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____________________________________________________________________ What is the REALTOR® Association of Pioneer Valley? The REALTOR® Association of Pioneer Valley is a non-profit trade association consisting of 1,985 REALTOR® and Affiliate Members in the 3-county Pioneer Valley region of Western Massachusetts. 2006 marks the 91st anniversary of the association. It is recognized as one of the largest trade associations in Western Massachusetts. . Geographic Jurisdiction: The REALTOR® Association of Pioneer Valley consists of 69 cities and towns located in Hampden, Hampshire and Franklin counties in Western Massachusetts. The heart of the Pioneer Valley is the historic Connecticut River which bisects the region from the Vermont border in the north to the Connecticut border to the south. Ridges of the Berkshire Mountain chain lie to the west and the Quabbin Reservoir and Watershed borders on the east. Objective(s): To further the interests of home ownership and other real property ownership; to unite those engaged in the real estate profession; to promote the high standards of conduct in the real estate profession as expressed in the Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS®; to provide a unified medium for real estate owners and those engaged in the real estate profession whereby their interests may be safeguarded and advanced.
All real estate licensees are not the same. There is a difference between a REALTOR® and a real estate agent. Sure, both are licensed by the Commonwealth. But only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. A REALTOR® has taken extra steps to become a member of an association of real estate professionals that adheres to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate.
What is the REALTORS® Code of Ethics? All REALTORS® must know and comply with the NATIONAL ASSOCIATION OF REALTORS® Code of Ethics which goes beyond state licensing requirements. REALTORS® are committed to treat all parties to a transaction honestly. They must complete ethics training by taking at least 2.5 hours of instruction at least once every four years to retain membership in the NATIONAL ASSOCIATION OF REALTORS®. A REALTOR® is subject to disciplinary action if a local association of REALTORS® finds him or her in violation of the Code of Ethics. Real estate agents who are not REALTORS® do not subscribe to the Code of Ethics. By working with a REALTOR®, you are ensuring that your transaction will be handled professionally, and that your rights in real estate activities are protected under the Code of Ethics.
What does a REALTOR® do for you? – Qualify Buyers As a home seller, the first, and maybe most important one decision, is whether to work with a real estate professional. This one decision will greatly affect every step of the home selling process. For most, the answer is an automatic "Yes, of course I plan to work with a professional." But for others, the misconception that selling a house is a snap and that there's lots of money to be saved in selling your own home may result in a misjudgment. Consider the specific services you receive when you work with a professional, particularly one who is a REALTOR®, a member of the NATIONAL ASSOCIATION OF REALTORS®. Qualifying Buyers: Why waste time showing your home to people who don't have the means to purchase it. A REALTOR® can qualify potential buyers to see whether they can afford your home and also identify whether your home meets their needs. This eliminates a great deal of inconvenience for, you, the home seller.
What does a REALTOR® do for you? – Provide a Measure of Safety and Security Safety & Security: When you place your property on the market, you open your home to strangers -- individuals who may have thoughts of something other than buying a home. REALTORS® provide a certain measure of security, in that they have met and talked with the buyers and may have had experience in handling certain situations that could lead to the loss of property or the infliction of physical harm on the occupants.
What does a REALTOR® do for you? – Negotiate Contracts Negotiating Contracts: Once a prospective buyer makes an offer to purchase, the negotiating begins. Negotiation includes everything from whether the bedroom draperies stay, to the all-important purchase price. Frequently, buyers will lower their offer to a for-sale-by-owner, because they know the sellers are not paying a commission. Many homeowners are not comfortable or unbiased enough to successfully handle this process. A REALTOR® understands both the technical and emotional aspects of the negotiation process, and can often bring the two parties to an agreement that otherwise could not have been achieved.
What does a REALTOR® do for you? – Arrange Financing Arranging Financing: A REALTOR® plays a vital role in keeping buyers up-to-date on the most current information in the changing world of mortgage financing. A REALTOR® also can help determine what type of mortgage plan will best fit the buyer's particular needs. This process eases the transaction for both the buyer and seller.
What does a REALTOR® do for you? – Honest Treatment Honest Treatment: Wise buyers and sellers, choose to hire not just a real estate professional, but one who is a REALTOR®, a member of the NATIONAL ASSOCIATION OF REALTORS®. A REALTOR® has agreed to abide by the Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS® -- which includes a pledge to protect and promote the interests of their client and to treat all parties honestly.
Find a REALTOR® - Find an Affiliate Member To locate a REALTOR® in the Pioneer Valley, visit www.rapv.com and select Find a REALTOR® under Consumer Resources. The member database may be searched by the first and last name of the real estate agent or by real estate office. Complete the desired fields on the form. You may also search for an Affiliate member. Affiliate members are individuals or firms, while not engaged in the real estate profession as REALTORS®, have interests requiring information concerning real estate; mortgage officers and lending institutions, real estate attorneys, and title companies, among others.
Should you sell your home yourself? Could you sell your home by yourself? Of course you could, whether you should or will want to, however, is a different matter. Homeowners attempting to sell their homes without the help of a professional generally do so to save the agent's commission fee. This saving may or may not payoff. Prospective buyers commonly submit lower offers, knowing the seller does not have to pay an agent's commission. It also may take longer for an owner to sell his or her home. Research conducted by the NATIONAL ASSOCIATION OF REALTORS® shows that the average buying or selling transaction takes 4.5 months. Regional figures vary depending on the market. However, those who tried to sell their home without the assistance of a real estate agent took the longest. Before attempting to sell your own home, you should ask yourself these questions: 1. Do you have sufficient knowledge to price your own home? Are you aware of the ever-changing market conditions and of recent sales of similar homes in your area? Can you run a comparable market analysis for your area? 2. Do you have the skills and resources to advertise and market your home effectively? Are you prepared to pay advertising costs and be available to handle calls? 3. Do you know what financing is available? (This is one of the first questions a buyer will ask.) Are you informed about FHA, VA, PMI and other financial methods? 4. Do you have a network of contacts to produce potential buyers, and are you able to screen unqualified prospects -- people who are just curious? Are you comfortable greeting strangers who stop by at 9 p.m. because they saw your yard sign? 5. Are you available seven days a week to show your home? (Buyers will expect you to be available at their convenience, not yours.) 6. Do you have good negotiating skills? Are you comfortable haggling face-to-face over the price? Will you be ready to reveal known defects of your home and do you know what you are required, by law, to reveal? 7. Can you write a binding contract? Do you have offer forms readily available? Do you have a lawyer to advise you on essential terms that must be in the contract? 8. Can you close a sale? Are you familiar with the many steps required after an offer has been accepted? If you can confidently answer yes to all these questions, you probably could sell your own home. Most homeowners, however, recognize the wisdom in working with a trained, licensed professional to handle the many complex details of a home sale. Mistakes can be costly --mistakes a real estate professional can easily avoid. The sales agent you select should be able to answer yes to these questions. After all, it's his or her job to know the many aspects of real estate transactions. One final question for homeowners who are considering marketing their own homes; Whether you are an accountant or a zoologist, or anything in between, do you think it's reasonable for someone with no training or expertise to do "your" job?.
Who represents you when you are buying a house? Not all agents who work with buyers actually represent the buyer. Many may work contractually for the seller. Make sure you understand the type of agency being provided by your agent. If you want to be represented by a “Buyer's Agent”, make sure to make your wishes known. Available Property: A REALTOR® has information about available properties in various neighborhoods in different price ranges. They work closely with other REALTORS® in sharing information. They can answer questions about the tax structure of the communities in which they serve. Know your budget: REALTORS® are familiar with each property for sale and will work closely with you, showing you those properties that meet your specifications. Share with them your financial position, your basic needs and desires. That way the REALTOR® will only show you homes that “fit the bill.” They are familiar with lending institutions, know how much down payments will be required, and what the approximate monthly payments and closing costs will be. They will prepare your offer and present the offer to the seller. Neighborhoods: REALTORS® can answer questions concerning zoning, neighborhoods, schools, places of worship, shopping centers and transportation.
In the Commonwealth of Massachusetts a real estate license is obligated by law to present the Massachusetts Mandatory Licensee-Consumer Relationship Disclosure form. All real estate licensees must present the form at the first personal meeting with you to discuss a specific property. Agency relationship, as defined on the form, include seller’s agent, buyer’s agent, facilitator (non-agent), designated seller’s agent, designated buyer’s agent, dual agent. The Massachusetts Mandatory Licensee-Consumer Relationship Disclosure form is not a contract.
What are the requirements to obtain a Massachusetts real estate license? In the Commonwealth of Massachusetts the Board of Registration for Real Estate Salesmen and Brokers (Board) oversees the licensing requirements. There are two types of real estate licenses – sales license and broker license. Each has different requirements. Sales License: 1) Submit proof satisfactory to the Board that the individual has completed a course in real estate subjects approved by the Board, such course to total 24 classroom hours of instruction; 2) Satisfactory pass a written examination conducted by the Board or an independent testing service designated by the Board. Passage of such exam must take place within two years of successfully completing the 24 hours of classroom instruction; 3) Pay the appropriate license fess as determined by the Board. Broker License: 1) Hold an active salepersons real estate license and have had a minimum of 52 weeks at 25 hours a week experience with a licensed broker(s). Such broker(s) must sign-off verifying the hours; 2) Submit proof satisfactory to the Board that the individual has completed a course in real estate subjects approved by the Board, such course to total 30 classroom hours of instruction; 3) Satisfactory passage of a written examination conducted by the Board or an independent testing service designated by the Board. Passage of such exam must take place within two years of successfully completing the 30 hours of classroom instruction; 4) Present a bond in the form approved by the Board in the sum of five thousand dollars, executed by the applicant and by a surety company authorized to do business within the commonwealth; 5) Pay the appropriate license fess as determined by the Board.
What are the continuing education requirements for real estate licensure? Any person holding a real estate broker or salesperson license, which is subject to renewal, shall, within 24 months prior to the renewal date, satisfactorily complete courses or programs of instruction approved by the Board of Registration for Real Estate Salesmen and Brokers (Board) totaling 12 hours. Every person who fails to furnish, in a form satisfactory to the Board, written certification that the required courses or programs were completed shall be granted inactive status by the Board upon renewal of his/her license.
What are the Fair Housing Laws? The Federal Fair Housing Act declares it is illegal to discriminate on the basis of race, color, national origin, sex, religion, handicap and familial status. The Massachusetts Fair Housing Law declares that it is illegal to discriminate on the basis of race, color, religious creed, national origin, sex, sexual orientation, age, children, ancestry, martial status, veteran history, public assistance recipiency, or handicap (mental or physical). The Fair Housing Laws are complex. If you do not understand them, consult an attorney.
Title 5 is a Massachusetts law dealing with septic systems. For most properties, inspection must have occurred within two years prior to the transfer of property (three years when a system has been pumped on an annual basis and pumping records are available). The law applies regardless of whether it is a cash deal or a lender is involved. It is important to note that the regulations do not require an upgrade of the system prior to transfer, merely an inspection. Under Title 5, the property owner or facility operator is generally responsible for obtaining an inspection of the system. Prior to the time of transfer of title, however, the parties may contractually allocate responsibility for the inspection provided that such inspection occurs within the specified timeframes. An inspection must be conducted by an approved system inspector. If an inspection is required, he/she must record the inspection results on a state Department of Environmental Protection (DEP)-approved inspection form and submit the form, within 30 days of the inspection, to the approving authority. A copy of the inspection report must be submitted to the buyer or other person acquiring title to the facility served by the system. The inspection is intended to provide sufficient information to make a determination as to whether or not the system in its current condition is adequate to protect public health and the environment. Local Boards of Health are the approving authorities for most systems. The DEP is the approving authority for state and federal facilities.
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