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The real estate exam is often considered difficult by many aspiring real estate agents and brokers. This is because the exam is intentionally designed to be difficult to pass, as a way to filter out those who may not have the required skills and knowledge to be successful as a real estate professional. [1]
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region. [2]
Real estate licensing is subject to both the Real Estate Law and the Regulations of the Commissioner, which have the force and effect of law. In enforcing the provisions of the Real Estate Law, the Commissioner has the authority to hold formal hearings involving a licensee or license applicant. The Commissioner also has the authority to issue ...
The language of real estate contracts is typically written to protect buyers. And in many cases, a home seller who reneges on a purchase contract can be sued for breach of contract.
The right of rescission is a legal protection under the Truth in Lending Act (TILA) that allows you to cancel certain home financing agreements without any financial penalties.
In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation , mistake , duress , or undue influence . [ 1 ]
Taxes can be confusing. But it's important to understand how real estate and property taxes work, especially if you own land, a home or a vehicle. While many people use the terms interchangeably ...
Under s. 2(2) of the Misrepresentation Act 1967, the court has the discretion to award damages instead of rescission, "if of opinion that it would be equitable to do so, having regard to the nature of the misrepresentation and the loss that would be caused by it if the contract were upheld, as well as to the loss that rescission would cause to ...