Credit Claims For Kansas Real Estate Professionals: Legal Considerations And Guidance – A real estate agent is a licensed professional who arranges real estate transactions, brings buyers and sellers together, and acts as their representative in negotiations. Real estate agents are usually compensated entirely by commission—a percentage of the property’s purchase price—so their income depends on their ability to close deals. A real estate agent in almost every state must work for or be affiliated with a real estate broker (an individual or a brokerage firm), who is highly experienced and licensed to the highest degree.
Real estate agents usually specialize in commercial or residential real estate. However, they perform different tasks, depending on whether they work for the buyer or the seller. Agents who work for sellers, also known as listing agents, advise buyers on how to price a property and prepare it for sale, including providing advice on last-minute improvements that can be made. Can raise prices or encourage faster offers. Sales agents market properties through listing services, networking, and advertising.
Credit Claims For Kansas Real Estate Professionals: Legal Considerations And Guidance
Agents who work for a buyer search for available properties that match the buyer’s price range and wish list. These agents often look at past sales data on comparable properties to help potential buyers make reasonable bids.
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Agents act as go-betweens between the principal parties, making offers and counter-offers and other inquiries. Once an offer is accepted, agents on both sides often continue to work, assisting their clients with paperwork, delivering communications, advising on inspections and moving, and generally closing the deal. takes care of
It is important for consumers to know whether the real estate agent represents the buyer, the seller, or both parties; Obviously, agent loyalty can greatly influence many details of the transaction, including the final price. State laws regulate whether an agent can represent both parties in a real estate transaction, technically known as “dual agency.” Agents must disclose their representation, so that buyers and sellers are aware of any conflicts of interest.
Dual agency, in which one person represents both the buyer and seller in a real estate transaction, is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont.
Traditionally, an agent is paid a commission that is a percentage of the sale price of the property. The more homes that sell for sale, the more money the agent gets. However, with online listings allowing consumers to make more purchases on their own without the help of an agent, the traditional payment structure is changing.
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Some brokers charge a lower commission for more expensive homes, and some handle the entire transaction for a flat fee that is much less than the regular commission. Other companies offer a fee-for-service pricing structure that allows sellers to pay only for certain parts of the sales process, such as adding a property to the Multiple Listing Service (MLS).
You may have heard people use the terms “real estate agent,” “real estate broker,” and “realtor” interchangeably. While there is certainly overlap between the three, there are key differences.
The exact definitions and differences between a real estate agent and a real estate broker vary between states. In general, however, anyone who obtains a basic real estate license (which involves taking a certain number of approved courses and passing an exam) can be called a real estate agent. A real estate agent is essentially a salesperson who is able to help clients buy or sell property.
A real estate broker is one step up the professional food chain. Brokers have additional training and education that allows them to pass higher licensing exams; Most states also require them to have some recent experience as an active real estate agent. Brokers handle the technical aspects of real estate transactions. A buyer signs a contract with a brokerage, not an individual agent. Additional certification of brokers in many states allows them to handle other legal and financial aspects of a transaction, such as depositing proceeds and setting up an escrow account.
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Brokers typically own a company or franchise. They can be sole practitioners, but they must obtain another higher level license if they want to hire agents or other brokers to work under them. As mentioned earlier, a real estate agent usually cannot work alone but must instead work through a real estate broker; The exception is in states like Colorado and New Mexico, which mandate that every real estate professional be licensed as a broker. Generally, though, agents work for brokers and split commissions with them.
So every real estate broker is (or has been) a real estate agent, but not every real estate agent is a broker. How do realtors fit into the equation?
A realtor is a member of the National Association of Realtors (NAR), a trade association. Both agents and brokers can be realtors, along with property managers, appraisers, and other real estate industry professionals. Realtors are expected to be experts in their field and must follow the NAR Code of Ethics, which requires agents to perform specific duties for buyers and sellers, the general public and other principals. In addition to the NAR, real estate owners must belong to a state or local real estate association or board.
All real estate agents are real estate agents or brokers (or something related), but not all agents or brokers are real estate agents. As of July 2020, NAR reported that it has approximately 1.4 million members. About two-thirds of them had real estate agent licenses.
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The proposals that appear in this table are from the partnerships from which compensation is received. This compensation may affect how and where listings are displayed. Not all offers on the market are included. In this post we cover the requirements for renewing and reactivating a Kansas real estate license. There are three main topics covered:
The Kansas Real Estate Commission mandates that during each two-year renewal period, every active licensed salesperson and broker must complete at least 12 hours of continuous credit to keep their Kansas real estate licenses active.
Restoring a passive state does not require continuous hours. If you want to renew a currently active license as inactive, check the “Inactive Status” box on the renewal application.
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All continuing hours completed in a particular renewal period and in your state of residency are accepted as elective hours for that same renewal period. However, overtime hours will not be exempt for Kansas, even if they are exempt in your state of residence. To this effect, you need to submit an Individual Request Form RE-800 to be reviewed by the Kansas Department of Education for continued non-residential credit.
In order to process your license application, your credit completion record must be available at the Kansas Real Estate Commission. To track your ongoing credit, log into your profile at www.krec.ks.gov. If you’ve completed your courses by keeping me certified, you can log in 24/7 to download an updated copy of your certificate.
To enroll and get started on the Kansas required home course or other real estate continuing education electives, visit our online Kansas real estate school.
Effective January 1, 2019, KREC moved to account for license expiration dates in which the expiration date for new licensees is the first day of the month two years after the license was issued. For those with licenses issued before January 1, 2019, the expiration date is the first day of the month following their expiration date. You can also easily check your Kansas real estate license expiration date here.
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If the broker’s license is not renewed before the expiration date, a $100 late fee is required in addition to the renewal fee.
Come on in, and we’ll be happy to help. To learn more or enroll in an online course, visit us. Chat with us live through our website and you will be able to speak with a live person.
Keep Me Certified is a state-accredited online real estate school. Each of our continuing education courses is fully accredited to meet the educational requirements required for real estate license renewal. Our on-demand courses are 100% video-based, so you can start and stop at your convenience. To learn more and get started, visit us
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