What does Soi mean in real estate?

Table of Contents:

1. What does Soi mean in real estate?
2. How can I make a lot of money in real estate?
3. Who are real estate customers?
4. What is the difference between a customer and a client in real estate?
5. Should I use a dual real estate agent?
6. What is fiduciary in real estate?
7. What is the difference between an agent and a fiduciary?
8. Do real estate agents have fiduciary duty?
9. Are real estate agents bound by confidentiality?

What does Soi mean in real estate?

Sphere of influence

How can I make a lot of money in real estate?

Key Takeaways

1. The most common way to make money in real estate is through appreciation—an increase in the property's value that is realized when you sell.
2. Location, development, and improvements are the primary ways that residential and commercial real estate can appreciate in value.

Who are real estate customers?

Real Estate Customers A customer is a person who is provided services by a real estate professional, but who is not a client. ... The actual services you receive from a real estate professional as a customer depends on the arrangement that is established between you and the licensee.

What is the difference between a customer and a client in real estate?

A customer is anyone who is making a buying decision, and a buying decision is the process of evaluating the benefits of making a purchase. A client has a contractual relationship with an agent, and an agent represents a client in a legal transaction.

Should I use a dual real estate agent?

To protect your finances and ensure you are selling or buying at the best possible price, it is probably best to avoid dual agency. Buyers or sellers may be inclined to work with a dual agent because they want to obtain confidential information about the person buying or selling the home.

What is fiduciary in real estate?

A fiduciary relationship is created in real estate between an agent, known as the fiduciary, and a buyer or a seller, who is referred to as the principal. A buyer's agent works on behalf of the buyer and must hold that buyer's interests above the interests of the agent or the seller.

What is the difference between an agent and a fiduciary?

In common parlance, a fiduciary is someone you can trust. The word itself is related to the Latin word, fidere, meaning to trust. ... Notably missing from this definition is any characterization of the relationship as "fiduciary": An agent is one who represents another, called the principal, in dealings with third persons.

Do real estate agents have fiduciary duty?

A real estate agent also has a fiduciary duty to all their clients. The most important aspect of the real estate agent's fiduciary duty is the requirement to be honest and candid. ... A real estate agent's fiduciary duties include: The duty to fully disclose all material facts to the client.

Are real estate agents bound by confidentiality?

An agent is obligated to safeguard his principal's confidence and secrets. A real estate broker, therefore, must keep confidential any information that might weaken his principal's bargaining position if it were revealed.