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Being an estate agent


The real estate agentis a professional intermediary between buyers and sellers of real estate, business assets or shares of companies on a building or a business. Being anestate agent cannot be improvised and requires you to hold a professional card bearing the words "Transactions of buildings and goodwill," according to law Hoguet of January 2, 1970 and its decree application.

The estate agentmust also provide proof of professional competence, namely a degree allowing him to practice this profession. There are specific courses a BTS to a Bac +5. The trend is for higher qualifications. The estate professions Bac course is popular-some business schools even offer 3 year courses in real estate management. There are also professional Bacs accessible to people who are already in employment. The University also offers Bac +4 and +5 training courses. Finally, there are schools which have specialist courses recognized and appreciated in the market. After several years of experience, the real estate agent may specialize by type of property (industrial real estate, luxury real estate) or create his own agency. The evolutions within the real estate sector are many and varied.

He must alsoprovide proof a financial guarantee to ensure the funds held on behalf of third parties. This guarantee is 110.000 Euros minimum for professionals who cash funds and 30.000 Euros for those who do not cash in, and 120.000 euros minimum for members of the Federation Nationale de L'Immobilier (FNAIM) - professional organization representing 14 real estate activities, the FNAIM represents the interests of real estate professionals and their clients, offering services to develop ethics, competence and professionalism of its members in order to support and secure housing projects.This guarantee then increases by increments of 20,000 Euros, depending on the turnover.

The estate agentmust finally have an insurance against the financial consequences of the personal liability he may incur as a result of his activity. In exercisingits function, the agent has certain obligations to meet. He must display certain documents, including the number of his business card, the amount of his financial guarantee if he receives money from his customers, the name and address of the guarantee agency, the rate of fees and how they are calculated. In addition, he must have a written mandate authorizing him to negotiate or engage.

Indeed the mandate ismandatory and must be signed by the mandator (buyer, seller). In terms of transactions you have either a sales mandate with the seller or a serach mandate with the buyer. The mandate indicates the limits of the task entrusted to him and the amount of his remuneration. Each term must be subject to a numbering and be entered in a register. If the warrant was signed at the person’s home, a cooling-off period of seven days must be respected.

The mandatecan be simple or exclusive. It is necessary to distinguish which type on the mandate. The simple mandate allows the seller to entrust his property to other professionals or to search for a potrential buyer himself while with the exclusive mandate, negotiations are entrusted to a single real estate agent who has the exclusivity. This does not prevent the seller, based on the contracts himself to seek a buyer or a seller. The mandate is limited in time: usually three months.

It isimportant to note that the real estate agent is responsible for the mentions contained in the deed he makes sign. He checks if the client is indeed the owner of the property for sale or has the ability to sell it. He checks the title deed, the surface of the property, the existence of easements, and the estate diagnostics which are the responsibility of the owner to get. In addition, the agent has a duty to advise on the price of the property offered for sale. However, in the case of hidden defects, the agent shall only be liable if he knew the information or the examination of the scene showed the presence of insects or other vices.

Finally we can talk about the remuneration of the estate agent.His commission is subject to the possession of a written order when the property is presented to the purchaser. It is due if the estate agent has taken the necessary steps including advertising, the organization of visits and negotiating the transaction. If his role has been incomplete, the commission will be lower than the one indicated in the mandate. If the seller has signed several non-exclusive sales mandates for a property with several real estate agencies, the commission is due to the agency that has  obtained a signed compromis from the buyer. The commission is paid after signing the final contract before a notary. As for the amount of his remuneration, the fees are free and calculated as a percentage on the amount of the transaction. The percentages charged are in the range of 5 to 10%, and vary depending on the price of the property.