What is Fee Simple?

Fee simple absolute ownership is the highest form of property ownership recognized by law. It essentially means you have complete and unrestricted ownership of a piece of land and any structures on it. While fee simple absolute ownership gives you extensive rights, it's not entirely without limitations. You still need to comply with local laws and regulations, such as zoning ordinances, building codes, and property taxes.

Would you like to learn more about Real Estate? Have you ever wanted to become a New Jersey Real Estate Salesperson License holder? Want to know more about being a New Jersey Licensed Real Estate Agent? Click on the link for the schedule of our upcoming classes for Real Estate: tocrres.com

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Terrie O'Connor Realtors Real Estate School Offers Summer Sale on Pre-Licensing Classes

Terrie O'Connor Realtors Real Estate School is offering a special summer sale on their 75-hour weekday real estate salesperson pre-licensing class. The class will be held from August 5th to 23rd, 2024.

This is a great opportunity for those who are interested in becoming a real estate salesperson. The class will cover all of the topics required to obtain a real estate salesperson license in New Jersey.

The class will be taught by experienced real estate professionals who will provide students with the knowledge and skills they need to succeed in the real estate industry.

Students who enroll in the class will receive a variety of benefits, including:

• A comprehensive textbook

• Access to online resources

• Exam preparation materials

• Job placement assistance

To register for the class, please contact Terrie O'Connor Realtors Real Estate School at (201) 327-7300.

About Terrie O'Connor Realtors Real Estate School

Terrie O'Connor Realtors Real Estate School is a leading provider of real estate education in New Jersey. The school offers a variety of courses for real estate professionals, including pre-licensing, continuing education, and broker licensing courses.

For more information, please visit the Terrie O'Connor Realtors Real Estate School website at tocrres.com/register

New Jersey Real Estate School: How the NAR Lawsuit Affects You

New Jersey residents entering the real estate world are likely curious about how the recent NAR lawsuit will impact their careers. Let's break down the key points and what they mean for aspiring and current agents.

What Changed?

The National Association of Realtors (NAR) reached a settlement agreement after lawsuits claimed they restricted how commissions were set. Previously, Multiple Listing Services (MLS) listings had to include an offer to compensate the buyer's agent. Now:

• MLS listings cannot show buyer agent commission.

• Sellers can still offer compensation, but it cannot be advertised on MLS.

• Buyer agents must have a written agreement with their client outlining compensation before showing properties.

What This Means for You

• Listing Agents: You can advise sellers to offer buyer agent compensation, but it won't be on MLS listings. This might lead to fewer showings if buyers' agents aren't aware of compensation being offered.

• Buyer Agents:  You'll need a signed agreement with clients outlining your compensation before showing properties.

• Buyers: You'll have more control over your agent's fees, but may have difficulty finding agents willing to work without confirmed compensation from you or the seller.

Headlines are Misleading

Don't believe claims that commissions are "destroyed forever" or can be negotiated to zero. Commissions are still very much negotiable, but the process may change.

Who Wins and Loses?

• Sellers: May benefit if they can negotiate lower commissions with buyers who don't use agents. However, their homes might take longer to sell without buyer agent promotion on MLS.

• Buyers: May have more control over agent fees, but could struggle to find representation without confirmed compensation.

• Buyer Agents: May see a decrease in clients if buyers are unwilling to pay them directly.

• NAR: May see a decline in membership due to agent dissatisfaction with the settlement.

The Future of Real Estate

The industry adapts to change. People will still seek real estate careers, and buyers and sellers will still need professional guidance. Garden State Real Estate Academy remains committed to helping aspiring agents get licensed in New Jersey.

Want to Learn More?

Visit our website to explore our daytime, evening, and online pre-licensing courses: tocrres.com/register