I've had another busy day. I got some stuff worked out with the online class. I resolved one technical glitch, but then another one showed up. Eventually I know that things will work out; I just need to be patient.
In the meantime, I did get some studying done. The main topic for me today was the law of agency. I remember some of the material from my business law class, but it was interesting to see the real estate aspect of it all.
There's a lot to learn. When I was studying about agency, I got overwhelmed with all the details. I've been studying the national aspects of it, and I think getting to Colorado law will be interesting, too.
Here's an important point: first of all, the law of agency concerns the relationship between a client and his/her agent. It sounds simple, but it gets complicated when one person is the agent for two clients vying for the same thing. This can happen by accident or intentionally, and it can be illegal in some states. (But I don't know yet which ones.) For example, if I have agreed to sell a house for someone, he/she is my client. I have certain obligations to that person, such as getting the best deal possible. However, if I have another client for whom I have agreed to find a house to buy, AND I take them to the seller's house, then I could be an agent for the buyer and seller at the same time. How do I protect both parties at the same time and make sure each party gets the best deal?
If I see that possibility, I am obligated (possibly legally, and certainly in my mind) to let both parties know about the other relationship if I am going to work with them together on a property. That way either party can choose to work with me or not work with me.
Wednesday, October 6, 2010
Tuesday, October 5, 2010
Studying Real Property: Fixtures
I got started with my online real estate course! There are a few technical glitches that hopefully will be worked out, but as a first time it went fine. I need the online video to stop freezing up or jumping ahead. I'm hoping things will settle down and stream smoothly.
So far, it reminds me of my classes when I was getting my Bachelors degree. There are inklings of economics, business law, finance, and, of course, real estate principles. It has actually been fun getting back to these areas.
From today's lesson, I think the most important issue was about fixtures. If an item is a fixture, it is included with the property when it is sold & goes with the buyer. If an item is not a fixture, it is personal property of the owner & goes with the seller. No one really cares if something is a fixture or not until the property is being transferred to a new owner. If items in a house, such as curtains or a dishwasher, are not clearly mentioned as fixtures or personal property when the house is listed for sale, there might be confusion about who gets the item.
A seller and a buyer could wind up fighting over an item, or the buyer might get an unpleasant surprise. Imagine expecting certain things to stay with the house, such as the dishwasher, and then finding it gone. People get upset.
There are some legal tests about whether something is a fixture or not. And there are items listed as standard inclusions with the property. But, the best thing a seller can do is to mention that an item, such as Great-grandmother's Tiffany ceiling lamp, DOES NOT go with the house and will be removed when selling the house. If you're a buyer, on the other hand, you might want to mention a specific item in the contract offer that you expect to be included in the sale. If a seller wants to be certain that a valuable item won’t be included in the sale of the house, the best thing to do is to REMOVE the item before listing the house on the market. If it needs to be replaced by a similar, less valuable item, it should be done before any buyer falls in love with it!
So far, it reminds me of my classes when I was getting my Bachelors degree. There are inklings of economics, business law, finance, and, of course, real estate principles. It has actually been fun getting back to these areas.
From today's lesson, I think the most important issue was about fixtures. If an item is a fixture, it is included with the property when it is sold & goes with the buyer. If an item is not a fixture, it is personal property of the owner & goes with the seller. No one really cares if something is a fixture or not until the property is being transferred to a new owner. If items in a house, such as curtains or a dishwasher, are not clearly mentioned as fixtures or personal property when the house is listed for sale, there might be confusion about who gets the item.
A seller and a buyer could wind up fighting over an item, or the buyer might get an unpleasant surprise. Imagine expecting certain things to stay with the house, such as the dishwasher, and then finding it gone. People get upset.
There are some legal tests about whether something is a fixture or not. And there are items listed as standard inclusions with the property. But, the best thing a seller can do is to mention that an item, such as Great-grandmother's Tiffany ceiling lamp, DOES NOT go with the house and will be removed when selling the house. If you're a buyer, on the other hand, you might want to mention a specific item in the contract offer that you expect to be included in the sale. If a seller wants to be certain that a valuable item won’t be included in the sale of the house, the best thing to do is to REMOVE the item before listing the house on the market. If it needs to be replaced by a similar, less valuable item, it should be done before any buyer falls in love with it!
Monday, October 4, 2010
Career and Job Changes are Common
I'm back after a great weekend. I really enjoyed seeing "The Drowsy Chaperone" performed by the Mesa State College Theatre Department. The actors were funny and the audience was wild. The theatre was full of students and everyone had a good time. I also enjoyed going up to the Grand Mesa and seeing all the colorful trees. Some of the leaves had fallen off, but there were still enough swatches of color to be impressive. I really love it here. Today's weather was great, too. Not too hot, but it was pretty nice for October.
Today I'd like to talk about my background and my future. My career recently has been in computer software tutoring, and now of course I'm becoming a Grand Junction real estate broker. This isn't as big a change as you might think: I have a Bachelor's degree in Finance, so real estate is not that far off. And changing careers or jobs is more common than most people know.
The U.S. Bureau of Labor & Statistics has some information on their National Longitudinal Surveys at the Frequently Asked Questions page. They have never tried to measure how many times people change careers over their lifetime, stating: "The reason we have not produced such estimates is that no consensus has emerged on what constitutes a career change."
However, the Bureau had a news release last month, September 2010, about tracking people born 1957-1964 and how many jobs they held from age 18 to age 44. They stated: "These younger baby boomers held an average of 11 jobs from ages 18 to 44." So people my age change jobs and may be changing career fields more than society thinks. And I am one of them.
Today I'd like to talk about my background and my future. My career recently has been in computer software tutoring, and now of course I'm becoming a Grand Junction real estate broker. This isn't as big a change as you might think: I have a Bachelor's degree in Finance, so real estate is not that far off. And changing careers or jobs is more common than most people know.
The U.S. Bureau of Labor & Statistics has some information on their National Longitudinal Surveys at the Frequently Asked Questions page. They have never tried to measure how many times people change careers over their lifetime, stating: "The reason we have not produced such estimates is that no consensus has emerged on what constitutes a career change."
However, the Bureau had a news release last month, September 2010, about tracking people born 1957-1964 and how many jobs they held from age 18 to age 44. They stated: "These younger baby boomers held an average of 11 jobs from ages 18 to 44." So people my age change jobs and may be changing career fields more than society thinks. And I am one of them.
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