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A real estate agent has a duty to conduct a reasonably diligent physical inspection of the property and is liable for failing to disclose property defects that could have been discovered by a reasonably competent real estate licensee. How would you go about conducting your inspection to meet your duty? What types of "red flags" might you observe that would indicate a potential property defect?
Real Estate agents are not licensed inspectors. Not sure what state you live in, but this is not the case in the state where I live in....and that is the case with every state I have done business in so I find it very weird that yours is different...are you sure you are not misreading your text? Don't confuse the responsibility of agents with the responsibility of the sellers...a HUGE difference. Agents are NOT legally responsible to find the defects...they are required to be disclosed by the seller...our state has the sellers fill out a buyer disclosure statement that has a list of very, very specific property condition questions. They are NOT required to disclose ANY defect that doesn't appear on that list. Sellers are also not held liable for conditions of the home that they are not aware of...ie. hidden defects. That is where a property inspection comes in...and if the buyer makes the choice not to have one, then that is their problem.
I am a 20 year old university student and I would like to know how to start as a real estate investor? Where do I start? I mean from the very very beginning. What should I know? Where do I get the money to buy my first investment property? If youre a real estate investor, how did you start? What is the process of investing a property to getting money out of it? Im new to this so it would be like explaining real estate investing to a martian. Please tell me because I really would like to do this in the future. I want to be successful please.
Before buying any investment property you need to have an experience residential or commercial home inspector. Income properties are notorious for being Money Pits and you need to know your costs of repairs and maintenance prior to buying property. A savy inspector will be able to warn you about lack of building permits, illegal apartments, dangerous wiring, asbestos, galvanized plumbing, vermiculite insulation and mould.
I was told that hiring a real estate lawyer is not absolutely necessary, since there is a lawyer who functions on behalf of the lender to prepare the proper paperwork. Does anyone have any recent experience with this? It would be almost an additional $1,000.
If you're purchasing a home w/out an agent, it would be a good idea to have a RE Lawyer look over the paperwork and give you advice. Some lawyers will just charge you their initial consultation fee anywhere from $100 p/h to $200 p/h. I think having him review it, is a wise decision. You're correct about a mortgage lender not being able to provide you with R.E. information, unless he/she knows an agent that would be willing to look over your papers. Good Luck and Prosper...;*!*;...
I'm purchasing my own home and in about 4 or 5 years I hope to be able to purchase one or two more - and grow from there. What do I need to know to begin a real estate career? Is it better to rent houses out OR try to sell them for a profit? What are some of the best resources (especially online) for real estate beginners?
It depends on the house. If the house in question is sold to you cheap and you can turn around (flip it) in 2 - 5 months for a substantial gain, then that is the best way to go. however, if the house in question is a flat or multi-family building, then renting out is the answer. just remember, at the end of the year if you still own these properties, the tax-man will come knocking on your door.
I was considering taking fire science level 1&2 , and also paramedics to start training to be a fire fighter. On thee other hand I've always loved the thought of real estate, selling and flipping houses. I have good background in construction I can do practically anything to a house, and estimate cost of labor. I just need to know which would be a better financial decision. I live in Dayton Ohio and I'm also curious on the salaries. I know firefighters job and salaries have been at stake for a while.
you are confusing issues; one is a life style, serving the community. one is entrepreneurial I would, without hesitation, take real estate and I can show you how to start NOW if you have a contractor's license. If you don't, then I advise on getting one ASAP. I can JV with you --check out my bio
1.Do you need a college degree? And if so, what kind of degree would you need or is there a real estate school for this?2.How much do they make a year?3. Is it a good career to get into?
You don't need a degree to become a real estate appraiser, but you will need to be licensed which will include an education requirement specific to real estate appraising (often offered by real estate schools). Where I come from Appraisers that work for someone else's company get paid about $100 to $150 per residential appraisal and appraisers are able to do up to 2 residential appraisals per day. But the question is would you be able to do 2 appraisals per day given the lower demand for appraisals due to market factors. I recommend you interview at a couple of appraisal companies to see if you can even see a likelihood that you will be able to get hired if you got licensed. I did this very thing early in my career and the owner of the company frankly told me that there was no way I could make the kind of money I wanted to make as an appraiser and talked me into becoming a Realtor instead. I took his advice, and he was dead right.
I am in college and looking for a better paying job... I really love real estate and want to take classes in it on the side this summer and maybe try to get my lisence but I was just wondering what jobs I could try to get as an entry level position? I dont have any experience in this area but I do learn fast and work hard and have good availability. Also, whats the best way to try to get a job with an office? Should I just call around to different companies? Thanks so much!
Real estate is in a down market right now. It may not be a good time for entry level help (unless you live in a market that is not affected overall). Some of the jobs are: receptionists, listing coordinators (help input the listings in the local mls), marketing coordinator (know powerpoint/publisher/adobe to assist agents in creating marketing flyers) with a talent of graphic design, office assistant to an agent - putting out signs, replacing flyers in the house, doing word processing and database management. Good luck.
I Want to open a real estate company in New Jersey, so i want to know the step by step procedures for opening Real Estate Company in New Jersey. I also would like to know what you need to study to work in Real Estate Company. Is having a Degree in Business Administration is Ok to work in Real Estate Company.Appretiate All The AnswersThanks.
if you want to sell, manage or lease real estate for others (other than yourself) you need to have a broker's license from NJ. You have to have a sales license with enough education credits and experience documented to apply to take the broker exam. Once licensed you need to comply with the NJ Real Estate licensure laws in establishing your office and broker of record status. If you only want to buy and sell real estate for yourself, you don't need a license. Getting licensed requires education credits approved by NJ Real Estate Commission and a college degree or courses taken in business administration is not enough to complete the requirements, although you may get some credit applied to the broker education requirement for a degree.