.

As is the case with any real estate transaction, you should seek expert advice and make sure you understand the terms before you agree to a rent-to-own contract.

The Washington Post recently ran an article entitled, “Is your real estate agent representing you?” This seems like a simple question, but anyone who has felt as if they were not well represented or not properly represented in a real estate transaction, might have wondered just who their agent was trying to assist. The article gives important information about real estate in Maryland, Virginia and the District of Columbia; the rules for Maryland real estate do not apply in other jurisdictions.

In brief:  single agency is when an agent works on behalf of either the seller or buyer; designated agency is when the buyer and the seller have both employed agents who are affiliated with the same real estate firm; dual representation is when a single agent represents both the buyer and the seller in the same transaction. There are other nuances, but these are the very basic definitions of these terms.

In Maryland, agents cannot work on behalf of the buyer and the seller.

According to the article it is no surprise that consumers do not understand the different kinds of agent representation because agents themselves are unaware:

“This is the area of real estate brokerage that is extremely confusing. According to a survey compiled this year by the National Association of Realtors, many agents who responded do not understand dual agency, cannot explain it to their clients and in fact do not provide the state required disclosures.”