Other FAQ

Selling

RE/MAX PROFESSIONALS
420 Hurstbourne Parkway,
Suite 104
Louisville, KY 40222
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Phone: 502-423-1331
Fax: 502-339-1712
Toll Free: 1-800-426-1311

MORTGAGE PROFESSIONALS
Phone: 502-425-8519 or 502-423-0386
Fax: 502-423-0493

What is Agency? Answer
What is a Seller's Agent? Answer
What is a Buyer's Agent? Answer
What is a Dual Agent? Answer
What are points? Answer
Explain the difference between a "Buyer's market" and a "Seller's market." Answer

Explain the difference between a "Buyer's market" and a "Seller's market."

A "Buyer's market" is when there are more homes for sale than buyers looking for homes. In this instance, the buyers have an advantage, because they can pick a house and the seller will want to meet the buyer's terms in order to get the property sold.
A "Seller's market" is when there are more buyers looking than homes for sale. Here, the sellers have the advantage because several buyers may be trying to buy the same house and they will most likely meet the seller's terms to get the property.

What are points?

One point is one percent of the loan amount (for example, on a $100,000 loan, 1 point equals $1,000). Lenders usually will give a lower interest rate depending on the number of points a borrower is willing to pay.

What is a Dual Agent?

A broker can work for both the buyer and the seller on the same property provided the broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship the broker does not represent either the seller of buyer exclusively and they cannot expect the broker's undivided loyalty.

What is a Buyer's Agent?

When a buyer engages the services of a broker, then that buyer becomes the broker's client. This means the broker represents the buyer. The broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. The broker must put the buyer's interest first and negotiate for the best price and terms for their client, the buyer.

What is a Seller's Agent?

When a seller engages the services of a listing broker, that seller becomes the broker's client. He/she owes the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. He/she must put the seller's interest first and negotiate for the best price and terms for their client, the seller.

What is Agency?

The relationship of trust that exists between buyers and sellers and those they have hired to represent their interests, their agents. In English, this means who is representing the seller and who is representing the buyer in a typical real estate transaction.