The REALTOR® code of Ethics and Standards of Practice explicitly acknowledge a REALTOR’s® obligation to preserve the confidentiality of personal information provided by clients in the course of any agency or non-agency relationship—both during and after the termination of these business relationships.
What is demographic information in real estate?
Demographics are the data that describes the composition of a population, such as age, race, gender, income, migration patterns, and population growth. These statistics are an often overlooked but significant factor that affects how real estate is priced and what types of properties are in demand.
Can a REALTOR tell you what someone else offered?
Unless the buyer gives her permission to release their offer to the other buyer, they must keep everything confidential. … A: With your written permission, the Realtor should be able to tell each purchaser about the other offer. Your Realtor is to be obedient as long as it is within the scope of the law.
Can real estate agents talk about schools?
When customers ask, “How are the schools?” The best thing a REALTOR® can do is guide them to third-party information, so they can make a decision on their own. “It’s okay to talk about schools, but don’t make the judgment call yourself,” says Underwood.
What is a realtor required to disclose?
As discussed, sellers and real estate professionals must disclose all known defects and hazards present on a property. While a seller needs to be truthful, their agent also needs to do some investigation to make sure all known hazards and defects are fully disclosed to potential buyers.
What is a seller obligated to disclose?
As mentioned earlier, the seller has the obligation to disclose any issue with the property that can adversely affect the desirability or value of the property, provided that they have actual or constructive knowledge of those issues, and provide the buyer with a Transfer Disclosure Statement.
Why demographics are important to you as a real estate agent?
Often overlooked, demographic and socio-economic factors play a large part in predicting important property market trends. … Change in income, children growing older and moving out – these are some of the factors that influence demand and can help investors locate desirable real estate investments.
Why is demographic information important?
Demographics are important so that you can understand how customers search for information and purchase products and services online. … Being able to measure such characteristics allows you to identify the number of people to which you could potentially target your products or services.
Why is demographic information important in business?
Demographics are key to businesses today. They help identify the individual members of an audience by selecting key characteristics, wants, and needs. This allows companies to tailor their efforts based on particular segments of their customer base.
Can a seller agent lie about other offers?
Underquoting is when an agent falsely advertises a property or tells you that it will sell for an amount that is less than their actual estimated selling price in the agency agreement they have with the seller. This is an offence and agents can lose their fees and commissions and be fined up to $22,000.
Can a seller accept another offer while under contract?
A seller cannot accept another offer if the listing became “in-contract.” A home is “in-contract” after the buyer and the seller have signed the contract. The buyer needs to pay the downpayment at the time of signing.
Can a seller back out of an accepted offer?
The contract has yet to be signed – If the contract hasn’t been officially signed, a seller can back out of the deal at any time without any issues. … If the seller doesn’t want to wait for the buyer to find another source of financing, then they are allowed to walk away from the deal.