Buying a house could be such a burden for a client, especially when he or she is not assisted by a real estate agent. Since these business contractors are independent and can manage their own affairs according to what is advantage to them, knowing what regulates the acts of real estate agents when doing business with you would be such of great help, especially if you do not wish to pay more than what you've bargained for in acquiring a home.
According to Capital Gazette, real estate agents are not employees of real estate firms. Yes, they may be affiliated with them, but they are generally considered as independent contractors who have the advantage of establishing their own way of landing clients and how they will be able to acquire profit from homebuyers. Knowing this, it would be absolutely handy for homeowners to know what regulates the acts of these real estate agents and rid yourself of having to pay more than your bargained for in acquiring a home or for you to be informed about the what not's and what to's when acquiring the services of real estate agents.
First and foremost, a real estate agent needs to be affiliated with a broker in order to be in business selling homes to potential homebuyers. Although they may run their own show like any other business venture, their autonomy in the market is not without limit.
Several regulations, laws and other agreements govern the acts of real estate agents, including that of the Consumer Financial Protection Bureau who handles how real estate agents sell to their clients, the Residential Lead-Based Paint Hazard Reduction Act or Title VIII of the Civil Rights Act (Fair Housing) which directs real estate agents to provide a home that is safe for clients to live in, and the MERC, a commission wherein the people who have issues with real estate agents can raise their concerns when they think that an agent is taking advantage of their willingness to purchase a home.
According to Marco Island Sun Times, there is also a regulation wherein real estate agents are deprived of charging multiple approval fees for simultaneous transfer of several units with regards to condominium properties. This way, the client may be informed that when they feel that the real estate agent is costing them too much already, they may be able to file for Estoppel against the real estate agent.
Now that you are more aware that several regulations, laws and other means wherein real estate agents are regulated, safety of your assets and security of buying a home that is safe and free of hidden charges will help you secure your future once the services of a real estate agent is necessary for you. Might you add more information about regulations that are usually violated by real estate agents? Post your comments below.
