GA-agent.com | General Information About Real Estate Practices

All real estate licensees are not the same. Only real estate licensees who are members of the National Association of REALTORS® are properly called REALTORS®. They proudly display the REALTOR® "R" logo on their business cards or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a transaction in real estate without the professional assistance of a REALTOR®!

Nearly eight out of ten consumers believe real estate brokers and sales associates can show buyers a better selection of homes than they can find on their own, according to an independent survey of the general public released by the NATIONAL ASSOCIATION OF REALTORS®. Seventy-eight percent of the general public believe real estate professionals offer them a broader selection of housing alternatives than they would otherwise find. Seventy-four percent agree that using a real estate broker saves time, and 70 percent agree that real estate professionals make buying or selling a home much easier.

In another independent survey of more than 1,000 buyers and sellers, most respondents (82 percent) were very satisfied with their real estate brokers/sales associates, and a majority (77 percent) of the sellers felt that the commission they paid their broker was "money well spent." The survey also found that the majority of buyers and sellers (64 percent) were satisfied with the amount of time the process took, and most sellers (87 percent) will use a real estate professional again next time they sell their home.

Clearly, these surveys point to the value of using the services of a real estate professional in the home buying and selling process. In a transaction that has become increasingly complex with the evolution of new financing twists and sales contract intricacies, the real estate professional is often the glue in holding all parties and details together. While technology has brought a wealth of real estate information-including property listings-closer to the consumer, buyers continue to find value in having a real estate professional help them through one of the biggest investments they will ever make-the purchase of a home. And sellers, for the most part, find the money they spend to have a professional handle their home sale, well worth every penny. Buyers and sellers responding to NAR surveys point to real estate professionals' knowledge of the housing market and real estate practices as major factors influencing their decisions in selecting agents.

While there are plenty of real estate professionals to choose from, the best bet in terms of ethical, efficient and reliable service, is a REALTOR®.. Nearly 730,000 of the 1.2 million active real estate licensees nation-wide belong to NAR, entitling them to use our registered mark, REALTOR®. after their name. Unlike many real estate practitioners who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. This membership obligates them to be honest with all parties involved in a transaction, be it buyer, seller or cooperating agent.

Lead poisoning is a serious public issue, particularly affecting the lives of our nation's children. The NATIONAL ASSOCIATION OF REALTORS® is committed to supporting efforts to identify and reduce this potential health threat, while at the same time protecting the value of homes. We support lead poisoning education efforts to benefit all home owners. Increased awareness about the issue can motivate home owners to test for potential health hazards. Also, those home owners planning the sale of their property should recognize the irresponsibility to disclose known lead hazards to real estate professionals as well as potential purchasers.

Although the use of lead-based paint in residences ended in 1977, older homes may contain lead paint, especially homes built prior to 1960. Section 1018 of Title X of the Residential Lead-Based Paint Hazard Reduction Act, the applicable provision of the law passed in 1992, requires disclosure of lead-based paint information in sales and lease transactions of residential properties built before 1978. The EPA/HUD regulations mandated by Title X were issued in March of 1996. While the requirements of the regulations are imposed on sellers and leasers of pre-1978 housing, Section 1018 also makes real estate agents who are marketing those properties responsible for compliance with those regulations.

Sellers and leasers must disclose the presence of known lead-based paint and/or lead-based paint hazards in the housing.
Sellers and leasers must provide purchasers and lessees with copies of any available records or reports pertaining to the presence of lead-based paint and/or lead-based paint hazards.
Sellers and leasers must provide purchasers and lessees with a federally approved lead hazard information pamphlet.
Sellers must provide purchasers with a period of up to 10 days prior to becoming obligated under the purchase contract during which the purchaser may conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards. The purchaser may agree to waive that testing opportunity.
Sales and lease contracts must include specified disclosure and acknowledgment language.
Agents must advise the sellers or leasers whose property they are marketing of these obligations.

Professional home testing for the presence of lead-based paint costs in the range of $375. Removal can cost an average of $8,000 - based on the Department of Housing and Urban Development's (HUD) estimated range of $5,500 to $12,000. The mere presence of lead-based paint, however, is not necessarily a hazard if the paint is in good condition and on non-accessible, non-friction surfaces. Where there is no hazard, no action other than the monitoring the condition of the paint and good maintenance practices are required. In some cases, an alternative to the expensive removal of lead-related products is the specialized treatment of affected areas. For example, large surface areas can be enclosed with another material, such as sheet rock. Other cases may require qualified contractors to abate lead paint in areas that produce lead dust, such as window and door frames and areas accessible to any small children.