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Real Estate Agent
A real estate broker or a real estate agent is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually work under a licensed broker to represent clients.[1] Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. In North America, some brokers and agents are members of the National Association of Realtors (NAR), the largest trade association for the industry.[2] NAR members are obligated by a code of ethics that go above and beyond state legal requirements to work in the best interest of the client.[3]Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state’s laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations.
Generally, real estate brokers/ agents fall into four categories of representation:
- Seller’s Agents, commonly called “listing brokers” or “listing agents,” are contracted by owners to assist with marketing property for sale and/or lease.
- Buyer’s Agents are brokers or salespersons who assist buyers by helping them purchase property.
- Dual Agents help both the buyer and the seller in the same transaction. To protect their license to practice, a real estate broker owes both parties fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement. Special laws/rules often apply to dual agents, especially in negotiating price. In dual agency situations, a conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties .Individual state laws vary and interpret dual agency rather differently, with some no longer allowing it. In some states, Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, dual agency occurs by allowing each agent to be designated as an “intra-company” agent. Only the broker himself is the Dual Agent.
- Transaction Brokers provide the buyer and seller with a limited form of representation but without any fiduciary obligations. Having no more than a facilitator relationship, transaction brokers assist buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers. The assistance provided are the legal documents for an agreement between the buyer and seller on how a particular transfer of property will happen.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S. this commission can generally range between 5-6% of the property’s sale price for a full service broker but this percentage varies by state and even region.[4] This commission can be divided up with other participating real estate brokers or agents. Flat-fee brokers and Fee-for-Service brokers can charge significantly less depending on the type of services offered.
Midland
Midland is a city in the U.S. state of Michigan in the Tri-Cities region of Central Michigan. It is the county seat of Midland County.[7] The city’s population was 41,863 as of the 2010 census. It is the principal city of the Midland Micropolitan Statistical Area, part of the larger Saginaw-Midland-Bay City Combined Statistical Area. In 2010, Midland was named the no. 4 Best Small City to raise a family in by Forbes magazine.[8]
By the late 1820s, Midland was established as a fur trading post of the American Fur Company supervised by the post at Saginaw. Here agents purchased furs from Ojibwe trappers. The Campau family of Detroit operated an independent trading post at this location in the late 1820s.[9]
The Dow Chemical Company was founded in Midland in 1897, and its world headquarters are still located there. Through the influence of a Dow Chemical plant opening in Handa, Aichi, Japan, Midland and Handa have become sister cities.[10] The Dow Corning Corporation and Chemical Bank are also headquartered in Midland.
In 1969 the city unilaterally defined a Midland Urban Growth Area (MUGA), which at the time was a territory two-miles around the city limits of Midland in an attempt to control urban sprawl. [11] The central policy was that as the only capable supplier of drinking water, the city would provide water services to commnities outside the MUGA such as the nearby village of Sanford, but would not provide to water services to the area within the MUGA without annexation to the city of Midland thus controlling most of the growth in the county. Since 1991 however, the policy has since been revised with a series of Urban Cooperation Act Agreements with surrounding townships which has allowed case-by-case redrawings of the MUGA line to allow Midland to sell water to the surrounding townships without annexation.[11]