Real Estate Agency San Jose
Real Estate - What Does a Real Estate Agent Does?
If you are looking to buy or sell a residential real estate property, then you will first need to get in touch with a "Real Estate Agency San Jose". "agency" is defined as: A corporation, limited liability company, partnership, the members of which act in behalf of one another and have the power to bind others, to prescribe rates for mortgages, to create rules and regulations for dealing with REO properties and to issue licenses. "Real Estate Agent" means any individual who is authorized by a state to administer real estate. "Residential Real Estate Agent" refers to the duties and powers that a residential real estate agent has in relation to residential property and/or commercial real estate transactions. "Residential Real Estate Agent" also includes a "seller", who is the principal owner of a residential property and who performs the acts required of a buyer.
When a buyer and a seller to enter into a residential or commercial real estate transaction, they must form a "fiduciary relationship" which means that the agent has a duty to act in the best interests of the buyer and the seller and to collect payments from the seller for the benefits of the buyer. In order to perform these duties, the agent must exercise reasonable judgment, have knowledge, and be honest in their dealings with both parties. Real Estate Agents is subject to discipline for breaches of their fiduciary duty. Historically, Real Estate Agents were fiduciaries, not attorneys. Today, Real Estate Agents are considered to be attorneys and as such may be held liable for the acts of their clients even if the client's state law permits indemnification of Real Estate agents.
The Residential Real Estate Department on Long Island is responsible for inspecting Real Estate Agencies, conducting licensing examinations, collecting rents, collecting insurance premiums, collecting profits and distributing licensing fees. These departmental responsibilities to ensure that the Real Estate agents can carry out their duties effectively. Long Island Real Estate Agents must comply with all Real Estate Laws and regulations. The Department of Licensing is responsible for the regulation of Real Estate Agents.
The Real Estate Agency's Regulation Article focuses on three major areas: disclosure of financial information, disclosure of conflict of interest and advertising. " Disclosure of financial information" includes a disclosure statement that discloses to whom and how the Real Estate Agency receives payments for the services provided. The statement must include the name of the landlord and the names, addresses and phone numbers of the parties to a Real Estate transaction. In addition, a disclosure statement must disclose to whom and how the Real Estate Agent obtains a tenant, a mortgage, an insurance premium, or any other obligation. Finally, a disclosure statement must disclose to whom and how the Real Estate Agent will be paid if the transaction is unsuccessful and the resulting debt is beyond the Realtor's investment.
The Real Estate Agency also publishes a Guide to Real Estate to help the public become familiar with the Real Estate process. The book maintains a consistent tone of helpful advice and instruction intended to help the public understand the basics of Real Estate transactions. Other helpful resources for Real Estate individuals include the Federal Real Estate Settlement Procedures (FRPS) and the Real Estate Settlement Procedures for New York (RSJP). Both these publications provide general guidance for Real Estate transactions in New York.
A Real Estate Agent cannot represent more than one principal. If the agent has Multiple Professions, he or she must disclose each profession on a separate sign contract. Multiple professions require that the real estate agent to disclose to the principal the type of profession of each principal involved in the real estate transactions.
A number of common transaction types require that the Real Estate Agent disclose his or her relationship with the principal. In a Deed-in-Lieu of Foreclosure, the agent is required to disclose to the buyer his or her fiduciary relationship with the lender and the property. In a Real Estate Purchase Agreement, the agent is required to disclose any material agreement with the buyer including the details of the funding and any other party involved, including the lender. Similarly, when offering a Property to a Lender in a Real Estate Seller purchaser Agreement, the agent is obligated to disclose the Lender's fiduciary relationship with the Seller and the property purchased.
Real Estate Brokers plays an important role in Real Estate transactions in New York. However, brokers must abide by a code of ethics developed by the National Association of Realtors, including the rules regarding conflicts of interest. To be sure, the Real Estate and brokering industry are a relatively new area, and the regulations and rules are subject to change with changes in the real estate market and industry sector.