Some More Myths Of Real Estate

#1-  Can A Notary Notarize A Document For Their Buyer In A Transaction?

Yes, the laws allow it, but lenders and escrow companies and your broker might not like it.

#2-  Is It Legal For A Broker To Work For More Than One Company?

Yes, if the companies all agree.

#3-  If You Have An Exclusive Listing And You Get An “As Listed” Offer With No Contingencies, Does The Seller Have To Sign?

No, the only action the brokers have is to sue for the earned commission. A sale does not have to close. You must find a buyer, ready, willing and able to close.

#4-  If You Are A Corporate Broker, Do You Need To Keep Your Individual Broker’s License?

No, but you might want to do so to avoid any problem when you are no longer the corporate officer.

#5-  Does A Loan Broker Always Have To Recommend The Loan With The Lowest Interest?

No, other factors could be costs and terms and possibility of getting the loan for this client.

#6-  If You Have The Listing, Do You Owe The Buyer Any Duties?

Yes, you owe the buyer:

(a) Diligent exercise of reasonable skill and care in performance of the agent’s duties.

(b) A duty of honest and fair dealing and good faith.

(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above.

#7-  Does A Listing Agent Have To Present All Offers?

No. If the sellers has given instructions to the contrary or if the offer is patently frivolous (no definition in the Regs).

#8-  If A Landlord Gets More Than One Offer, Does He Or She Have To Take The First Qualified Offer?


Say Goodnight Gracie, and Goodnight Mrs. Calabash, wherever you may be.

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