Highlights
Real estate agents, also known as sales agents and brokers, facilitate or negotiate the sale or purchase of any property, most frequently a home. An agent is usually the person managing a specific deal; a broker is usually the person running a firm that hires the agent. "Realtor" is the common name for an agent, although it is actually the formal title for a member of the National Association of Realtors, a trade organization that requires adherence to a code of ethics. The law does not require buyers and sellers hire an agent and a recent trend is a deal handled primarily between the two parties.
Because transactions are often complicated, every state requires agents and brokers be...
Because transactions are often complicated, every state requires agents and brokers be...
Real estate agents, also known as sales agents and brokers, facilitate or negotiate the sale or purchase of any property, most frequently a home. An agent is usually the person managing a specific deal; a broker is usually the person running a firm that hires the agent. "Realtor" is the common name for an agent, although it is actually the formal title for a member of the National Association of Realtors, a trade organization that requires adherence to a code of ethics. The law does not require buyers and sellers hire an agent and a recent trend is a deal handled primarily between the two parties.
Because transactions are often complicated, every state requires agents and brokers be licensed. They must be high school graduates and pass a written test on basic transactions and laws. Most states require classroom instruction, training and, for some advanced positions, some experience selling property. Licenses usually must be renewed every few years and some states require continuing education credits to remain licensed. Agents can work for a buyer or the property owner. They usually are self-employed people providing services as a contractor to a broker's firm. They locate houses to be sold, advertise the property, locate buyers, match buyers to properties that fit their needs, negotiate a price, prepare the paperwork, arrange financing and numerous other tasks. In 2004, the U.S. Bureau of Labor Statistics estimated about 460,000 people worked in the industry. Many worked part time, combining their real estate activities with other careers, because two sales can be days or months apart. The median annual earnings of salaried real estate sales agents, including commissions, were $35,670 in May 2004. Commissions on sales are the main source of earnings, usually a percentage of the sale price. The money is usually split between the agent who listed the property and agent who made the sale to a buyer. The U.S. Bureau of Labor Statistics warns that getting a job is easy, but competition is stiff from experienced agents and is dependent on the volatile swings of the housing market. The job has been made easier in recent decades because of computerization, which allows potential buyers to screen out scores of possible homes with online virtual tours.
Because transactions are often complicated, every state requires agents and brokers be licensed. They must be high school graduates and pass a written test on basic transactions and laws. Most states require classroom instruction, training and, for some advanced positions, some experience selling property. Licenses usually must be renewed every few years and some states require continuing education credits to remain licensed. Agents can work for a buyer or the property owner. They usually are self-employed people providing services as a contractor to a broker's firm. They locate houses to be sold, advertise the property, locate buyers, match buyers to properties that fit their needs, negotiate a price, prepare the paperwork, arrange financing and numerous other tasks. In 2004, the U.S. Bureau of Labor Statistics estimated about 460,000 people worked in the industry. Many worked part time, combining their real estate activities with other careers, because two sales can be days or months apart. The median annual earnings of salaried real estate sales agents, including commissions, were $35,670 in May 2004. Commissions on sales are the main source of earnings, usually a percentage of the sale price. The money is usually split between the agent who listed the property and agent who made the sale to a buyer. The U.S. Bureau of Labor Statistics warns that getting a job is easy, but competition is stiff from experienced agents and is dependent on the volatile swings of the housing market. The job has been made easier in recent decades because of computerization, which allows potential buyers to screen out scores of possible homes with online virtual tours.
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Key West's mandatory non-resident evacuation leaves the town empty
South Florida Sun-SentinelThe electric guitar blues of Ken Fairbrother echoed out over Duval Street as usual here Saturday evening, but there were only a few drinkers in Willie T's to hear it. Or to contribute to the musician's tip jar. "This one has scared people," said...Tags: Hurricanes, Monroe County (Florida), Hurricane Ike, Disasters, Florida Keys Vacations
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Trump steps in to rescue Ed McMahon from foreclosure
ellen.yan@newsday.comDonald Trump is back in the game to rescue Ed McMahon from foreclosure after an anonymous bidder who popped up last month dropped out, the billionaire developer's attorney said Friday. "The anonymous buyer refused to put down his nonrefundable deposit...Tags: Donald Trump, Ed McMahon, Foreclosures, Beverly Hills, Johnny Carson
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Downsizing South Florida businesses eager to sublease their space
South Florida Sun-SentinelThe sputtering economy is causing businesses across South Florida to re-evaluate how much room they really need. And that likely will push the region's office vacancy rate to its highest level in five years. Many companies, particularly those depending...Tags: Layoffs and Downsizing, Boca Raton, Grubb & Ellis Company, Miramar, Palm Beach (Palm Beach, Florida)
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Builder's bigger discounts irk recent buyer
Q: We recently purchased a new home, only to find out that two weeks later the builder had offered substantially more of a discount to other buyers for the same model. We were told there were no more discounts, all the while the builder was offering...Tags: State Budgets
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Way is clear for building renovation
The often-delayed plan to renovate the county government complex will get off the ground in earnest now that officials have found a temporary home for about 400 county employees while the project commences. With a $20 million renovation of the 1976...Tags: Credit and Debt, Renovation, State Budgets, Local Authority, Public Finance
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Pedaling homes
Of The Associated PressWith gas prices high, bicycles flying out of stores and a buyer's market for houses, a handful of real estate agents around the country are touting the two-wheeled appeal of their listings. Some even show houses exclusively by bike, wheeling through...Tags: Clubs and Associations, Sales, Homes, Cycling, Real Estate Buyers
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Realtors find niche in bike riding home tours
The Associated PressWith gas prices high, bicycles flying out of stores and a buyers' market for houses, real estate agents around the country are touting the two-wheeled appeal of their listings. Some even show houses exclusively by bike, wheeling through the...Tags: Clubs and Associations, Sales, Homes, Real Estate Buyers, Real Estate
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Boca creates affordable housing committee
Forum Publishing GroupTo meet a new state requirement, Boca Raton has established an affordable housing advisory committee that will report directly to the City Council. Boca Raton receives money through the State Housing Initiatives Partnership Program, and the state now...Tags: Homes, Boca Raton
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Oak Park urges condo boards to give up right of first refusal in sales
Special to the Chicago TribuneThe Oak Park Village Board this week passed a resolution intended to promote easier financing for condominium purchases by doing away with the authority known as "the right of first refusal." The resolution, proposed by real estate brokers, urges condo...Tags: Sales, Real Estate Buyers, Condos, Housing and Urban Planning, Interior Policy
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3 on Long Island-based small plane walk away from crash
john.valenti@newsday.comPilots say that any landing you can walk away from is a good landing. Long Island-based pilot Ari Meisel and his two passengers know that all too well after a harrowing crash landing Monday afternoon in Harpswell, Maine, where the trio sustained just...Tags: Air and Space Accidents, Cumberland County, Transportation Industry, Transportation Accidents, Long Island
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New York real estate: Great Kills, Staten Island
Special to amNewYorkNo one really uses the word "love" when they describe their feelings toward Great Kills, Staten Island. In fact, most residents speak with a blend of reservation and cautious optimism that it's almost disarming at first. It's not a dangerous place or a...Tags: Great Kills, John Chambers, Restaurant and Catering Industry, Richmond Hill, Wine, Beer, and Spirits
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Alcohol sales up in downturn
Associated PressNEW YORK — A tough economy—job cuts, spiraling inflation, the mortgage mess —ratchets up pressure to rethink spending decisions. Food, clothing and shelter are essential. But when it comes to extras, grim new realities set out some...Tags: Sales, Beverage Industry, Unemployment, Wine, Beer, and Spirits, Connecticut Labor Markets
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