Thursday, January 23, 2014

Are there real estate syndicates in Atlanta?

The short answer is yes.  As a quick review, a syndicate is an organized pooling of funds amongst a group of investors for the purpose of acquiring or investing in real estate.

I did a Google search for Syndicates in Atlanta and a lot of options came up.  I don't want to list any because I don't want it to be misconstrued that I am promoting any one(s) of them.  So I simply want to inform you that there are syndicates in Atlanta.

Wednesday, January 22, 2014

What is the difference between an estate at will and an estate for years?

An estate for years is a written agreement that has a definite start date and end date.  This lease does not require notice from the tenant or landlord.  At the conclusion of the term, the tenant is expected to move out.
An estate at will, om the other hand, is one that does not have a written lease.  The tenant has permission to occupy the property for an indefinite period of time.  The tenant or landlord can terminate the occupancy arrangement at any time or at will.

Tuesday, January 14, 2014

Can you make up a missed class by attending a class that you did not register for?

Short answer, yes.  In order to make up missed class time, one should contact the GIRE office staff to make arrangements for making up the time.

If a neighbor has a fire pit that smokes up your property and house, is that a "nuisance" or "health concern?"

The short answer, nuisance.  Depending upon regulations set by the local municipality, this infringement could be more than just a nuisance.  A resident experiencing this problem has the option to petition the municipality code or ordinance departments to address the issue.

Locally, it is permissible for residents to burn yard debris including purchased wood during the fall, winter and spring.  There are restrictions during the summer when the ozone reaches unhealthy levels.

Difference between appurtenance and tenements?

An appurtenance is real property that automatically conveys with ownership.  It can be an improvement such as a shed or garage, a right such as a right of way for someone else, or an interest such as use of common elements in a subdivision.  An appurtenance is that which belongs to something else.  Examples: a back yard goes with the adjoining house as well as the water storage tank, shed, septic tank and right of way for someone else.  None of these are directly connected to the house, but in conveying ownership they will NOT be removed.

Tenements are things that are attached to the land physically or legally.  Examples include land, houses, barns and the right to collect rent (legal).

The difference between two terms is that appurtenances deal with what is conveyed with ownership while tenements describe what the real property consists of.

Recommendations for studying for quizzes, exams? Do you recommend flash cards to remember vocabulary?

A great resource that will help you through the class as well as in your real estate career is the book entitled, The Language of Real Estate by John W. Reilly.  This book defines real estate terms and provides examples of them.  You can purchase from GIRE or me.  

I hesitate to give you other resources to use to study.  One, because the slightest variation in the description of a concept can cause more confusion.  And two, you will have so much material as we move through the course that you really will not need additional materials.

Flash cards are an excellent method to employ.  Put the term on one side and write the explanation/definition on the other side.  During the course I will also present other memory tools to aid your success.

What about asking the broker about commission percentage to broker versus agent and how it increases? Desk fees?

During an interview, it is imperative that you know the rate of pay.  A commission split can be the deciding factor between one broker and another.  It is not only acceptable to have this discussion, but strongly advised.

Do you recommend previewing properties beforehand?

In some cases, I would say that you should definitely preview properties prior to taking potential buyers.  In other cases, I would say that it's not necessary.  I typically will preview properties for out-of-town buyers so that I can provide them with more information about the property.  This will allow them to eliminate those properties that do not meet their needs.  And when they are in town, we can use our time much more efficiently.  There are instances when I will preview properties for local buyers.  This usually is done for those who are short on availability time due to work or other commitments.

Once you are practicing, you will develop your own standards as to when to preview or not.

If you schedule for the State exam and something happens that causes you to need to reschedule, is that possible?

The short answer is YES.  Go to www.GoAMP.com, click on Schedule/Apply For An Exam under the Candidates tab.  Then select Real Estate as the Category, Georgia Examination Program as the Program and Salesperson Examination as the Examination.  You will be taken to a screen that allows you to access materials including the Candidate Handbook, calculator guidelines, Lawful Presence Notarized Affidavit and other things.  Included on this page is a button where you can Reschedule an Exam.