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Andrew Cooper (Other)

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Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Didn't realize we were being paid to be your teachers. I suppose you already paid for your real estate course... why don't they provide this information? Wishing you much luck with your studies.

Feb 15, 2019 04:02 AM
Ambassador
5,230,068
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Signatures & consideratiaon are a must to validate a Contract.

Feb 14, 2019 09:37 PM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

You should learn how to do a Google search...

The Elements of a Legally Valid Real Estate Contract

 

Consideration

Consideration is anything of legal value offered and exchanged in the contract. This could be money, services, or other valuable goods. Love and affection is even an example of consideration in some contracts. The consideration must be spelled out in the contract.

In most of today's real estate deals money is the consideration. That doesn't mean cash, as there will often be financing involved as well. Earnest money does move with the agreement, while the down payment and financing come at closing.

Feb 14, 2019 04:52 PM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

For the buyer to have skin in the game. It's consideration. 

Feb 15, 2019 04:07 AM
Rainer
352,976
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

Consideration is one of the elements of a legally valid real estate contract. Typically consideration is money or otherwisesomething of value.  Good luck with your classes.

 
Feb 14, 2019 08:14 PM
Rainmaker
2,390,620
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Don't worry Andrew Cooper , that one won't be on the test .

Feb 14, 2019 05:47 PM
Rainer
187,002
Raj Taj
RE/MAX - Lake Bluff, IL
Drive By Blessings!

"What is the role of an Agent Professor teacher?"

Feb 14, 2019 04:33 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Raj Taj nailed it!

Feb 14, 2019 05:31 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Required Active Rain question?

Feb 14, 2019 04:49 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

it's a good faith deposit.... it keeps the buyer in the game as the deal moves forward.....

Feb 14, 2019 04:36 PM
Rainmaker
2,220,323
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good luck with your studies. 

Feb 15, 2019 05:15 PM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

It is one of the necessities for a valid contract.

Feb 15, 2019 04:05 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Part of contract law, it is part of what is needed to make a contract legal. In real estate, most often that is the deposit, aka EMD.  

Feb 15, 2019 03:57 AM
Rainmaker
5,216,398
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Consideration is an essential element of a valid contract. It need be something of value, typically money but could be as little as a promise to perform. Professor confused?

Feb 15, 2019 03:45 AM
Ambassador
6,393,404
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Skin in the game.

Feb 14, 2019 05:13 PM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You get something for something not something for nothing.....

Feb 14, 2019 05:07 PM
Rainmaker
758,035
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

As it implies, it's putting up money so your offer is worth considering.

Feb 15, 2019 07:19 AM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

People get the Consideration mixed up with the Earnest Deposit 

Feb 15, 2019 04:42 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Feb 14, 2019 05:19 PM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I wish you all the best with your real estate studies. 

Feb 15, 2019 12:01 PM
Rainmaker
1,311,397
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Consideration is a part of any contract...not just real estate. In real estate, consideration can be simply a promise to perform. It does not have to be anything of value such as cash, bond or note although many think that lack of a deposit of some value shows a lack of sincerity of intention to fulfill the contract.

Feb 15, 2019 11:11 AM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Look at the word itself, consideration? It's the inducement for parties to consider a contract usually in the form of money although anything of value would suffice to begin a process which may mutually benefit both. All legal contracts require its inclusion and real estate is no exception.

Feb 15, 2019 10:22 AM
Rainmaker
469,510
Dan & Laurie Pittsenbarger Team
Keller Williams Western Realty - Bellingham, WA
Lakeside & Coastal Single Family Homes

Part of contract law - it is one of the aspects that makes a contract a valid legal contract.

I actually think it's not a bad requirement to go to a platform such as ActiveRain and ask a question of existing agents as part of getting a license. Hopefully one is learning about available sources of information and business practices so be a better Realtor. Also, so one can find out what it's like to interact with other agents and get a feel for the various types of responses and personalities one will be working with.

Feb 15, 2019 09:06 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It makes it valid.

Feb 15, 2019 08:36 AM
Ambassador
2,178,603
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Andrew,
I suspect you already know the answer to this question.  I respectfully suggest these questions would be more valuable to you if the course requirement was for you to do the research and write a blog post on each question. 

Unfortunately, we have been asked these same questions over and over and over and over and over and over and over and over and over and over and over over and over and over and over and over and over and over and over and over and over and over (and over) by each student passing through your same course.  It gets a bit tedious for us. 

Feb 15, 2019 06:31 AM
Ambassador
2,061,803
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

its role is considerable.

Feb 20, 2019 11:20 AM
Rainmaker
5,868,544
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sad you are required to ask these questions, good luck with your studies.

Feb 19, 2019 05:51 AM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I can't say it better than the way others have said

Feb 18, 2019 05:46 PM
Rainmaker
4,936,677
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Earnest money to have skin in the game.

Feb 17, 2019 08:22 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Andrew,

Required Active Rain Question? How strange?  You have the answer from the membership, and I would suggest that you find a Utah person mentor that can really help you!

Feb 15, 2019 08:00 AM