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Flat-fee MLS
Flat-fee MLS refers to the practice in the real estate industry of a seller entering into an "à la carte service agreement" with a real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction. A flat-fee MLS brokerage typically unbundles the services a traditional real estate brokerage offers and lists the property for sale in the local multiple listing service (MLS) à la carte without requiring the seller to use all services. The primary objective of a flat-fee listing is to be exposed on the MLS and cut the listing side of the commission completely out by dealing directly with " buyer's agents." In most cases, the seller saves approximately half of the traditional commission and maintains complete freedom to sell on their own. The buyer's broker is still typically offered a percentage though that could be a flat fee as well. History A Flat-fee listing on the MLS would provide the seller with a listing just li ...
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Real Estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011 In terms of law, ''real'' is in relation to land property and is different from personal property while ''estate'' means the "interest" a person has in that land property. Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state. History of real estate The natural right of a perso ...
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The New York Times Magazine
''The New York Times Magazine'' is an American Sunday magazine supplement included with the Sunday edition of ''The New York Times''. It features articles longer than those typically in the newspaper and has attracted many notable contributors. The magazine is noted for its photography, especially relating to fashion and style. Its puzzles have been popular since their introduction. History Its first issue was published on September 6, 1896, and contained the first photographs ever printed in the newspaper.The New York Times CompanyNew York Times Timeline 1881-1910. Retrieved on 2009-03-13. In the early decades, it was a section of the broadsheet paper and not an insert as it is today. The creation of a "serious" Sunday magazine was part of a massive overhaul of the newspaper instigated that year by its new owner, Adolph Ochs, who also banned fiction, comic strips and gossip columns from the paper, and is generally credited with saving ''The New York Times'' from financial ru ...
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For Sale By Owner
For Sale By Owner (FSBO) is the process of selling real estate without the representation of a broker or agent. Homeowners may employ the services of marketing or online listing companies or market their own property. Typically, they represent themselves with the help of a lawyer or solicitor throughout the sale, as in most areas, there are detailed legal requirements pertaining to sellers and disclosures they must make. Varieties Some options available to the FSBO seller include: #''Selling alone''. The owner sets a price and prepares the house ready for sale. They may hold an open house, open escrow and transfer the keys to a new owner. Websites are available to list properties. Since there is no agent, no commission is paid. The two parties can obtain contractual assistance from their own lawyers or hire one lawyer to facilitate the transaction. #''Partial assistance''. Several "flat fee" listing services exist that host an owner's property on a multiple listing service so ...
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Listing Contract
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms: #A beginning date and a termination date. #The ''list price'' at which the property will be offered for sale. #The amount of compensation offered to the broker, whether it is in the form of a flat fee or percentage of the sales price. #The terms and conditions under which the brokerage fee shall be paid by the seller. #Authorizes the broker to co-operate with other brokers as sub-agents or buyer's agents and details the compensation to be offered to those brokers in the event they procure a buyer. #Authorizes the broker to reveal or not to reveal the existence of offers previously received. In addition, other terms which may appear in the agreement can inc ...
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Consumer
A consumer is a person or a group who intends to order, or uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use. Consumer rights “Consumers, by definition, include us all," said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15. In his speech : John Fitzgerald Kennedy outlined the integral responsibility to consumers from their respective governments to help exercise consumers' rights, including: *The right to safety: To be protected against the marketing of goods that are hazardous to health or life. *The right to be informed: To be protected against fraudulent, deceitful, or grossly misleading informat ...
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United States Department Of Justice Antitrust Division
The United States Department of Justice Antitrust Division is a division of the U.S. Department of Justice that enforces U.S. antitrust law. It has exclusive jurisdiction over U.S. federal criminal antitrust prosecutions. It also has jurisdiction over civil antitrust enforcement, although it shares civil antitrust enforcement jurisdiction with the Federal Trade Commission (FTC). The Antitrust Division often works jointly with the FTC to provide regulatory guidance to businesses. The Division is headed by an Assistant Attorney General, who is appointed by the President of the United States and reports to the Associate Attorney General. The current Assistant Attorney General for the Antitrust Division is Jonathan Kanter, who was sworn into office November 16, 2021. History On February 25, 1903, Congress earmarked $500,000 for antitrust enforcement. On March 3, 1903, Congress created the position of Antitrust AG, with a salary to be paid out of the funds earmarked for antitru ...
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United States Department Of Justice
The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United States. It is equivalent to the justice or interior ministries of other countries. The department is headed by the U.S. attorney general, who reports directly to the president of the United States and is a member of the president's Cabinet. The current attorney general is Merrick Garland, who was sworn in on March 11, 2021. The modern incarnation of the Justice Department was formed in 1870 during the Ulysses S. Grant presidency. The department comprises federal law enforcement agencies, including the Federal Bureau of Investigation, the U.S. Marshals Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Drug Enforcement Administration, and the Federal Bureau of Prisons. It also has eight major divisions of lawyers who re ...
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Listing Agreement
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms: #A beginning date and a termination date. #The ''list price'' at which the property will be offered for sale. #The amount of compensation offered to the broker, whether it is in the form of a flat fee or percentage of the sales price. #The terms and conditions under which the brokerage fee shall be paid by the seller. #Authorizes the broker to co-operate with other brokers as sub-agents or buyer's agents and details the compensation to be offered to those brokers in the event they procure a buyer. #Authorizes the broker to reveal or not to reveal the existence of offers previously received. In addition, other terms which may appear in the agreement can inc ...
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Fee-for-service
Fee-for-service (FFS) is a payment model where services are unbundled and paid for separately. In health care, it gives an incentive for physicians to provide more treatments because payment is dependent on the quantity of care, rather than quality of care. However evidence of the effectiveness of FFS in improving health care quality is mixed, without conclusive proof that these programs either succeed or fail. Similarly, when patients are shielded from paying (cost-sharing) by health insurance coverage, they are incentivized to welcome any medical service that might do some good. Fee-for-services raises costs, and discourages the efficiencies of integrated care. A variety of reform efforts have been attempted, recommended, or initiated to reduce its influence (such as moving towards bundled payments and Capitation (healthcare), capitation). In capitation, physicians are not incentivized to perform procedures, including necessary ones, because they are not paid anything extra for per ...
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American Enterprise Institute
The American Enterprise Institute for Public Policy Research, known simply as the American Enterprise Institute (AEI), is a center-right Washington, D.C.–based think tank that researches government, politics, economics, and social welfare. AEI is an independent nonprofit organization supported primarily by contributions from foundations, corporations, and individuals. Founded in 1938, AEI is aligned with conservatism and neoconservatism but does not support political candidates. AEI advocates in favor of private enterprise, limited government, and democratic capitalism. AEI is governed by a 28-member Board of Trustees, composed of executives and former executives from various corporations. Approximately 185 authors are associated with AEI. Arthur C. Brooks served as president of AEI from January 2009 through July 1, 2019. He was succeeded by Robert Doar. Members Notable AEI scholars or affiliates have included President Gerald Ford, William J. Baroody Jr., William J. ...
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Real Estate Trends
A real estate trend is any consistent pattern or change in the general direction of the real estate industry which, over the course of time, causes a statistically noticeable change. This phenomenon can be a result of the economy, a change in mortgage rates, consumer speculations, or other fundamental and non-fundamental reasons. Buyer agency growth At one time, all real estate brokers and agents, or Realtors, practiced "single agency", meaning they represented only the buyer or the seller. In the 1990s, the concept of buyer agency became popular, allowing a buyer to retain an agent who would represent the best interests of the buyer alone. The first national company to provide this service was The Buyer's Agent, Inc. A 2008 study by ''Consumer Reports'' indicates that prior to this development, a Realtor was presumed by state law to be working for the seller. The same study shows that buyers using buyer agents obtained a savings of $5000 in the price of the home as compared to pr ...
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