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Consumer Competencies By Erle Rawlins III
1. What are the benefits and/or risks of each of the various real estate services offered by licensees to me as a buyer?
2. What agency disclosure, statutory notice or other requirements must I be furnished with when working with a real estate licensee, when or how must I be provided these documents, and am I required to sign any such documents?
3. What are the fiduciary duties a real estate licensee has to me when acting as an "agent" and how may those duties be limited or restricted depending upon the service role the licensee has to me?
4. What are the basic terms of a real estate contract that I should be aware of as a buyer?
5. In what ways is a real estate licensee obligated to protect my financial interests as a buyer, and in what possible situations may the licensee be unable to protect my financial interests?
6. What is the purpose of the home inspection, how do I determine who is best qualified to inspect the property, and how should I attempt to renegotiate the contract terms if the inspection isn't satisfactory?
7. What is the role of the lender and the appraiser in my home purchase, whose side are they on, and how do I know if the fees they charge are reasonable?
8. What is the role of the title company in my home purchase and what do need to understand about the services they offer, and the protections and limitations provided me through the title policy? Which party has the right to select the title insurer, the escrow closer and the holder of the earnest money?
9. What information about my buying needs should I be careful about disclosing or not disclosing to a licensee acting as my exclusive agent, as an agent for another, or as an intermediary, appointed licensee, dual agent, designated agent or other limited service provider?
10. What rights, as a consumer, do I have if I feel a real estate licensee has acted incompetently in working with me or has misrepresented material facts about the property I am buying?
11. What alternative methods might I have access to when buying a home if I choose not to hire a real estate licensee to represent me?
12. What questions should I ask a real estate licensee who is attempting to persuade me to work with that licensee to insure I receive the best service?
13. As a consumer, what are my obligations, if any, to the Multiple Listing Service or real estate trade association of which my broker may be a member?
14. What benefits may I realize by engaging a real estate attorney for assistance in my home buying transaction and when should that engagement occur?
15. In what ways are real estate commissions negotiated between consumers and brokers, and how should commission amounts be different based on the level of service offered to the consumer by the broker? |