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Real Estate Principles - Essay Example

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Running head: Real Estate Principles 4th April 2012 Introduction Real estate refers to the land and any structure that is installed on it. In addition, it covers residential property and businesses that can be sold by the property owners or through realtors…
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Real Estate Principles
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Download file to see previous pages Ethics in real estate One of the greatest obstacles that affect the growth of real estate industry is lack of ethics. This is based on the fact that most of the real estate buyers are not aware of the intention and operations of the realtors. In their efforts to get adequate information regarding the problems facing the real estate industry, most governments involve real estate institutes. However, most of these institutes are made up of real estate agents who are focused at exploiting consumers in their efforts to maximize profits (William and Donald, 1995). To ensure ethics are upheld during the transaction between the realtors and the property owners or buyers, National Association of Realtors has specified code of ethics that all its members are under obligation to follow. This course has widened my knowledge on how to uphold ethics during my future assignment as a real estate agent when dealing with my clients, public as well as other members of National Association of Realtors. Duties to clients Articles 1 to 9 of the National Association of Realtors code of ethics, regulates the way the real agents relate with their clients (William and Donald, 1995). ...
Duties to the public Articles 10 of the National Association of Realtors code of ethics forbids agents from discriminating their clients on the basis of color, sex, religion, race or nationality. Other key aspects that are dealt with by articles 10 to 14 depicts that agents should not provide services that they are not competent in, contacting a lawyer in cases the agency has no authority to practice law and avoiding misleading advertisements. Duties to other members National Association of Realtors code of ethics depicts that agents should not make untrue statements about their competitors. In addition, it forbids agents from transacting business with clients who are exclusively owned by other agents. Legal Aspects of Real Estate Based on the fact that real estate covers immovable properties, minerals, bushes, water among others, real estate and property law covers wide range of aspects. It is worth noting that different countries have put in place various regulation that seek to control the operations of agencies and transfer of property. As a result of the inconsistency of the property laws, initiating legal procedure has become a complex practice that calls for proper coordination among all the stakeholders. This course has exposed me to major issues that are covered by real estate and property laws include purchasing of property, landlord issues, transfer of movable and immovable property, settlements of claims, property development, foreclosures, land use and zoning, home loans among others. This section discusses major aspects of property and real estate law adopted by various countries. Property and Real Estate Law adopted by US Real Property, Trust and Estate Law Sections Real Property, Trust and Estate ...Download file to see next pagesRead More
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