Rents, buys, and sells property for clients on commission basis: Studies property listings to become familiar with properties for sale. Reviews trade journals and attends staff and association meetings to keep informed of marketing conditions, property values, and legislation which would affect real estate industry. Interviews prospective clients to solicit listings. Accompanies prospects to property sites, quotes purchase price, describes features, and discusses conditions of sale or terms of lease. Draws up real estate contracts, such as deeds, leases, and mortgages, and negotiates loans on property. Must have license issued by state. May hold broker's license and be designated Real-Estate Broker (real estate). May assist buyer and seller in obtaining pertinent information or services, such as finance, maintenance, repair, or obtaining an appraisal. May obtain pictures and measurements of rooms, doors, windows, or any other specified areas for inclusion in newspaper advertisement and real estate booklets listing description of property. May inspect property to determine if repairs are needed and notify owner. May conduct seminars and training sessions for sales agents to improve sales techniques. May prepare closing statements, oversee signing of real estate documents, disburse funds, and coordinate closing activities.
One of the most complex and significant financial events in peoplesí lives is the purchase or sale of a home or investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.
Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. They know which neighborhoods will best fit clientsí needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.
Real estate agents usually are independent sales workers who provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agentís sale of the property. Brokers are independent businesspeople who sell real estate owned by others; they also may rent or manage properties for a fee. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers during which the details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do. Brokers supervise agents who may have many of the same job duties. Brokers also supervise their own offices, advertise properties, and handle other business matters.
REAL ESTATE REQUIREMENTS
Pre-License: 60 hour classroom Principles Course and 30 hour Course for New Affiliates.
Continuing Education: 16 hours- Must include Four Hour Core Course- every two years.
Pre-License; 120 hours including 30 classroom hour Office & Brokerage Management course.
Post- License: 120 hours during the first 3 years of licensure.
Continuing Education: Brokers licensed as brokers after January 1, 2005 must complete continuing education requirements after completing post-license education, including the core course.
TN REAL ESTATE COMMISSION
KATHY RIGGS, PhD
TN REAL ESTATE COMMISSION
500 JAMES ROBERTSON PARKWAY
NASHVILLE, TN 37243