Announcement

I'm very excited to announce that as of Monday May 4th 2009 I am taking the position of Broker of Record at Elite Properties. Having worked at three different brokerages over my real estate career, I believe at Elite Properties I have found my niche, as have our other agents that continue to do a fantastic job for our clients in spite of the pressures of this very different real estate market.

Elite Properties has always carved its own space out of the mass of other real estate brokerages out there. Our agents are hard-working, detail-oriented and provide exceptional service. Our competitive advantage has been and will continue to be giving the clients information about choices that affect them so that they can make an informed decision.

I am honored to be part of this team of self motivated and strong individuals and hope you will continue to come back to us with your real estate needs year after year.

Thank you!

Good News in Real Estate?

Maybe! Read all about it here.

The Carnival of Real Estate is Here!

And since it is tax time, I've decided to pick three entries as winners and divide them according to ease of reading and understanding. I call them the 1040s of real estate.

In third place, we have the 1040EZ. Not great for deductions but it sure gets the job done quickly and easily. And for that, the winner is Rev-N-You for tips on How to Deal with Late Paying Tenants.

In second place, comes the 1040A. Slightly more complicated, but hey, at least you got your taxes done. The 1040 winner is Andrew Schultz with What do your Rentals Cost You?

And in first place comes the 1040. A long form, but you know it accounts for every cent you get back and everyone wants bigger deductions (and more of them!), right? The 1040 winner is Pat Friedl with his post Myths that can Sink New Real Estate Investors.

Enjoy! And remember to file your taxes!

What does a Real Estate Broker do?

As I sit here gloating over the fact that I passed my real estate broker exam (at the first attempt - yeah!) I seem to be getting quite a few questions from my readers regarding the difference between a real estate salesperson and a real estate broker. "Weren't you already in real estate?" they ask. "I thought you already were a broker." "How can you sell real estate without a broker's license?"

Okay. I will answer. Besides the fact that Realtors throw around a lot of acronyms most people don't understand, ("Send me over the TDS and the FIRPTA ASAP or we're going to get a 24 hours NTP!" If you understood all those acronyms, chances are you are a Realtor) we also tend to assume the general consumer understands agency and laws and regulations surrounding them. They have been so drilled into our heads by the time we pass our real estate exams that we think everyone knows.

Okay, so here goes. A real estate salesperson can technically only sell real estate when employed by a broker. The broker is usually the only person in a real estate office who is able to sign into an agency agreement with a client. So, in effect, the real estate salesperson (who also needs a license, albeit a "junior license" so to speak) is an agent of the real estate broker and works under his instructions. The salesperson's license is not effective unless employed by a real estate broker.

A broker on the other hand may sell real estate on his or her own without being employed by a real estate brokerage. A broker may also hire real estate salespeople of his own. There are some real estate brokers however who do choose to work with other brokerages as "associate brokers" in that they in effect become salespeople in their job descriptions even though they keep their broker's license.

There also seems to be some confusion over whether the term "Realtor" applies to all real estate agents or the broker alone. "Realtor" is a term adopted by the National Association of Realtors. Any real estate agent (broker or salesperson) who is a member of this trade group is a Realtor and follows a code of ethics. It is an effort to standardize real estate and also provide important business tools used in everyday real estate activities. Usually, if a brokerage is part of the National Association of Realtors, all its salespeople are also required to pay their dues and are each individual members (Realtors) as well.

Hope all of this helps clear up some confusion regarding real estate salespeople and brokers.