0
Can a family member get commission from sale it she is the executor of estate and is a broker?
Wiki User
∙ 14y ago
Unless all the heirs agreed in writing to allow the executor to act as the broker, with the understanding she would receive a commission, she has a conflict of interest and an independent broker should handle the sale of the property. If the executor took it upon herself to act as broker and collect a fee from the estate she should be apprised of the impropriety of self-dealing by a fiduciary. You should consult with the attorney who is handlig the estate or ask the court to review the situation if that attorney allowed this situation to take place.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Who is the principal for whom the real estate broker works?
The broker works for the principal who has signed an agency agreement with the broker's company. If the brokerage agency, ex. Coldwell Banker John Smith, has a listing agreement with the Jones family to sell their home through their salesman, John Doe the brokerage and the agent John Doe represent the Jones family as their principal. The gray area would be if John Doe gets a phone call from a buyer who wants to be represented by an agent to look at homes and he decides to buy the Jones' listing. Now the brokerage and John Doe represent 2 opposing interests in a transaction, which is called dual agency. Most agencies and real estate agents disclose this issue up front and offer a designated agency option, but it is confusing for many people not in the business or who are not attorneys.
Real Estate Broker and Sales Agent?
Homeownership has always been part of America. Since the first westward expansions of the early nineteenth century, land ownership has been part of the American Dream. The Great Depression of the 1930s changed the idea of land ownership to homeownership, which has been the avowed hope of millions of Americans since that time. Today, real estate is a thriving market that attracts many investors and potential homeowners. The current housing crisis has tarnished the image of the market somewhat, but real estate agents are still a viable career choice. A real estate agent helps broker a deal between the buyer and seller of a home. Buying a house is likely the most significant event in peoples’ lives. Due to this important and the complexity of the transaction, hiring a real estate broker or sales agent is a popular choice when buying a home. A good real estate agent can find their clients the best house on the market for the best price. The difference between a real estate broker and an agent is that the broker is licensed to run their own business, but the agent is not, therefore the agent must work for the broker. During the selling process, they arrange meetings between buyers and sellers in order to agree on a price and in the final meeting, help the new owners take possession of the property. The real estate agent may tailor the selling points of a particular property, depending on the buyer’s characteristics. To a young couple looking to start a family, the agent may emphasize the property’s proximity to school and shopping and the low crime rate of the neighborhood and general area. Real estate agents usually sell residential property, but some agents and brokers focus on selling investment, agricultural or commercial property. These agents typically work for large firms. Agents and brokers help clients find the right kind of financing for their property. In some cases, agents are responsible for helping their clients through the mortgage application process, depending on the type of property involved.
What does mbr down in real estate mean?
It means that the Master Bedroom, usually the largest bedroom with an attached bathroom, is on the first floor. This description is true for what this means in the majority of single family, suburban, residential real estate listings in the US.
What is the average sales commission for machinery representatives?
i have i shop that is call qbar samui and in Bangkok i want to do a shop that it call Nike. all my family love Nike my son have it but not just only my son and lost more so i think that we need to have a NNike shop
Where can one find MLS listings?
Multiple Listing Services can be found for your city or the city you are interested in through local real estate agents. If you have sold a house before and feel comfortable with them, ask them for listings. If you do not have one, ask a friend or family member for a referral.
How do you change the executor of an estate after the death of the family member My brother is executor and wants nothing to do with estate. How can I become the executor?
The executor can file a resignation with the court and you would petition for appointment as the successor.
What is the name of the person in charge of a family estate?
Executor
How can you have the court appoint a third party executor for Texas estate?
There are several reasons why the court would appoint a third party executor for a Texas estate. You can have the court appoint a third party executor for an estate once all family members that were named as executors are unsuitable to be an executor.
Can a executor hide the will from his only children from his first marriege?
The executor has no duty to his own family members. His duty is to the estate and the probate court.
When a person dies without a will does the state always step in to appoint an executor?
The executor of an estate is always appointed by the courts, even if there is a will. If the family petitions the court with an agreed upon executor, the court will normally approve it. As long as there are valid heirs to the estate, they will usually go along with the family's wishes.
Can the executrix sell a house that is in the estate without permissin of other beneficiaries?
Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.
If a car belonging to an estate not yet settled is given to a non family menber how do you get it back?
If an executor acted in bad faith then you can take the executor to court to force them to repay the value of the car to the estate.
How should you choose an executor for your will?
Select an executor for your will based on trust and relationship. A family member can execute the estate or you can choose two people to be co-executors. Lawyers can do it but they will likely charge the estate a percentage.
Real estate broker?
Real estate broker Find a Real estate broker in USA, Michellecooper Exprealty is a First-time homebuyer realtor with the best Real estate agent reviews in USA. Contact Now /michellecooper.exprealty
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
What rights do the non executor surviving children of deceased parents have to the estate when only one is named executor?
The named executor must submit the will for probate and request appointment as the executor. Once appointed they will have the sole authority and responsibility to settle the estate. The executor should hire an attorney, especially if there is real estate.The other family members have no right to interfere with the executor's handling of the estate unless the executor fails to perform their duties properly. They do not have any right to handle any property of the estate. The executor must follow the state laws that govern estates and the debts must be paid before any property can be distributed to the heirs. The executor will be eligible to charge a fee for their services and the fee is set by law. Any family member can monitor the progress by visiting the court and requesting to review the probate file.
Can your family member who is executor and beneficiary of estate refuse to pay deceased debts?
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed.
