TOP 100 - BEST RATED REAL ESTATE AGENTS / REALTORS IN ORANGE COUNTY:
	SUMMARIES AND REVIEWS	PHONE
REALTORS, REAL ESTATE PROFESSIONALS - BUY A HOME, SELL A HOME, PROPERTY, CONDO:
Molly Peterson "Going the Extra Mile" - BIO PAGE - COVERAGE SPECIALTY: South OC, Mission Viejo, Rancho Santa Margarita, Lake Forest, Foothill Ranch, Las Flores, Ladera Ranch, Trabucco Canyon, Silverado Canyon Phone: (949)707-4329 Website: www.mollypeterson.com Lori & Dave Gee "Big Decisions Require Someone You Trust!" - BIO PAGE- COVERAGE SPECIALTY: Newport Beach, Laguna Niguel, Dana Point, San Clemente, Laguna Phone: 949-322-8299 Website: www.thegeesite.com   Randy Rouland "Ask me how you can SECURE YOUR Retirement through Real Estate!!!" - BIO PAGE - COVERAGE SPECIALTY: South Orange County, Laguna Niguel, Lake Forest, Laguna Beach Phone: 949-291-5686 Website:www.MissionViejoCaHomes.com Leslie Eskildsen "Because you deserve the best!" - BIO PAGE- COVERAGE SPECIALTY: Orange County Phone: 949-678-3373 Website: www.leslieeskildsen.com   Cherie Eckley "The competitive edge needed when buying or selling a home" - BIO PAGE - COVERAGE SPECIALTY: Fullerton, La Habra, Yorba Linda, North Tustin, Tustin, Villa Park, Anaheim Hills, Brea, Anaheim Phone: (714) 357-2001 Website:www.cherieeckley.com Jennifer McBride "Finding the Need with Excellence" - BIO PAGE- COVERAGE SPECIALTY: San Clemente, San Juan Capistrano, Dana Point, Laguna Niguel. Phone: 949.274.3619 Website:www.mcbriderealtor.com   Karen Fiddler "Your local real estate expert" - BIO PAGE - COVERAGE SPECIALTY: Mission Viejo, San Clemente, Laguna Beach, Rancho Santa Margarita, Lake Forest, Laguna Hills, Irvine Phone: (949) 510-2395 Website:www.great-western-realty.com Casey Elliott "Turning the Keys to your Home to Open the Doors to Your Future" - BIO PAGE- COVERAGE SPECIALTY: Orange County Distressed Home Sales, 1st Time buyers,Move up Buyers, bank owned sales, reo purchases,Standard Sales Phone: (888)263-0424 x237 Website:www.cesrealty.com   Dave Csira "South Orange County Distinctive Properties" - BIO PAGE - COVERAGE SPECIALTY: San Clemente, Dana Point, Laguna Beach, Laguna Niguel, Aliso Viejo, San Juan Capistrano, Ladera Ranch, Mission Viejo Phone: (866) 805-0555 Website:www.csiragroup.com YOU COULD LISTED BE HERE! Call Jack Clausen Phone: (949)589-8909
	NAMES, AREAS OF SPECIALTY	PHONE
REALTOR LIST :
	Chuck Pillsbury, South Orange County, Mission Viejo	(949)280-8346
	Suzanne Hefni-Pyle, San Diego / OC	(949)492-6558
	Nancy Bau, South OC M.V.	(949)597-1442
	Dave Csira, South OC San Clemente	(949)500-3283
	Ellen Parker, South OC, Dove Canyon / Coto De Caza	(949)280-7536
	Michele Vaughn, South OC	(949)295-7171
	Jean Deleonardi, Central OC Huntington Beach	(714)336-6050
	Vikkie Morrison, Central OC Huntington Beach	(714)861-1288
	Lori Gee, South OC Dana Point	(949)322-8299
	Karen Fiddler, South OC Rancho Santa Margarita	(949)510-2395
	Eric Baucum, South OC Laguna Woods	(949)338-5305
	Gail Foor, South OC Laguna Woods	(949)697-7008
	Boker and Jaye Yaruss, Coast to Foothills & Canyons, Irvine to San Clemente	(949)929-7187
	June Radke, South OC Ladera Ranch	(949)201-8967
	Vic Steele, Central and North OC Orange	(714)685-1565
	Cherie Eckley, North OC Fullerton/Yorba Linda/Brea	(714)357-2001
	Ronnie Vaughn, Central OC Irvine	(949)251-0235
	Linsey Planeta, South OC Las Flores	(949)939-2514
	Bryn Hutchinson, South OC Aliso Viejo	(949)412-0882
	Paige McDaniel, South OC San Clemente	(949)218-1044
	Jennifer Georgagi, South OC Irvine	(949)815-2592
	Shawna Ramirez, Mid OC Irvine	(714)402-9519
	Lynnette Richard, Orange County Mission Viejo	(949)370-2364
	Charles Rea, South OC San Juan Capistrano	(949)370-9001
	Casey Elliott, OC	(949)310-5200
	Stacy Hetland, OC/ Riverside	(949)233-5334
	Randy Rouland, OC	(949)291-5686
	Ryan Rouland, OC	(949)395-0839
	Sanda Bahic, OC Aliso Viejo	(949)903-3990
	Lisa Adams, South OC San Clemente	(949)338-2694
	Dave Bates, South OC Aliso Viejo	(949)683-1591
	Marcus "Kiwi" Gualter, South OC Newport Coast	(714)402-0070
	Victoria Graves, South OC San Clemente	(949)322-8408
	Tom Hackett, OC Aliso Viejo	(714)394-2712
	Melody Razeghi, OC	(949)433-9337
	Doug and Soosan Robinett, OC San Clemente	(949)370-6200
	Denise Z., OC Laguna Niguel	(949)338-7800
	Karen La Rue, OC Mission Viejo	(949)282-2504
	Lori Davis Morris, OC Las Flores	(949)713-2451
	Liz and Ty Hansche, OC Laguna Niguel	(949)295-9373
	Tom Schulze, OC Irvine	(949)636-2050
	Nada Vuksic, OC	(949)290-1250
	Jennifer McBride, All OC Special areas San Clemente, Capo Beach, Dana Point	(949)274-3619
	Jill Kuenne, OC	(949)350-3499

HOW AND WHY THIS PAGE WORKS! Welcome to Real Estate Agents Orange County CA.Com, This web site is hosted by JLC Inspections Inc. the leading Property Inspection Company of Orange County. JLC Inspections Inc has performed inspections for hundreds of different Real Estate Agents over the past 10 years. We believe that it is important that "you the consumer" have a reliable way of picking a Real Estate Agent that will work harder at helping you find the right home than just merely making a pay check. Over the past 10 years we have performed inspections for Agents that we categorize as the Good, the Bad, and the Ugly, only the Good concerned Agents are on this web site. Let this be your resource to finding your next home. Please feel free to call me if you have any questions or concerns Office 949-589-8909 Cell 949-702-4221 Popular Helpers to the Real Estate Professional PHONE   HOME IMPROVEMENT / COMMERCIAL / RESIDENTIAL: JLC Inspection Mold Inspection Thermal Imaging (949)589-8909 Legacy Home Loans, Great Home Loans, Low Rates, Affordable - LIZ (949)900-4611 Paul Davis Restoration: Water Fire Mold Remediation Damage Drying Repair (949)455-1710 SaddleBack Windows Doors, Replacement Windows & Doors Vinyl, Affordable (949)310-6777 JS Electric, Electrician Residential Commericial Energy Saving (714)469-2110 Owen Williams, Handyman Service South Orange County (949)933-0178 Air-Tech, HVAC Orange County, Affordable, Residential (949)454-6911 Arts Plumbing, Plumber Orange County, Affordable, Honest (949)230-4648 Interior Design OC Business Homes Wow! (949)858-3611 Hanes & Cross, Carpet Cleaning Orange County, Rugs, Pet Odor (949)496-0935 Proline Paint and Finish, Interior Exterior Painter Orange County Wood Finish (949)285-6642 Pest Control Orange County: Affordable, Pest Control, Termites, Fumigations (800) 585-5424 Denovo, Discount Sinks, Faucets, Showers, Ceiling Fans (888) 264-4955

ABOUT REAL ESTATE BROKERS / REAL ESTATE AGENTS

A real estate broker is a term in the United States and Canada which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it is known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by reference to the English common law of agency with the broker having a fiduciary relationship with his clients.

Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients, but there are significant differences between the actions and liabilities of brokers and estate agents in each country. Beyond the US, other countries take markedly different approaches to the marketing and selling of real property.

In the US, real estate brokers and their salespersons (commonly called "real estate agents" or, in some states, "brokers") assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a Buyer's agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms. Without a signed agreement, brokers may assist buyers in the acquisition of property but still represent the seller and the seller's interests.

In most jurisdictions in the United States, a person is required to have a license in order to receive remuneration for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licensed. In some states, lawyers are allowed to handle real estate sales for compensation without being licensed as brokers or agents.

The difference between salespersons and brokers

In the past, when brokers (and their agents) only represented sellers, the term ‘’real estate salesperson’’ may have been more appropriate than it is today, given the different ways that brokers and their agents can help a buyer through the process rather than simply “sell’’ him or her a property. Legally however, the term 'salesperson' is still used in many states to describe a real estate agent.

Real estate education: In order to become licensed, most states require that an applicant take a minimum number of classes before taking the state licensing exam. Such education is often provided by real estate brokerages as a means to finding new agents.

Today in many states, the real estate agent (acting as an agent of the broker with whom he/she is employed) is required to disclose to prospective buyers and sellers who represents whom. See below for a broker/agent’s relationship to sellers and their relationship to buyers.

While some people may refer to any licensed real estate agent as a real estate broker, a licensed real estate agent is a professional who has obtained either a real estate salesperson's license or a real estate broker's license.

In the United States, there are commonly two levels of real estate professionals licensed by the individual states, but not by the federal government:

Real estate salesperson (or, in some states, Real estate broker):

When a person first becomes licensed to become a real estate agent, he/she obtains a real estate salesperson's license (or some states use the alternative term, "broker") from the state in which he/she will practice. If you want to obtain a real estate license, the candidate must take specific coursework (of between 40 and 90 hours) and then pass a state exam on real estate law and practice. In order to work, salespersons must then be associated with (and act under the authority of) a real estate broker.

Many states also have reciprocal agreements with other states, allowing a licensed individual from a qualified state to take the second state's exam without completing the course requirements, or, in some cases, take only a state law exam.

Real estate broker (or, in some states, qualifying broker):

After gaining some years of experience in real estate sales, a salesperson may decide to become licensed as a real estate broker (or Principal/qualifying broker) in order to own, manage or operate his/her own brokerage. In addition, some states allow college graduates to apply for a broker license without years of experience. College graduates fall into this category once they have completed the state required courses as well. Commonly more course work and a broker's state exam on real estate law must be passed. Upon obtaining a broker's license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate or associate broker) or take charge of his/her own brokerage and hire other salespersons (or broker) licensees. Becoming a branch office manager may or may not require a broker's license. Some states such as New York allow licensed attorneys to become real estate brokers without taking any exam. In some states, such as Colorado, there are no "salespeople", as all licensees are brokers.

A Realtor is a real estate professional, usually a broker or salesperson, who is a member of the National Association of Realtors (NAR). There are 1.3 million Realtors, mostly in the US, and an additional 1 million licensed real estate agents who are not members of NAR and cannot use the term "realtor". However, note that the US Bureau of Labor Statistics claims only about 600,000 working brokers/salespersons.

Agency relationships with clients versus Non-Agency relationships with customers

• Agency relationship: Traditionally, the broker provides a conventional full-service, commission-based brokerage relationship under a signed listing agreement with a seller or "buyer representation" agreement with a buyer, thus creating under common law in most states an agency relationship with fiduciary obligations. The seller or buyer is then a client of the broker. Some states also have statutes which define and control the nature of the representation.

Agency relationships in residential real estate transactions involve the legal representation by a real estate broker (on behalf of a real estate company) of the principal, whether that person or persons is a buyer or a seller. The broker (and his/her licensed real estate agents) then becomes the agent of the principal.

• Non-agency relationship: where no written agreement nor fiduciary relationship exists, a real estate broker (and his agents) works with a principal who is then known as the broker’s customer. When a buyer, who has not entered into a Buyer Agency agreement with the broker and buys a property, then that broker functions as the sub-agent of the seller’s broker. When a seller chooses to work with a transaction broker, there is no agency relationship created.

Transaction brokers

Some state Real Estate Commissions, notably Florida's after 1992 (and extended in 2003) and Colorado's after 1994 (with changes in 2003), created the option of having no agency nor fiduciary relationship between brokers and sellers or buyers. Having no more than a facilitator relationship, transaction brokers assists buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers.

As noted by the South Broward Board of Realtors, Inc. in a letter to State of Florida legislative committees:

"The Transaction Broker crafts a transaction by bringing a willing buyer and a willing seller together and assists with the closing of details. The Transaction Broker is not a fiduciary of any party, but must abide by law as well as professional and ethical standards." (such as NAR Code of Ethics)

The result was that in 2003, Florida created a system where the default brokerage relationship had "all licensees …operating as transaction brokers, unless a single agent or no brokerage relationship is established, in writing, with the customer" and the statute required written disclosure of the transaction brokerage relationship to the buyer or seller customer only through July 1, 2008.

In both Florida and Colorado's case, dual agency and sub-agency (where both listing and selling agents represented the seller) no longer exist.

Dual or limited agency

Dual agency occurs when the same brokerage represents both the seller and the buyer under written agreements. Individual state laws vary and interpret dual agency rather differently.

Many states no longer allow dual agency. Instead, "transaction brokerage" provides the buyer and seller with a limited form of representation, but without any fiduciary obligations (see Florida law). Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency, and many states require written Disclosures to be signed by all parties outlining the duties and obligations.

• If state law allows for the same agent to represent both the buyer and the seller in a single transaction, the brokerage/agent is typically considered to be a Dual Agent. Special laws/rules often apply to dual agents, especially in negotiating price.
• In some states (notably Maryland), Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, Dual Agency occurs by allowing each agent to be designated as “intra-company” agent. Only the broker himself is the Dual Agent.
• Some states do allow a broker and one agent to represent both sides of the transaction as dual agents. In those situations, conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties.

Types of services that a broker can provide

Since each state's laws may differ from others, it is generally advised that prospective sellers or buyers consult a licensed real estate professional.

Some Examples:

• comparative market analysis (CMA) - an estimate of the home's value compared with others. This differs from an appraisal in that property currently for sale may be taken into consideration (competition for the subject property).
• Exposure - Marketing the real property to prospective buyers.
• Facilitating a Purchase - guiding a buyer through the process.
• Facilitating a Sale - guiding a seller through the selling process.
• FSBO document preparation - preparing necessary paperwork for "Sale By Owner" sellers.
• Full Residential Appraisal - but only, in most states, if the broker is also licensed as an appraiser.
• Home Selling Kits - guides to how to market and sell a property.
• Hourly Consulting for a fee, based on the client's needs.
• Leasing for a fee or percentage of the gross lease value.
• Property Management.
• Exchanging property.
• Auctioning property.
• Preparing contracts and leases. (Not in all states.)

These services are also changing as a variety of real estate trends re-engineer the industry.

General

The sellers and buyers themselves are the principals in the sale, and real estate brokers (and the broker's agents) are their agents as defined in the law. However, although a real estate agent commonly fills out the real estate contract form, agents are typically not given power of attorney to sign the real estate contract or the deed; the principals sign these documents. The respective real estate agents may include their brokerages on the contract as the agents for each principal.

The use of a real estate broker is not a requirement for the sale or conveyance of real estate or for obtaining a mortgage loan from a lender. However, once a broker is used, the settlement attorney (or party handling closing) will ensure that all parties involved be paid. Lenders typically have other requirements, though, for a loan.

Services provided to both buyers and sellers

In addition to the services to sellers and buyers described below, most real estate agents coordinate various aspects of the closing.

Real estate brokers (and their agents) typically do not provide title service such as title search or title insurance, do not conduct surveys or formal appraisals of the property such as those required by lenders, and do not act as lawyers for the parties, although they may "coordinate" these activities with the appropriate specialists. Some real estate brokers may be associated with loan officers who may help to finance buyers to make their purchase.

Regardless of whether a real estate agent assists sellers or buyers of real estate, negotiating skills and knowledge of financing options are important.

Real estate brokers and sellers

Services provided to seller as client

Upon signing a listing contract with the seller wishing to sell the real estate, the brokerage attempts to earn a commission by finding a buyer for the sellers' property for highest possible price on the best terms for the seller. In Canada, most provinces' laws require the real estate agent to forward all written offers to the seller for consideration or review.

To help accomplish this goal of finding buyers, a real estate agency commonly does the following:

• Listing the property for sale to the public, often on a Multiple Listing Service, in addition to any other methods.
• Based on the law in several states, providing the seller with a real property condition disclosure form, and other forms which may be needed.
• Preparing necessary papers describing the property for advertising, pamphlets, open houses, etc.
• Generally placing a "For Sale" sign on the property indicating how to contact the real estate office and agent.
• Advertising the property. Advertising is often the biggest outside expense in listing a property.
• In some cases, holding an Open house to show the property.
• Being a contact person available to answer any questions about the property and to schedule showing appointments
• Ensuring buyers are prescreened so that they are financially qualified to buy the property; the more highly financially qualified the buyer is, the more likely the closing will succeed.
• Negotiating price on behalf of the sellers. The seller's agent acts as a fiduciary for the seller. This may involve preparing a standard real estate purchase contract by filling in the blanks in the contract form.
• In some cases, holding an earnest payment cheque in escrow from the buyer(s) until the closing. In many states, the closing is the meeting between the buyer and seller where the property is transferred and the title is conveyed by a deed. In other states, especially those in the West, closings take place during a defined escrow period when buyers and sellers each sign the appropriate papers transferring title, but do not meet each other.

The "listing" contract

Several types of listing contracts exist between broker and seller. These may be defined as:

• Exclusive Right to Sell

In this type of Agreement, the broker is given the exclusive right to market the property and represents the seller exclusively. This is referred to as seller agency. However, the brokerage also offers to co-operate with other brokers and agrees to allow them to show the property to prospective buyers and offers a share of the total real estate commission.

• Exclusive Agency

An alternative form, "Exclusive Agency", allows only the broker the right to sell the property, and no offer of compensation is ever made to another broker. In that case, the property will never be entered into an MLS. Naturally, that limits the exposure of the property to only one agency.

• Open Listing

This is an Agreement whereby the property is available for sale by any real estate professional who can advertise, show, or negotiate the sale. Whoever first brings an acceptable offer would receive compensation. Real estate companies will typically require that a written agreement for an open listing be signed by the seller to ensure the payment of a commission if a sale should take place.

Although there can be other ways of doing business, a real estate brokerage usually earns its commission after the real estate broker and a seller enter into a listing contract and fulfill agreed-upon terms specified within that contract. The seller's real estate is then listed for sale, frequently with property data entered into a Multiple Listing Service (MLS) in addition to any other ways of advertising or promoting the sale of the property.

In most of North America, where brokers are members of a national association (such as NAR in the United States or the Canadian Real Estate Association), a listing agreement or contract between broker and seller must include the following: starting and ending dates of the agreement; the price at which the property will be offered for sale; the amount of compensation due to the broker and how much, if any, will be offered to a co-operating broker who may bring a buyer. Without an offer of compensation to a co-operating broker (co-op percentage or flat fee), the property may not be advertised in the MLS system.

Net Listings: Property listings at an agreed-upon net price that the seller wishes to receive with any excess going to the broker as commission are not legal in most, if not all, states.

Brokerage commissions

In consideration of the brokerage successfully finding a satisfactory buyer for the property, a broker anticipates receiving a commission for the services the brokerage has provided. Usually, the payment of a commission to the brokerage is contingent upon finding a satisfactory buyer for the real estate for sale, the successful negotiation of a purchase contract between a satisfactory buyer and seller, or the settlement of the transaction and the exchange of money between buyer and seller.

In North America commissions on real estate transactions are negotiable. Local real estate sales activity usually dictates the amount of commission agreed to. Real estate commission is typically paid by the seller at the closing of the transaction as detailed in the listing agreement.

[RESPA

Real estate brokers who work with lenders may not receive any compensation from the lender for referring a client to a specific lender. To do so would be a violation of a (US) federal law known as the Real Estate Settlement Procedures Act (RESPA). All lender compensation to a broker must be disclosed to all parties.

Lockbox

With the sellers’ permission, a lockbox is placed on homes that are occupied and, after arranging an appointment with the home owner, agents can show the home. When a property is vacant or where a seller may be living elsewhere, a lockbox will generally be placed on the front door. The listing broker helps arrange showings of the property by various real estate agents from all companies associated with the MLS.

The lockbox contains the key to the door of the property and the box can only be opened by licensed real estate agents (often only with authorization from the listing brokerage), by using some sort of secret combination or code provided by the brokerage or the issuer of the lockbox.

Shared commissions with co-op brokers

If any buyer's broker (or any of his/her agents) brings the buyer for the property, the buyer's broker would typically be compensated with a co-op commission coming from the total offered to the listing broker, often about half of the full commission from the seller. If an agent or salesperson working for the buyer's broker brings the buyer for the property, then the buyer's broker would commonly compensate his agent with a fraction of the co-op commission, again as determined in a separate agreement. A discount brokerage may offer a reduced commission in the event no other brokerage firm is involved and no co-op commission is paid out.

If there is no co-commission to pay to another brokerage, the listing brokerage receives the full amount of the commission minus any other types of expenses.

Potential points of contention for agents

Real estate commissions are becoming a point of controversy. Home values in many areas have quadrupled over the past 20 years. This may be contributing to the increased number of licensed agents and growing competition between them. The number of real estate agents in areas tends to rise when home values do, and the productivity of existing agents goes down.

Another controversy exists around how commissions paid to real estate agents are disclosed to buyers and the effect additional seller incentives may have on the negotiation process and final purchase price.

If a listing agent sells a property for any amount above the listed price, he in turn will make additional income. In theory, this will motivate him/her to get top dollar price for his client, the seller. However, if the agent representing the buyer attempts to obtain a lower sales price for his client, then he/she would make a lower commission. Thus, it could be considered to be in the agent's best interest to advise his client to purchase the property at a higher price. Although not very likely since the difference in the commission is very little and the agent would not want to jeopordize the deal.

According to economist Steven Levitt in his 2005 book Freakonomics , in practical terms, there is rarely a great enough difference between the listing (asking) price and the negotiated selling price to make a significant difference between the commissions generated on each side, and certainly hardly enough to justify an agent failing in his fiduciary duty to obtain the best terms for his/her client. However, when an agent is selling their own property, there exists a greater incentive to sell for a higher price and this is seen in examining historical home sale prices.

Another potential conflict of interest exists when a listing agent in a very active real estate market has incentive to sell properties quickly at unnecessarily low prices in order to benefit from a high volume of sales.

Real estate brokers and buyers

Services provided to buyers:

• Buyers as clients

With the increase in the practice of buyer brokerage in the US, especially since the late 1990s in most states, agents (acting under their brokers) have been able to represent buyers in the transaction with a written "Buyer Agency Agreement" not unlike the "Listing Agreement" for sellers referred to above. In this case, buyers are clients of the brokerage.

Some brokerages represent buyers only and are known as Exclusive Buyer Agents (EBAs). Consumer Reports states "You can find a true buyer's agent only at a firm that does not accept listings" The advantages of using an Exclusive Buyer Agent is that they avoid conflicts of interest by working in the best interests of the buyer and not the seller, avoid homes and neighborhoods likely to fare poorly in the marketplace, ensure the buyer does not unknowingly overpay for a property, fully informs the buyer of adverse conditions, encourages the buyer to make offers based on true value instead of list price which can sometimes be overstated, and works to save the buyer money. A buyer agency firm which commissioned a study found EBA purchased homes were seventeen times less likely to go into foreclosure.

A real estate brokerage attempts to do the following for the buyers of real estate only when they represent the buyers with some form of written buyer-brokerage agreement:

• Find real estate in accordance with the buyers needs, specifications, and cost.
• Takes buyers to and shows them properties available for sale.
• When deemed appropriate, pre-screens buyers to ensure they are financially qualified to buy the properties shown (or uses a mortgage professional to do that task).
• Negotiates price and terms on behalf of the buyers and prepares standard real estate purchase contract by filling in the blanks in the contract form. The buyer's agent acts as a fiduciary for the buyer.

Due to the importance of the role of representing buyers' interests, many brokers who seek to play the role of client advocate are now seeking out the services of Certified Mortgage Planners, industry experts that work in concert with Certified Financial Planners to align consumers' home finance positions with their larger financial portfolio(s).

• Buyers as customers

In most states, until the 1990s, buyers who worked with an agent of a real estate broker in finding a house were customers of the brokerage, since the broker represented only sellers.

Today, state laws differ. Buyers and/or sellers may be represented. Typically, a written "Buyer Brokerage" agreement is required for the buyer to have representation (regardless of which party is paying the commission), although by his/her actions, an agent can create representation.

• Find real estate in accordance with the buyers’ needs, specifications, and affordability.
• Take buyers to and shows them properties available for sale.
• When deemed appropriate, prescreen buyers to ensure they are financially qualified to buy the properties shown (or uses a mortgage professional to do that task).
• Assist the buyer in making an offer for the property.

The impact of globalization on real estate brokers' activities

Globalization has had an immediate and powerful impact on real estate markets, making them an international working place. The rapid growth of the Internet has made the international market accessible to millions of consumers. A look at recent changes in homeownership rates illustrates this. Minority homeownership jumped by 4.4 million during the 1990s, reaching 12.5 million in 2000, according to the Fannie Mae Foundation. Foreign direct investment in U.S. real estate has increased sharply from $38 billion in 1997 more than $50 billion in 2002 according to Census data.

Most local real estate agents view the foreign market as a significant revenue potential and may have already worked with international clients in their local market, new immigrants or more sophisticated investors from different cultures and from other countries. For example, they are providing value-added services to an overseas relocation employee figure out which inoculations his or her children will need as well as the steps needed to register a car in the United States. Real estate brokers want to keep central to the transaction, protect the best interests of their members and address the unique needs of each multicultural global client by acquiring specialized training and designations. (See below for more)

In 2007 the Mexican Association of Real Estate Professionals in Mexico, AMPI, and the NAR, National Association of Realtors in the US, signed a bilateral contract for international real estate business cooperation. Also at the local level, many other state and local associations are helping other countries achieve the same result. For instance, in New Mexico, a historically multicultural state, under the RANM, Realtor Association of New Mexico and the President’s Advisory Council, is looking into forming an ambassador association to help a foreign country into signing a bilateral agreement with the NAR. In New Mexico, there are 4500 licensed real estate professionals and only 14 or 15 CIPS designees, out of whom, only 6 speak a language other than English.

Education

A person may attend a pre-license course (often 60 actual hours) and be tested by the state for a real estate agent's license. Chapters of Alison Rogers' book Diary of a Real Estate Rookie describes the author's experience taking a 75-hour pre-license course in New Jersey and a 75-hour pre-license course in New York. Upon passing, the new licensee must place their license with an established real estate firm, managed by a broker. Requirements vary by state but after some period of time working as an agent, one may return to the classroom and test to become a broker. Brokers may manage or own firms. Each branch office of a larger real estate firm must be managed by a broker.

States issue licenses for a multi year period and require real estate agents and brokers to complete continuing education prior to renewing their licenses. Many states recognize licenses from other states and issue licenses upon request to existing agents and firms upon request without additional education or testing however the license must be granted before real estate service is provided in the state.

Organizations

Several notable groups exist to promote the industry and to assist members who are in it.

The National Association of Realtors (NAR) is the largest real estate organization and one of the largest trade groups anywhere. Their membership exceeds one million. NAR also has state chapters as well as thousands of local chapters. Upon joining a local chapter, a new member is automatically enrolled into the state and national organizations. When the principals of a firm join, all licensed agents in that firm must also belong. An advantage of membership is access to the local Multiple Listing Service (MLS) (sometimes county-wide, sometimes broader in coverage, which exists for the benefit of members and which provides access following the payment of additional dues to the local system.

The Realtor Political Action Committee (RPAC) is a separate entity, and also the lobbying arm of NAR. In 2005, they were considered the largest PAC in the United States. According to realtor.org, RPAC is the largest contributor of direct contributions to federal candidates.

The National Association of Exclusive Buyer Agents is a group of agents and brokers who work in firms that represent buyers only. They assist in locating exclusive buyer agents for home buyers through the website www.naeba.org .

The National Association of Real Estate Brokers (NAREB) was founded in 1947 as an alternative for African Americans who were excluded from the dominant NAR. Both groups allow members to join without regard to race. However, NAREB has historically been an African American-centric group with a focus on developing housing resources for intercity populations.

Changing Industry

Compensation has traditionally been based on a percentage of the sales price, split between the buying and selling brokers, and then between the agent(s) and his/her real estate agency. While a split based on the percentage received by the broker is generally normal, in some brokerages agents may pay a monthly "desk fee" for office costs, monthly fee, etc. and then retain 100% of the commission received.

NATIONAL ASSOCIATION OF REALTORS

The National Association of Realtors (NAR), whose members are known as realtors, is North America's largest trade association. representing over 1.2 million members (as reported November 2008), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage. The President of NAR for 2009 is Charles McMillan.

Overview

The National Association of Realtors was founded on May 12, 1908 as the National Association of Real Estate Exchanges, the founding group being located in Chicago, Illinois. In 1916, the National Association of Real Estate Exchanges changed its name to The National Association of Real Estate Boards. The current name was adopted in 1974.

NAR's membership is composed of residential and commercial real estate brokers, real estate salespeople, immovable property managers, appraisers, counselors, and others engaged in all aspects of the real estate (immovable property) industry, where a state license to practice is required. Members belong to one or more of some 1,600 local realtor boards or associations. They are pledged to a code of ethics and standards of practice, which includes duties to clients and customers, the public, and other realtors.

Local associations are required to enforce the code of ethics through a Professional Standards Council or Committee. Trained members of the association form hearing panels charged with the responsibility of hearing testimony and evaluating evidence from complaints filed by the public or other members against association members for alleged violations of the code of ethics. If the panel finds the member in violation, disciplines recommended may be one or more of the following: a letter of warning or reprimand, educational courses, suspension or expulsion of membership, fines up to $5,000 and probation. All recommended disciplines by professional standards hearing panels are subject to the ratification by the association's board of directors before the discipline takes effect.

The National Association of Realtors is also a member of The Real Estate Roundtable, a lobbying group in Washington, D.C.

Trademark status

Realtor is a frequently-used word in many countries to describe any person or company involved in the real estate trade, regardless of their NAR status or American residence. However, in the United States the National Association of Realtors in 1949 obtained preregistrations for the words realtor and realtors as collective trade marks.

In 2003, Jacob Joseph Zimmerman, a real estate agent who was not a member of NAR, petitioned the U.S. Patent and Trademark Office to cancel the trademarks, on the ground that "realtor" and "realtors" were generic terms rather than a trademark. On March 31, 2004, the USPTO's Trademark Trial and Appeal Board denied the petition.

NAR and Multiple Listing Service (MLS) systems

The NAR governs the hundreds of local Multiple Listing Services (MLSs) which are the information exchanges used across the nation by real estate brokers. (However, there are many MLSs that are independent of NAR, although membership is typically limited to licensed brokers and their agents; MLSPIN is an example of one of the larger independent MLSs in North America).

Through a complicated arrangement, NAR sets the policies for most of the Multiple Listings Services and, in the late 1990s with the growth of the Internet, NAR evolved regulations allowing Information Data Exchanges (IDX) whereby brokers would allow a portion of their data to be seen on the Internet via brokers' or agents' websites and Virtual Office Websites (VOW) which required potential buyers to register to obtain information.

These policies allowed "participants" (whether they were individual one-person brokers or large regional companies) to limit access to some or all of the MLS data by individual brokers (whether they were brokers operating solely on the Internet or local competitors). In 2005, this prompted the Department of Justice to file an antitrust lawsuit against NAR alleging its MLS rules in regard to these types of limitations on the display of data were the product of a conspiracy to restrain trade by excluding brokers who used the Internet to operate differently from traditional bricks-and-mortar brokers. (For a description of the DOJ action, see Antitrust Case filings for US v. National Association of Realtors.) Meanwhile various real estate trends such as expanded consumer access and the Internet are consolidating existing local MLS organizations into larger and more statewide or regional MLS systems, such as in California and Virginia/Maryland/Washington DC's Metropolitan Regional Information Systems.

In response to the case, NAR had proposed setting up a single Internet Listing Display system which will not allow Participants to exclude individual brokers (whether of a bricks-and-mortar type or solely internet-based) but require a blanket opting out of display on all other brokers' sites. This system is the IDX system. Although it allows the public to view MLS listings, it still requires the listing brokerage information to be placed on the listing (brokers legally "own" the listings of their brokerage), every place it appears, in order to prevent misrepresentation of the listing information, and to place accountability for the information on the broker, also as the law dictates.

The antitrust lawsuit was settled in May 2008. The agreement mandates that all Multiple Listing Service systems allow access to Internet-based competitors. The NAR will be required to treat online brokers the same as traditional brokers and cannot exclude them from membership because they do not have a traditional business model. The NAR admitted no wrongdoing, and it paid neither fines nor damages as part of the deal. The settlement will not be official until a federal judge formally approves it, most likely in the summer of 2008. While the general counsel of the NAR believes that the settlement will have no effect on the commission paid by the general public, a business professor at Western Michigan University predicted that the increased competition would cause a 25 to 50 percent decrease in commissions.

NAR educational requirements and recognized designations

As adherents to NAR's code of ethics, realtors are required to update their acquaintance with the Code every four years by taking a course, available online or "live".

However, realtors, as members of NAR, also have the option of studying for additional certifications in a variety of specialties, several of which are backed by NAR with offerings of certification and update courses available nationwide.

The most well known NAR sponsored designations are the following:

• Accredited Buyer Representative (ABR). The Real Estate Buyers Agent Council has over 40,000 members and is the largest association of real estate professionals focusing on all aspects of buyer representation. Of the REBAC members, over 30,000 have completed REBAC’s two-day course and provided documentation of buyer agency experience. Linked to the ABR is the ABRM, Accredited Buyer Representative Manager (ABRM) for managers.

• Accredited Land Consultant (ALC). ALC’s are the recognized experts in land brokerage transactions of all kinds of specialized land services including farms and ranches, raw land sales and development.

• Certified Commercial Investment Member (CCIM). CCIMs are recognized experts in commercial real estate brokerage, leasing, valuation and investment analysis. There are more than 7,500 designees and an equal number of candidates principally in North America, but also in Asia and Europe.

• Certified Property Manager (CPM). Geared to real estate property management specialists, designees handle all forms of management from residential to commercial to industrial.

• Certified Real Estate Brokerage Manager (CRB). The designation is awarded to realtors who have completed the Council's advanced educational and professional requirements. CRB designees consistently increase their level of industry knowledge, advance their earning and career potential, increase their firm’s profitability and benefit from active involvement in our network of real estate professionals.

• Certified Residential Specialist (CRS). Designees, with 44,000 members - 4% of NAR members - who average 43 transactions per year and earn four times as much as the average realtor, belong to the Council of Residential Specialists which is the largest affiliate of NAR. They are involved in over 27% of all transactions because the consumer prefers to work with a more knowledgeable and seasoned brokers or agents. Requirements for this designation include a total of at least 25 transactions (or specific $$ volume of sales) over a specific time period, significant experience, as well as complete rigorous educational requirements.

• Certification for Internet Professionalism (e-PRO). An e-PRO is a realtor who has undergone a new training program presented entirely online in order to be certified as Internet Professionals. NAR is the first major trade group to offer certification for online professionalism which involves all aspects of doing business on the internet.

• Certified International Property Specialist (CIPS). Realtors with the CIPS designation have both hands-on experience in international real estate transactions, Whether traveling abroad to put transactions together, assisting foreign investors, helping local buyers invest abroad, or serving an immigrant niche in local markets. CIPS designees have also successfully completed an intensive program of study focusing on critical aspects of transnational transactions, including currency and exchange rate issues and cross-cultural relationships, regional market conditions, investment performance, tax issues and more. The CIPS network consists of 1,500 real estate professionals from 50 countries who deal in all types of real estate.

• Counselor of Real Estate (CRE). A CRE designee is one of only 1,100 by-invitation-only members of an international group of professionals who provide seasoned, objective advice on real property and land-related matters.

• Graduate of the Realtor's Institute (GRI). The GRI designation is held by 19% of realtors and courses are offered through state realtor associations with 90 hours of coursework on marketing and servicing listed properties to real estate law. In a 2003 survey, NAR has determined that GRIs earned over $33,200 more annually than non-designees.

• Real Estate Professional Assistant (REPA). Designed for administrative assistants or employees of realtors (who may or may not hold a real estate license), a two-day certificate course provides an intensive introduction to the real estate business and to the specific ways support staff can become valuable assets to their employers.