Ask William
What are the differences between a condominium, a townhouse and a co-op?
A townhouse is a style of construction, where as condominium and co-op are forms of ownership. A townhouse is basically a building or unit that shares a common wall with the building or unit next door. The walls are usually straight and entry is usually from the ground floor. Townhouses usually have two or more stories. A townhouse can be a style of condominium.
A condominium is a form of ownership in that you own the actual structure of the building jointly with the other members of the association, along with common areas such as swimming pools, tennis courts or other common areas. Individually, you own the airspace and interior of the structure, but not the building itself. You and the other members of the association own the structure together.
A co-op is also a form of ownership where each member of the cooperative own shares of a corporation or organization that owns the larger structure, and ownership of those shares gives you the right to occupy a specific unit or apartment.
Is there a difference between a REALTOR and a real estate agent?
A REALTOR , like a real estate agent is licensed by the State and is a practitioner that lists and sells real property. The big difference and it is a major difference, is that a REALTOR is a member of a local, state and national association and takes an official OATH that they will abide by a strict CODE of ETHICS. What does that mean to you, the Buyer or Seller?
It means that their actions are accountable and if they violate them, they will be held accountable. The provisions of the national, state and local associations have what is known as a Pro-Standards Committee and if someone has violated the strict Code of Ethics by statements or behavior, a grievance may be filed against them and if it is found to be an article of the code, it is turned over to the local Pro-Standards committee to provide due process by setting up a hearing to ascertain if a violation has occurred. If it is deemed that there has been a vioaltion, there are a variety of possible punishments, from a warning to a possible fine, even to expulsion from membership and possible suspension or revocation of their license. In extreme cases, if a REALTOR is sanctioned and looses membership to the board, they likley will also be fired from the office they are in. The Broker of record is obligated to notify the Department of Real Estate in the state. That investigation will likley lead to additional sanctions and likley loss or suspension of license.
What does all that mean to you- the Buyer or Seller looking for someone you can trust to assist you in your real estate needs?
Let me ask you. Would you rather hire someone that can be held accountable or someone, for whatever reason does not agree to be bound by a strict Code of Ethics? Your own answer will best define what the real difference is between a REALTOR and a real estate agent.
Do You Have a Real Estate Question?
Just write your question in the comment box below and be sure to include a way for me to contact you.
