11-26-2013, 03:28 PM
There is a thread here that we discussed some of these topics that steve1 mentions already that has some good background info...and some entertainment value as well.
http://punaweb.org/Forum/topic.asp?TOPIC_ID=16558&whichpage=3
I will paste my post from that thread here for quick reference:
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Aloha. Hope everyone is doing well today. First, a couple points of factual information:
- The State of Hawaii licenses individuals as a "real estate salesperson" or "real estate broker".
- A "real estate salesperson" must work under a supervising "real estate broker", who has additional experience and education and must approve all transactions of the salespeople under their supervision.
- Now...a "REALTOR®" is, by definition, a member of the National Association of REALTORS®, a professional trade group of real estate salespeople and brokers...of which membership is voluntary, NOT mandatory.
- Therefore, not all "real estate salespeople" or "real estate brokers" are "REALTORS®" (nor do they need to be in order to be licensed). Some real estate professionals chose not to join the National Association of REALTORS® (for a variety of reasons).
- The "listing agent" (aka "seller's agent) has a fiduciary responsibility to the seller. They must act in the financial best interest of the seller.
- A "buyer's agent" has a fiduciary responsibility to the buyer. They must act in the financial best interest of the buyer.
And now my opinion...for the reasons immediately above, it is unwise for a buyer of real estate to go directly to the listing agent (seller's agent) and negotiate to buy a property. ALWAYS use a "buyer's agent" from a different real estate company or brokerage than the seller.
Full disclaimer...I am a licensed real estate salesperson in Hawaii.
I hope this information was useful. Aloha.
http://punaweb.org/Forum/topic.asp?TOPIC_ID=16558&whichpage=3
I will paste my post from that thread here for quick reference:
--------------
Aloha. Hope everyone is doing well today. First, a couple points of factual information:
- The State of Hawaii licenses individuals as a "real estate salesperson" or "real estate broker".
- A "real estate salesperson" must work under a supervising "real estate broker", who has additional experience and education and must approve all transactions of the salespeople under their supervision.
- Now...a "REALTOR®" is, by definition, a member of the National Association of REALTORS®, a professional trade group of real estate salespeople and brokers...of which membership is voluntary, NOT mandatory.
- Therefore, not all "real estate salespeople" or "real estate brokers" are "REALTORS®" (nor do they need to be in order to be licensed). Some real estate professionals chose not to join the National Association of REALTORS® (for a variety of reasons).
- The "listing agent" (aka "seller's agent) has a fiduciary responsibility to the seller. They must act in the financial best interest of the seller.
- A "buyer's agent" has a fiduciary responsibility to the buyer. They must act in the financial best interest of the buyer.
And now my opinion...for the reasons immediately above, it is unwise for a buyer of real estate to go directly to the listing agent (seller's agent) and negotiate to buy a property. ALWAYS use a "buyer's agent" from a different real estate company or brokerage than the seller.
Full disclaimer...I am a licensed real estate salesperson in Hawaii.
I hope this information was useful. Aloha.
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