In today’s episode, I’m at the Downtown Real Estate Academy. I wear many hats—I’m a podcast host, a real estate broker, and the owner and director of this school. What you’re going to see in our upcoming episodes, is an inside look at our pre-licensing students as they navigate through our classes. This is great for people who are interested in starting a career in real estate! In this episode, I discuss essential topics in real estate licensing and practices, offering insights for those considering a career in the field. We examine the nuances of “substantial misrepresentation” and how opinions on neighborhood quality can complicate real estate transactions. Additionally, I discuss the importance of complying with escrow requirements and maintaining transaction records, emphasizing how modern paperless systems have simplified this process. I also cover the critical rule that a broker can only pay their licensed employees or another broker, highlighting the significance of understanding commission structures and agency cooperation. By sharing these insights, I aim to clarify some of the common challenges and rules faced by real estate professionals.
