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Rainmaker
991,765
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

To be a professional you need to know about your profession and when to seek legal advice

Mar 18, 2019 08:28 AM
Rainmaker
1,901,498
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

kennith Frazier there is plenty to learn about RE without stepping outside our expertise and into the legal profession.

Mar 18, 2019 08:35 AM
Ambassador
5,415,563
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Important to know, but leave the advising on this to their attnys

Mar 18, 2019 08:28 AM
Rainmaker
5,571,934
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we don't give legal advice....questions on forms of ownership should be answered by an attorney....especially if the buyer wants guidance....DON'T PLAY ATTORNEY..... but you should know the definition of each of the forms of ownership...

Mar 18, 2019 08:26 AM
Rainmaker
1,044,439
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

How is knowing the Gas Pedal from the Brake important when driving a car?

Knowledge and expertise are important when you strive to be your best. Good real estate agents do what they have to in order to "Get By" 

Great agents, learn all they can and never stop looking for ways to learn more so they are best able to help their clients get the absolutely best results that matter most to them.

At least that is the approach I have been using for years in my market in Northern Virginia.

Mar 18, 2019 11:29 AM
Rainmaker
1,640,286
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

It is RE 101. You must know and fully understand it to guide your clients. The final decision on how to take ownership should be subject to review of their lawyer.

Mar 18, 2019 08:46 AM
Rainer
10,968
kennith Frazier
N/A - Ogden, UT

Thank you everyone they failed to inform me it was something for the legal team to deal with.

Mar 18, 2019 08:38 AM
Rainmaker
1,926,309
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good luck with your studies. 

Mar 18, 2019 12:39 PM
Rainmaker
468,799
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

It's important simply so one is hatted in their profession and so an agent understands the situation so they know what they area dealing with. Again it's important to know and understand - not give legal advice to clients.

So said another way, I clients is telling you about a situation they are in. If say a partner is telling them that they must sell their interest to them an no others. If you don't know anything you may simply sit their and say OK or listen politely and then do nothing. If you know something you can say hey, that sounds funny, better get in touch with an attorney before making any verbal or written agreements with this partner or any kind.

Mar 18, 2019 09:34 AM
Rainmaker
1,738,749
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

It is good to know and understand the various forms of ownership but not something you should be making any recommendations on.

Mar 18, 2019 09:31 AM
Rainmaker
4,215,833
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good practical knowlwedge, but leave the advice to the atorney's!

Mar 18, 2019 09:28 AM
Rainmaker
4,123,422
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't advise on the legalities of ownership, but that doesn't mean you shouldn't know about them.

Mar 18, 2019 09:18 AM
Rainmaker
6,614,429
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You need to know how to advice your clients.

Mar 18, 2019 08:50 AM
Rainmaker
1,154,075
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Sounds like you are studying on note prepared before 1970s.  Laws have changed. 

This question is not relevant. You can lose your license give clients legal advice. Only lawyer, title company can explain how it is recorded. 

Mar 18, 2019 03:52 PM
Rainmaker
1,387,938
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Like has been said before, know it for the exam but that's the extent.  Leave the advising up to escrow/title/lawyers.

Mar 18, 2019 02:54 PM
Rainmaker
961,361
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

It's important to know they exist and have a general knowledge of what they are but beyond that it is something for an attorney to handle. If we give legal advice, it is considered the unlicensed practice of law. Your state may be different in how they view it.

Mar 18, 2019 01:08 PM
Rainmaker
5,592,896
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I agree with Doug Dawes .

Mar 18, 2019 12:04 PM
Rainer
318,050
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Is it a community property state? Is spouse on title? Is there a legal divorce? Will you have to track down the spouse and pay them to sign off? Who is real owner?  Just a few questions you will start with...

Mar 18, 2019 11:43 AM
Rainmaker
4,048,656
Richard Weeks
Dallas, TX
REALTOR®, Broker

Important in that it might be a question on your real estate exam.  It is knowledge; however rarely used and I would never tell a client how to take ownership of a property.

Mar 18, 2019 09:48 AM
Rainmaker
385,077
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

It is important because ownership comes with rights and responsibilities. You may someday have to invoke your rights or take responsibility for what happens to that property.

Mar 18, 2019 09:37 AM
Rainmaker
2,062,534
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Very.

Mar 19, 2019 07:16 PM
Rainmaker
1,596,606
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

No idea.

Mar 19, 2019 07:32 AM
Ambassador
4,583,119
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It's important to understand but advice for a client should come from title or an attorney

Mar 18, 2019 06:23 PM
Rainmaker
4,945,390
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

You need to know this for your clients.

Mar 27, 2019 03:57 PM
Rainmaker
911,686
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

It is important to let your clients know that their is more than one way to hold ownership and some are more advantageous than others. Details and advice should be from an attorney.

Mar 20, 2019 02:20 PM
Ambassador
3,058,497
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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

Mar 19, 2019 10:39 AM
Rainer
2,365
Sean & Anamaria Hartley
Waterman Real Estate - Palm Bay, FL
Buyers, Sellers, Investors and REOs

The better you can educate and guide your clients, the more you will gain a reputation for being a solution provider.  This is key to being successful in real estate.

Mar 19, 2019 09:09 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I am sure one of your chapters will handle this well.

Mar 19, 2019 06:37 AM
Rainer
52,347
Krista Jenkins, REALTOR®
klm Real Estate - Lubbock, TX
Residential sales and retail & office leasing

If you want to pass the real estate exam, you best know about the forms of ownership. There is a differnece between giving legal advice and being a competent real estate agent. We are expected to know or we would not be tested on it at the state and national level.

Mar 18, 2019 08:19 PM
Rainmaker
3,985,875
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Can't be a professional if you do not know your craft

Mar 18, 2019 08:19 PM