Thinking About A Real Estate Career?
It would be easy, right? I mean, what does a real estate agent actually do?
This question was asked by Larry Johnston, a retired Florida judge. After reflecting on his legal career, he decided that if he had it to do over again, he would have chosen a profession that does not require any real work. Johnston decided to visit a local real estate school and see if this common perception of the industry is accurate. What he found surprised him, and he shared his experiences in a column featured in Florida Today.
His introduction to the trouble-free world of Florida real estate sales began at the A-Plus School of Real Estate in Melbourne, which offers flexible hours and reasonable rates. The first thing he learned was what you need in order to become a Florida real estate agent. You must…
- Be at least 18 years of age.
- Have a high school education.
- Pass this class.
- Take the Florida Real Estate Exam.
- Be of good character.
Johnston met the instructor, a former stand-up comedian, before class. Maybe he would learn something at A-Plus, he figured, as opposed to when he took boring real estate courses in law school. The subject of the night when Johnston attended was the preparation of the Contract for Sale and Purchase, and the four elements involved in every contract.
- A contract can only exist between two or more people. A corporation is considered a person under the law. The person must be competent. Or at least supposedly.
- There must be an offer and acceptance of the same terms.
- The contract involves a promise to do a legal act. For example, gambling debts are not legal acts and therefore cannot be enforced. Sports buffs, take notice.
- There must be some consideration between the parties — in other words, both parties must get something out of the bargain.
And there you have a short course in real estate contracts. Easy enough, no?
To enhance his understanding of what it takes to be a real estate agent, Johnston spent the day driving a broker friend to some of his appointments. When he told his new cohort that he wanted to become a millionaire selling real estate, the response was laughter.
“Being a real estate agent is hard work,” the broker said. “People overestimate the amount of money we receive and underestimate the amount of work we do. A new agent needs to find a good mentor with good ethics. You must be patient, love people and have a flexible schedule. Also, remember you can spend weeks on a deal that falls apart, and you will get nothing.”
Interesting. Maybe law school wasn’t so bad after all.
