Summary
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...
Because transactions are often complicated, every state requires agents and brokers be licensed. They...
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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Chamber partners with SCORE for business coaching
Forum Publishing GroupThe Coral Springs Chamber of Commerce has partnered with SCORE to provide free business coaching. The sessions will take place at the Chamber of Commerce, 11805 Heron Bay Blvd. in Coral Springs, the second week of each month from 1 to 4 p.m. The one-on-...Tags: Coral Springs, Florida
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Governor contradicted on $1 million 'mistake'
Chicago Tribune reporterThe confusing controversy over Gov. Rod Blagojevich's decision to give $1 million in state assistance following the Pilgrim Baptist Church fire has a new twist—the founder of the private Chicago school that got the money is contradicting the...Tags: Sears Tower, Government, Corrupt Practices, Corporate Crime, Christianity
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Nancy G. Manger
Nancy Galloway Manger, a watercolor artist who also worked in real estate in the 1950s, died of complications from chronic obstructive pulmonary disease Monday at Woodlands Assisted Living in Middle River. The longtime Towson resident was 89. Born...Tags: Towson University, Clubs and Associations, Colleges and Universities, Govans, Parkville
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Los Angeles condo sells for $2,848 (per square foot)
Los Angeles Times Staff WriterThe top two floors of a Century City residential tower still under construction have been sold for a record $47 million to Candy Spelling, the widow of TV mogul Aaron Spelling. A $47-million price tag may seem like an enormous sum, but this is all...Tags: New York, Tourism and Leisure, California, Los Angeles, Justice System
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When not among 'Heroes,' Ali kicks back in Allentown
Special to The Morning CallActress Ali Larter was born and raised in Cherry Hill, N.J., and has settled in Tokyo, Miami, Milan, New York and Los Angeles. But home is where her folks are living -- and, for the last decade, that has been in Allentown. ''I get home about four times a...Tags: Family, Beyonce, Geoffrey Rush, Movies, Colin Farrell
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Candy Spelling Pays $47M for New Condo
Los Angeles TimesLOS ANGELES -- The top two floors of a Century City residential tower still under construction have been sold for a record $47 million to Candy Spelling, the widow of TV mogul Aaron Spelling. A $47-million price tag may seem like an enormous sum, but...Tags: New York, Tourism and Leisure, California, Los Angeles, Justice System
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Water Tower gets all dolled up, boosts sales
Chicago Tribune reporterGoodbye Gap. Hello Glam. Water Tower Place, the mall that pioneered suburban-style shopping in the city three decades ago, is getting a makeover as competition heats up along North Michigan Avenue. General Growth Properties Inc., the Chicago-based...Tags: Marshall Field, National Government, Government, JC Penney Company Incorporated, Water Tower
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Searching online for a home: Many websites, varying insights
Special to The TimesFirst of two parts. If Americans have come to rely on the Internet to search for houses -- and last year, the National Assn. of Realtors says, 84% of all buyers did -- where should one start? The Web is awash in sites that promise to help focus a home...Tags: Mortgages, Housing Industry, Financial and Business Services, Networking, Real Estate Sales
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Set the stage for a quick sale
They were a retired couple in their early 60s who fled an expensive city in favor of a tranquil town in a lower-cost state. They were living in a rental apartment but were desperate to sell their stucco cottage in the city to free up funds to buy a modest...Tags: Sales, House and Home, Furniture, Property, Homes
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Fallen star gets a fresh start
247-7470Gone is the Rolex watch, the Mercedes convertible, the sharp double-breasted suits, the lavish apartment. Former millionaire, failed restaurateur and convicted felon David Juan Merritt today lives what he and others call a humbled life. "I want to be...Tags: Clubs and Associations, Government, Printing Service, Public Employees, Corporate Crime
Jul 24, 2008
|Story| South Florida Sun-Sentinel
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