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In NY, attorneys who are current members of the bar are exempt from both the educational and experience requirements to become a broker, so they can get a license pretty easily; they're also exempt from continuing ed requirements, which is completely bogus.
Jeez, how hard would it be for a lawyer to pass the test???
I'm sure that most lawyers could easily pass a test to become either a real estate salesperson or a broker. It's probably that most lawyers would rather practice law than work as a real estate agent. Besides, if a licensed lawyer represented themselves in a real estate transaction, they'd probably still have a fool for a client.
When you are on the lowest end of housing markets, looking at small low cost homes you don't bring a realtor much of a commission. While I understand that the compensation system in real estate is set up so that the more expensive the house the more the agent gets paid, I have a realtor that is treating me as completely unimportant. While I do understand why that is the situation is not helping me.
I have been doing all of the work. Finding homes calling the listing agent for info, driving to them and peeking in the windows. There is so much info these days online do I really even need an agent's help?
I also find that most listing agents who have the listing I call about are much more talkative when they think I have no agent representing me. I learn more about the house from them if they think I may let them represent me.
Is it better for me if I just do the research myself on houses, get a good inspection ( and the person doing the inspection can also let me know what the home is worth so I don't need an appraisal or an agent's advice) , when I find the home I like I can hire a good real estate attorney to draw up the contracts for me and since he charges the same hourly rate to everyone, I will be treated with ( hopefully ) the same respect and attention as wealthier clients.
Is having a real estate agent really necessary when buying a home?
I am not a realtor and I can tell you, I would never, ever consider buying without getting a realtor involved. My Realtor has caught things that I would never have caught and saved me hundreds of thousands of dollars throughout the transactions that I have bought over the years.
It is not worth the small amount of commission that is paid to them to risk going it alone. I would never do it, even if I found the house on my own, I would still call a Realtor to have my back throughout the transaction.
I'm sure that most lawyers could easily pass a test to become either a real estate salesperson or a broker. It's probably that most lawyers would rather practice law than work as a real estate agent. Besides, if a licensed lawyer represented themselves in a real estate transaction, they'd probably still have a fool for a client.
One thing for sure, if YOU represent ME, YOU won't have a fool for a client.
Quote:
Originally Posted by ILoveLidoBeach
I am not a realtor and I can tell you, I would never, ever consider buying without getting a realtor involved. My Realtor has caught things that I would never have caught and saved me hundreds of thousands of dollars throughout the transactions that I have bought over the years.
It is not worth the small amount of commission that is paid to them to risk going it alone. I would never do it, even if I found the house on my own, I would still call a Realtor to have my back throughout the transaction.
Me too! I've saved all kinds of money using a Realtor. I've had refrigerators tossed into the deal, always get all inspection items repaired or credit at closing, free home warranties, negotiated a lower price than what I had been willing to pay!
I'm sure that most lawyers could easily pass a test to become either a real estate salesperson or a broker. It's probably that most lawyers would rather practice law than work as a real estate agent.
Wrong: The real estate tests, cover many things beside the law part that attorney's understand. Then remember attorney's specialize in different types of law. If you want a real estate problem looked at by a divorce lawyer, they are lost.
True Example: About 35 years ago, I sold a multiple business, business property in Western Colorado, working out of my front range office. The sellers agent, had a divorce attorney do all the paperwork, and as I always demanded a copy of all closing papers sent to me a few days before closing for my review and review by an attorney or accountant if needed.
Those papers he sent would not have passed the title insurance company, or lenders, they were so badly prepared. I sent a list of changes that needed done, and they were finally correct the day before the closing. I drove over there the next day (5 hours drive time), and was there for the closing. The selling agent set us up at a conference table with the attorney at the head of the table. The buyer asked a question, and the attorney could not answer. I offered to give the answer, and after I had given it, the attorney said He is right. Over the next 30 minutes both the buyer and the seller asked questions, and after the first 4 or 5 they quit talking to the attorney and asked me for the answer, and I was able to give the answer. The attorney kept saying, "he is right" after each answer.
I then asked if I could set the closing papers up the way I thought they should be. As it was a big stack of papers, it took a few minutes. When I got done the attorney gave a big sigh of relief, and said something I have never forgotten, "That is exactly the way I would have stacked them". Both the buyer and the seller started to laugh, and the selling broker wanted to crawl under the table. We closed and got it over with. As my commission was over $75,000, I was glad I had been on top of things to get it done right.
What I am trying to point out, just because it is an attorney, does not mean he can really handle real estate transactions. I you want advice on a real estate problem, be sure and get an attorney, that is a real estate specialist.
Wrong: The real estate tests, cover many things beside the law part that attorney's understand.
What a crock. I have real estate licenses in two states. A reasonably-bright high school student could easily pass these tests. Furthermore, real estate tests don't actually test one's ability to conduct a real estate transaction. The test asks about steering, redlining, how many square feet in an acre and what is a mansard roof. Those exact questions were on both the tests I took.
Newbie agents fresh out of real-estate school are worse than useless because they don't know a damned thing. (Real estate school doesn't teach anything useful.) But they think they know their stuff because they're the proud holder of a newly-minted real estate license.
What a crock. I have real estate licenses in two states. A reasonably-bright high school student could easily pass these tests. Furthermore, real estate tests don't actually test one's ability to conduct a real estate transaction. The test asks about steering, redlining, how many square feet in an acre and what is a mansard roof. Those exact questions were on both the tests I took.
Newbie agents fresh out of real-estate school are worse than useless because they don't know a damned thing. (Real estate school doesn't teach anything useful.) But they think they know their stuff because they're the proud holder of a newly-minted real estate license.
Absolutely agree with this; the tests are ridiculously easy and are a main contributor to the bad reputation of the industry, as the bar for entry is so low that you have idiots easily able to get licensed, which harms the reputation of all.
Wrong: The real estate tests, cover many things beside the law part that attorney's understand. Then remember attorney's specialize in different types of law. If you want a real estate problem looked at by a divorce lawyer, they are lost.
You misunderstood (and perhaps I could have been more clear). Any person who is smart enough to go through law school, and knowledgeable enough to pass the bar, is certainly able to study and pass a real estate test.
I wholeheartedly agree that many attorneys know very little about real estate or real estate law. I have had a number of attorneys ask me about real estate legal matters--simply because that was not their specialty. Every one of them, however, could have easily studied and passed any test for licensure if they chose to do so.
I found dozens of sites that advertise "get your real estate license online for $99."
I have a Bachelor of Science degree, a private pilot license, various professional certifications. How hard could it be to get a real estate license?
What additional requirements are there to join NAR and become a Realtor? I see you have to be a member of a local board first. I cruised a few and could find no clear guidelines.
I'm not saying if you join all that it makes you a good Realtor.
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Don't use a Realtor???
