FREQUENTLY ASKED QUESTIONS...and Answers from GAR
Can anyone sell or lease properties?
In order to list “for sale” or “for lease” real estate in any U.S. jurisdiction, the individual must hold a real estate license in the state or territory in which the sale/lease is taking place. Licenses are granted by state governments. Often, each state government will require a certain number of education hours to obtain and maintain a real estate license.
What is the difference with For Sale By Owner (FSBO) vs. using the service of a real estate agent who is a REALTOR®?
• Realtors® add value to the real estate transaction; they can expose homes to more buyers through the Multiple Listing Service and save owners time and money throughout the home selling process.
• Selling a home is a full-time job. Unrepresented sellers often do not understand the complexity, range and timing of tasks they will have to perform if they don’t use a real estate professional.
• Unrepresented sellers are typically owners with lower incomes who are trying to sell lower priced homes, often mistakenly thinking they will save money by foregoing professional advice and representation.
• Realtors® can help a seller set a realistic price and ensure that the proper paperwork and various disclosures and inspections are handled correctly.
• Realtors® know best how to prepare a home, maximize value, and are more likely to generate multiple bids than sellers on their own.
I am a licensed real estate agent in another state, what do I do to get licensed on Guam?
Contact Guam’s real estate licensing branch for more details at (671) 635-7699.
I want to be a REALTOR®, what do I need to do?
First you need to obtain your real estate license on Guam. Then you need to join a Brokerage whose Principal is a REALTOR®. Thereafter, the Brokerage will contact GAR office to get you processed for membership. You will be notified of a list of requirements that must be completed on a timely manner. The membership at large will get noticed of all new member applicants and will be allowed to comment. Finally the Board of Directors will vote on the application.
Are all real estate agents also REALTORS®?
No. REALTOR® means member of the Guam Association of REALTORS®. The term REALTOR® is not only a trademark owned by the National Association of REALTORS® and protected by federal law, it distinguishes members from all others in the real estate business.
I believe I have been wronged by my real estate agent, where can I go to file a complaint?
Guam Associations of Realtors® is responsible for enforcing the Realtors® Code of Ethics. The Code of Ethics imposes duties above and in addition to those imposed by law or regulation which apply only to real estate professionals who choose to become Realtors®.
Many difficulties between real estate professionals (whether Realtors® or not) result from misunderstanding, miscommunication, or lack of adequate communication. If you have a problem with a real estate professional, you may want to speak with them or with a principal broker in the firm. Open, constructive discussion often resolves questions or differences, eliminating the need for further action.
If, after discussing matters with your real estate professional or a principal broker in that firm, you are still not satisfied, you may contact the Guam Association of Realtors®. In addition to processing formal ethics complaints against its Realtor® GAR offers informal dispute resolving processes (e.g., ombudsman, meditation, etc.).
You will want to keep in mind that . . .
• Only REALTORS® are subject to the Code of Ethics of the National Association of Realtors®.
• If the real estate professional (or their broker) you are dealing with is not a REALTOR®, your only recourse our real estate licensing authority or the courts.
• GAR determines whether the Code of Ethics has been violated, not whether the law or real estate regulations have been broken. Those decisions can only be made by the licensing authorities or the courts.
• GAR can discipline Realtors® for violating the Code of Ethics. The primary emphasis of discipline for ethical lapses is educational, to create a heightened awareness of and appreciation for the duties the Code imposes. At the same time, more severe forms of discipline, including fines and suspension and termination of membership may be imposed for serious or repeated violations.