Minnesota real estate agents are required to complete 15 hours of continuing education every year for their license renewal. In addition, every two years agents must complete an hour each of agency and fair housing. Every four years St. Paul real estate agents must take 4 hours of ethics. It's impossible to be in real estate and not be exposed to agency, fair housing, or ethics. My personal theory is that agency, fair housing, and ethics cannot be taught. I believe that right treatment of other people comes from deep within as a heart response rather than a head response. I do believe the laws can be taught so one who wants to act rightly can conform to the law, but the desire to act rightly still comes from within.
Having opined about what is taught, it's interesting to note little statements that were made in my St. Paul continuing ed class this week.
Having opined about what is taught, it's interesting to note little statements that were made in my St. Paul continuing ed class this week.
- REALTORS® (members of the real estate trade organization National Association of REALTORS®) have the lowest average income of any licensed profession in Minnesota. (I would have liked to see the source for this statement as I know "teachers and preachers" are pretty low on the continuum, too.)
- Real estate is the career of last choice for many. (Again, what is the source for this statement? Do I fall into this category because I had to break down my own stereotypes about real estate agents before I would practice real estate?)
A professional is anyone who has done the job well and performed as promised. Now this I can agree with. I consider the person who cleans the toilet or digs a ditch well, and as promised, to be as much of a professional as a doctor. I often think of this when viewing pictures of my house being slid down into a 10 foot hole by a "simple truck driver"! I think not! That person had expertise and skill not many would even venture to learn!
- The most respected profession is medical doctors.
- There were 35,000 licensed agents in 2006, 28, 000 in 2007, and expected to dwindle to 22,000 at the end of 2008. It seems real estate is not the place for the weak of heart or for gold seekers.
- Minnesota has only 3 industries with fiduciary responsibility: attorneys, real estate brokers, and mortgage brokers.
- Fiduciary responsibility is the highest level of service that can be given to another person. The "agent" (read attorney, real estate agent, or mortgage broker) acts in the best interests of the principal (the client) and acts on their behalf to perform the legal instructions given by the principal to the agent. Principals make the decisions, not the agent!
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