What does rebac stand for?

Real Estate Buyer’s Agent Council (REBAC)

What does Accredited Buyer Representative mean?

The Accredited Buyer’s Representative (ABR®) designation is for real estate buyer’s agents who focus on working directly with buyer-clients at every stage of the home-buying process.

What is a CT buyer?

A Connecticut buyer agency agreement grants a real estate agent the exclusive right to work with a client for a predetermined amount of time. While under contract, the agent will look into purchase opportunities and present them to the client for review.

How do you buy a house in CT?

8 Steps to Buying Your First Home
  1. STEP 1: Homebuyer Education.
  2. STEP 2: Get Pre-Approved for a Mortgage.
  3. STEP 3: Find a Real Estate Agent and Attorney.
  4. STEP 4: Find the Right Home.
  5. STEP 5: Make an Offer.
  6. STEP 6: Apply for a Mortgage.
  7. STEP 7: Home Inspection and Appraisal.
  8. STEP 8: Closing.

Can a Realtor represent both buyer and seller in CT?

9. Dual agency is allowed, if both parties give their informed consent. Dual agency is permitted if both the buyer and seller give their informed consent to it. One way that this consent can be obtained is by using the Dual Agency/Designated Agency Disclosure Notice and Consent Agreement.

What’s the purpose of a buyer presentation?

A buyer presentation is a short, semi-formal presentation that buyer’s agents deliver to leads in order to build a foundation for a professional relationship. Agents use buyer presentations as a way to learn more about what leads really want, as well as set expectations for the market and the buyer/agent relationship.

Is an offer to purchase a house legally binding?

Article summary. An offer to purchase offer is a legally binding contract; once you sign it, you cannot easily change it. As a prospective buyer, you should make sure your finances are in order and obtain bond pre-approval before making an offer.

Do you need an attorney to buy a house in CT?

While Connecticut statutes do not require individuals buying or selling real estate to engage the services of an attorney, (1) statutes require an attorney to be involved in real estate transactions requiring title insurance and (2) certain services or activities in a real estate transaction may constitute the practice

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What is a designated agency?

In real estate, designated agency refers to a specific agent who’s designated by their brokerage to represent a party in the transaction. Usually, one agent from that brokerage will already be representing the buyer or seller.

What is the difference between dual agency and designated agency?

Dual agency is when a single real estate agent represents both the buyer and sellers in a real estate transaction. Designated agency occurs when a buyer and seller are represented by two agents at the same brokerage.

What is a designated broker?

What is a designated broker? A designated broker is a real estate firm owner who oversees business activities, including other brokers, office staff and individual clients. These senior-level staff members hire real estate agents, establish business policies and help set company goals.

What is the difference between a designated agent and a transaction broker?

If a designated agent is named, only the designated agent has the duties of a buyer’s agent and the supervising broker of the designated agent functions as a transaction broker. A Transaction Broker is not an agent for either party and does not advocate the interests of either party.

Who is the designated agent?

A designated agent most commonly refers to a real estate professional who works at an agency that represents both the buyer and the seller in a property sales transaction. The agency assigns one of its agents to work exclusively with the buyer and another to work exclusively with the seller.

Which is considered a primary responsibility of a designated transaction broker?

A designated broker acts on behalf of a seller or buyer in securing new real estate business. He creates the listings of property for sale and facilitates the sale, acquisition or exchange of real estate property for a purchaser or a seller.

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Why is designated agency a good alternative to traditional dual agency?

Why is designated agency a good alternative to traditional dual agency? – Fair housing laws do not apply to transactions involving designated agency. – Even though the same broker represents each party, both the buyer and seller have a licensee who exclusively acts as their agent in the transaction.

Should I consent to dual agency?

If a real estate agent offers you a dual agreement, as the buyer, you should always say “no.” Get your own buyer’s agent who will truly represent you. Directly working with both parties does not work.

What is another term for designated agency?

A designated agency is when two agents from the same broker represent the parties in a real estate transaction. Designated agency can also be called appointed agency. In a designated agency situation, each party is able to get representation from a different agent, although both agents work for the same broker.

What is the difference between dual agency and dual representation?

When you list a property with an agent you are listing your home with the broker and all of the brokerage’s agents are working on your behalf and are bound to act in your best interest. Dual representation takes place when another agent from the same brokerage brings a buyer to purchase a home.

Who benefits most from dual agency?

The seller typically pays both agents’ commissions, so the seller is the one who can directly save money in this situation. But when the seller’s costs are lower, they may be willing to accept a lower price from the buyer. The seller, buyer and agent could all benefit from the arrangement.

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