Funny things about real estate licenses as well as mortgage broker and NLMS licenses, embracing these licenses have far greater importance than many realize.
Here in AZ, our real estate offer to purchase becomes a legal contract upon acceptance. Within this contract are specific requirements for both the Realtor and Lender. For example, the Realtor must provide an AZ Pre-Qual form when submitting the offer. This is not to be confused with a Lender’s qualification statement. Unfortunately, many lenders both in the state and outside of the state fail to understand this requirement. They have not truly embraced their license.
Then there are weekly loan status updates (LSU). This is another AZ form which the lender needs to provide to the buyer as well as the buyer’s agent who then must submit to the listing agent. Again, from my experience securing this form more often than not is like pulling "hen's teeth."
Respective to the Buyer’s Agent, the offer to purchase requires to be completed in its entirety. This includes but not limited to:
- Seller’s name (public record)
- Seller’s address (public record)
- Legal description (public record) not to be confused with the Assessor’s Parcel Number (APN)
- Title Company including Title Officer, phone number and email address
- All appropriate addendums
As noted in a previous post, the incompetence of Realtors is considered a 100% danger or threat to the real estate industry. By not providing an offer with all complete information indicates the buyer’s agent has not embraced his or her license.
Continuing education is another way to embrace the real estate agent’s license. Going beyond the legal requirements for continuing education such as 24 hours here in AZ every two years is a must especially in this currently rapidly changing real estate industry. Today while doing some computer desk work, I listened to a podcast which indicated this particular very successful realtor based his strategic business plan around the D.A.N.G.E.R. REPORT.
Yes, having a license is a legal necessity in this industry. Totally embracing it means going beyond the basics and utterly understanding your obligations as a licensed real estate agent or lending officer.
Graphic Courtesy of Pixabay.com