5/3/2021 0 Comments Real Estate ServiceKensington real estate Service also referred to as Real Estate Brokerage, signifies the process by which property is purchased, managed, developed, maintained, protected, defended, leased and is undertaking such various other services and functions as may be required in connection with each individual Franchiseiliate's Real Estate Assets, as provided in the Franchise Disclosure Documents. The term Real Estate Service is using to illustrate that the roles and responsibilities of an individual or company who provides Real Estate Service are to find, develop, maintain, protect, manage, lease and undertake such other related services and functions as may be required in connection with each individual Franchiseiliate's Real Estate Assets. As an example, a Real Estate Agent or Broker who acts as an agent for a Franchisor's business may find, develop, maintain, protect, manage and undertake all of the various Real Estate related services and functions as may be required in connection with a Franchisor's agreement with a real estate agent. Such an individual or company would then be a Real Estate Service Broker. While there are different types of franchises, there are some basic types of Real Estate Service brokering that generally characterize the types of services an individual or company providing such a service may provide. Franchise disclosure documents that may be filed with the secretary of state of that specific jurisdiction generally provide that the Broker shall: Assist in preparation of the promissory note; assist in execution of the agreement; provide assistance in relation to the maintenance, improvement, and/or construction of the Real Estate owned by the franchisor; and represent to the interested parties that the real estate owned by the franchisor is safe, secure, free from encumbrances, liens or bankruptcy. There are two major types of franchises, one being Retail Real Estate Franchises, which, as the name infers, relates to providing retail Real Estate services. The other type of franchise is General Contractor Franchise, which, as the name infers, relates to providing construction services. So, a brokerage firm may be a Retail Real Estate Broker or a General Contractor Franchise Broker. Most often, however, it happens that the most common type of brokerage is a Residential Brokerage Firm. Homes for sale in National City Sales people are employed by a brokerage firm, just as they are by almost every major company. A salesperson is, technically, an independent contractor who sells Real Estate to licensed purchasers. While there are states which prohibit salespeople from working for more than one brokerage firm at the same time, such states usually allow for salespeople to be employed by more than one firm. Salespeople may also be employed by individual brokers, or by other licensed dealers. In fact, in some cases where a salesperson is employed by more than one firm, such salespeople are considered to be Multiple Employee Beneficiaries. In a buyer's market, as soon as the buyer list comes out, all Real Estate brokers must go out and sell Real Estate to buyers; this is usually done by having salespersons call on interested buyers themselves. However, as soon as the economy turns positive, brokers must start advertising the services they offer, and the number of salespersons employed by a brokerage firm will increase. Once again, no matter where a brokerage firm is located, or how many branches it has, each broker will need to find a way to advertise that it offers Real Estate services. Brokers are also very active in the lending industry, and their salespeople can work as lenders themselves, selling properties to buyers. One of the main differences between a Real Estate Agent and a Realtor is that the Real Estate Agent is an "in person" businessperson who travels around searching for houses to list for sale in a buyer's market. As soon as the economy turns positive, agents must begin advertising their services as Realtors. They will travel to local meetings, promote themselves through newspapers and phone books and try to convince homeowners that they should use them when selling their Real Estate property. In this way, an agent works on behalf of sellers, helping them find buyers and closing a deal at a satisfactory price. In order to qualify for the Real Estate Services offered by each state, an agent must have a license to practice. To find out if an agent has a license to practice in a certain state, contact the Attorney General's Office of each state where the agent practices. Agents need to be licensed before they can conduct Real Estate Services, so all states require an agent to be fingerprinted and have their background checked, and they also need to pass a written examination. This exam may cover everything from estate inspections to real property management, and it may also cover conflicts of interest in the business. Real Estate Agents must also pass a minimum of one year of training, and all agents need to complete a continuing education plan every two years. Take a look at this link: https://www.encyclopedia.com/history/united-states-and-canada/us-history/real-estate-industry for more information about this topic.
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