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| CREB® FAQ's |
| Home Buyer Questions Home Sellers Questions |
| Calgary Real Estate Board (CREB®) Explained. The Calgary Real Estate Board is ranked as one of the largest real estate boards in Canada. It represents over 5,200 licensed REALTORS from over 250 offices. The geographical area served by the board includes Calgary, Sundre, High River, Oyen, and Banff/Canmore. Our members are licensed professionals governed by a high standard of professional service and a strict code of ethics. CREB® REALTORS are committed to providing the best possible service to their clients and customers. One of the main functions of CREB® is the operation of the Multiple Listing Service (MLS®). Through MLS®, members and in turn their clients, have immediate access to the latest information on properties listed for sale. In excess of 30,000 residential properties per year, representing over 90% of the market, are listed on MLS®. |
| Social Responsibility - CREB® in the Community
Social responsibility and community involvement are very important facets to the workings of the Calgary Real Estate Board. We are an industry that has seen exceptional success, and we are an industry that is fortunate to have Members who have a high sense of responsiveness towards community volunteerism and charitable spirit. When those qualities are married, it becomes a joy and a privilege for the Board to be able to “give back” to the community in which it works, but to also give back to the community that has given to us the opportunity to enjoy some major successes. Our primary contributions to the community come through the good works of our Charitable Foundation. Formed in 1987, by the Board’s Civic Affairs Committee, it is a means by which our Members can give back to the community in which they live and work. Since its inception, the Foundation has distributed over $1.86 million to the community. The Charitable Foundation has been diligently working on the Crestwood Affordable Housing Project and recently held their groundbreaking ceremony. This special partnership involves 3 levels of government and the Real Estate Board’s Members. We have pledged to raise $1.5 million towards the construction of this 60-unit complex for low-income working Calgarians. Here are some of the organizations that the Charitable Foundation and CREB® are proud to have supported: Calgary’s Rotary Challenger Park Making the community in which we live, love and work a priority helps to ensure the prosperity of us all. |
| How do I come become a REALTOR®? To become a Realtor you must take the Real Estate Associates Program, pass the exam, find a brokerage to work for and start your career. Once you have finished the course you will have to pay the licensing and membership fees. |
| Frequently Asked Questions from Home Buyers |
| Who holds the deposit when I make an offer
to purchase? It is negotiable between you and the seller. Usually the seller’s brokerage holds the deposit “in trust” for you and the seller. What is the difference between chattels and fixtures? Chattels are unattached goods that go with the seller. Fixtures are attached goods that stay with the property. Any chattels you want included must be written into the purchase contract and agreed to by the seller. Can I withdraw my offer before it is accepted? In most cases, yes. But check with your REALTOR or lawyer regarding the specifics of your offer. Can I withdraw my offer after it is accepted? In most cases, no. Again, check with your REALTOR or lawyer regarding the specifics of your offer. Do I have to use a lawyer? It is highly recommended. If you are getting a mortgage, your lender will probably require that a lawyer handle the transaction. Why should I use a Realtor? A Realtor® can help you in a great many ways to not only get a better price for your home, but also make the whole process easier. Read more in the "Why Use A Realtor" section. |
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| Frequently Asked Questions from Home Sellers |
| Can I cancel my listing at any time? The answer is no. The listing contract is between you and the brokerage (company) and creates a legal and binding obligation on both parts. If you have concerns or problems, discuss them with your REALTOR or their broker. When my listing expires, how long do I have to wait until I can sell my home? You can sell at any time after the listing expires, but bear in mind that you may still have to pay commission. Check with your REALTOR to clarify any holdover clauses in your contract. When measuring a property, do I include in the calculation of size the completed walk out basement? The only measurements to be included for the size of the property is the structure located entirely above grade. If a portion of the walk out is below grade then you do not include it in total size above grade. What are my obligations to dislose a stigma attached to a property? There are no Canadian Statutes that require an agent to dislose the existence of a stigma on a property. Stigmatization of a property is in the “eyes of the beholder”. Ethically we are sometimes challenged regarding this since it becomes awkward when we are in a dual agency situation. If you know for example that there was a suicide in the property and you are the lister and representing a potential buyer, you may want to consider dislosing this fact even though at law there is no requirement to do so. What is the commission rate? Commission rates are negotiated at the time the listing contract is signed. If I receive an offer I don’t like, do I have to counter it? No. You have the choice of accepting, rejecting, or making a counter-offer. Do I have to use a lawyer? Using a lawyer is recommended, but the final decision is up to you. Why should I use a Realtor? A Realtor® can help you in a great many ways to not only get a better price for your home, but also make the whole process easier. Read more in the "Why Use A Realtor" section. |
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