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Exclusive Buyer Agent
An exclusive buyer agent (EBA) (also known as an exclusive buyer broker (EBB)) is a U.S. real estate firm (or an agent or broker who works in such a company) that represents only buyers of real estate. EBA firms never take listings and, therefore, never represent the seller in a real estate transaction. Exclusive buyer agent firms have chosen this business model in order to eliminate the conflict of interest that exists when one firm attempts to represent both buyer and seller in the same transaction. An EBA or associated broker does not take or hold listings or represent the seller or landlord in any way, nor do the agents working under or for him/her. This includes advertising " for sale by owner" properties. In many states, by law, the broker, or agent must have a written agency agreement to represent the buyer exclusively. Without one, the broker or agent may be working for the seller or in a limited capacity. History In 1983, a Federal Trade Commission study revealed that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Broker
Real estate agents and real estate brokers are people who represent sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Categories of representation A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region. Real estate licensing and education In most jurisdictions in the United States, a person must have a license to perform licensed activities, and these activities are defined within the statutes of each state. The main feature of the requirement for having a license to perform those activities is the work d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conflict Of Interest
A conflict of interest (COI) is a situation in which a person or organization is involved in multiple wikt:interest#Noun, interests, financial or otherwise, and serving one interest could involve working against another. Typically, this relates to situations in which the personal interest of an individual or organization might adversely affect a duty owed to decision-making, make decisions for the benefit of a third party. An "interest" is a commitment, obligation, duty or goal associated with a specific social role or practice. By definition, a "conflict of interest" occurs if, within a particular decision-making context, an individual is subject to two coexisting interests that are in direct conflict with each other ("competing interests"). This is important because under these circumstances, the decision-making process can be disrupted or compromised, affecting the integrity or reliability of the outcomes. Typically, a conflict of interest arises when an individual occupies tw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Landlord
A landlord is the owner of property such as a house, apartment, condominium, land, or real estate that is rented or leased to an individual or business, known as a tenant (also called a ''lessee'' or ''renter''). The term landlord applies when a juristic person occupies this position. Alternative terms include lessor and owner. For female property owners, the term landlady may be used. In the United Kingdom, the manager of a pub, officially a licensed victualler, is also referred to as the landlord/landlady. In political economy, landlord specifically refers to someone who owns natural resources (such as land, excluding buildings) from which they derive economic rent, a form of passive income. History The concept of a landlord can be traced to the feudal system of manoralism ( seignorialism), where landed estates were owned by Lords of the Manor ( mesne lords). These lords were typically members of the lower nobility who later formed the rank of knights during ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
For Sale By Owner
For sale by owner (FSBO) is the process of selling real estate without the representation of a broker or agent. This is where the homeowner sells directly to a new homeowner. Homeowners may still employ the services of marketing, online listing companies, but can also market their own property. Typically, they represent themselves with the help of a lawyer or solicitor throughout the sale. As in most areas, there are detailed legal requirements pertaining to sellers and disclosures they must make. Varieties Some options available to the FSBO seller include: #''Selling alone''. The owner sets a price and prepares the house ready for sale. They may hold an open house, open escrow and transfer the keys to a new owner. Websites are available to list properties. Since there is no agent, no commission is paid. The two parties can obtain contractual assistance from their own lawyers or hire one lawyer to facilitate the transaction. #''Partial assistance''. Several "flat fee" list ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agency Agreement
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements. The power of the agent to bind the principal is usually legally referred to as authority. Agency created via an agreement may be a form of implied authority, such as when a person gives their credit card to a close relative, the cardholder may be required to pay for purchases made by the relative with their credit card. Many states employ the equal dignity rule whereby the agency agreement must be in writing if the later agreement would also necessarily be written, such as a contract to buy thousands of dollars' worth of goods. An example of the existence of an agency agreement at issue in a 2006 court case arose when a tennis tournament sponsor sued Venus and Serena Williams f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Trade Commission
The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) United States antitrust law, antitrust law and the promotion of consumer protection. It shares jurisdiction over federal civil antitrust law enforcement with the United States Department of Justice Antitrust Division, Department of Justice Antitrust Division. The agency is headquartered in the Federal Trade Commission Building in Washington, DC. The FTC was established in 1914 by the Federal Trade Commission Act of 1914, Federal Trade Commission Act, which was passed in response to the 19th-century monopolistic trust crisis. Since its inception, the FTC has enforced the provisions of the Clayton Antitrust Act of 1914, Clayton Act, a key U.S. antitrust statute, as well as the provisions of the FTC Act, et seq. Over time, the FTC has been delegated with the enforcement of additional business regulation statutes and has promul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Association Of Realtors
The National Association of Realtors (NAR) is an American trade association for those who work in the real estate industry. it had over 1.5 million members, making it the largest trade association in the United States including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. The organization holds a U.S. trademark over the term "realtor". NAR also functions as a self-regulatory organization for real estate brokerage. The organization is headquartered in Chicago. Overview The National Association of Realtors was founded on May 12, 1908 as the National Association of Real Estate Exchanges in Chicago, Illinois. In 1916, it changed its name to The National Association of Real Estate Boards (NAREB). The current name was adopted in 1972. NAR's members are residential and commercial real estate brokers, real estate salespeople, immovable property managers, appraisers, counselors, and others engaged in all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Highway Patrol
A highway patrol is a police unit, detail, or law enforcement agency created primarily for the purpose of overseeing and enforcing traffic safety compliance on roads and highways within a jurisdiction. They are also referred to in many countries as traffic police, although in other countries this term is more commonly used to refer to foot officers on point duty who control traffic at junctions. Functions Duties of highway patrols or traffic police may include the following: ; Accident investigation: Gathering evidence to determine the cause of a roadway accident. ; Commercial vehicle enforcement: Enforcing highway laws related to commercial transport, including weight limits and hazardous materials rules. ; Education: Providing public information, handouts, and displays to encourage safe driving and usage of the roads. ; Emergency response: Securing the scene of a traffic accident by using cones and flares as well as providing first aid to the injured. ; Law enforcement: A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Missouri
Missouri (''see #Etymology and pronunciation, pronunciation'') is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Ranking List of U.S. states and territories by area, 21st in land area, it borders Iowa to the north, Illinois, Kentucky and Tennessee to the east, Arkansas to the south and Oklahoma, Kansas, and Nebraska to the west. In the south are the Ozarks, a forested highland, providing timber, minerals, and recreation. At 1.5 billion years old, the St. Francois Mountains are among the oldest in the world. The Missouri River, after which the state is named, flows through the center and into the Mississippi River, which makes up the eastern border. With over six million residents, it is the List of U.S. states and territories by population, 19th-most populous state of the country. The largest urban areas are St. Louis, Kansas City, Missouri, Kansas City, Springfield, Missouri, Springfield, and Columbia, Missouri, Columbia. The Cap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
