Comments on: #RTB | Real Estate’s “GAAP Gap” http://p1fran.com/2009/12/real-estates-gaap-gap/ Real Professionalism in Real Estate Tue, 15 May 2012 13:49:37 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Unundhttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-2852 Unund Sun, 05 Feb 2012 20:23:39 +0000 http://p1fran.com/?p=363#comment-2852 hi!!! hi!!!

]]> By: Tom Detelichhttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-1396 Tom Detelich Mon, 13 Dec 2010 20:51:31 +0000 http://p1fran.com/?p=363#comment-1396 The lack of standardization of rules in real estate is definitely a concern.In the example you provided above, since there isn't a clear-cut rule, I think most realtors would act according to their own personal ethics. One might go with the first offer received, while another might pit the two agents against each other in hopes of drumming up a larger offer. If definitely couldn't hurt to have some stricter rules. The lack of standardization of rules in real estate is definitely a concern.

In the example you provided above, since there isn’t a clear-cut rule, I think most realtors would act according to their own personal ethics. One might go with the first offer received, while another might pit the two agents against each other in hopes of drumming up a larger offer. If definitely couldn’t hurt to have some stricter rules.

]]> By: ProfessionalOnehttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-52 ProfessionalOne Mon, 08 Mar 2010 12:52:02 +0000 http://p1fran.com/?p=363#comment-52 <p>@MIrealestate And that is EXACTLY why I wrote this blog post: <a href="http://cli.gs/anGbZ" rel="nofollow">http://cli.gs/anGbZ</a>. Real estate needs RULES! #RTB #NAR</p> <p><i>This comment was originally posted on <a href="http://twitter.com/ProfessionalOne/statuses/10169116021" rel="nofollow">Twitter</a></i></p> @MIrealestate And that is EXACTLY why I wrote this blog post: http://cli.gs/anGbZ. Real estate needs RULES! #RTB #NAR

This comment was originally posted on Twitter

]]> By: Susie Blackmonhttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-50 Susie Blackmon Wed, 20 Jan 2010 10:32:34 +0000 http://p1fran.com/?p=363#comment-50 Shoot... no edit abilities. I meant "all they want" --- .-= Susie Blackmon´s last blog ..<a href="http://buckingtherealestatetrend.com/2010/01/19/quick-look-at-price-per-square-foot-numbers-for-haywood-county-home-sales/" rel="nofollow">Quick Look at Price Per Square Foot Numbers for Haywood County Home Sales.</a> =-. Shoot… no edit abilities. I meant “all they want” —
.-= Susie Blackmon´s last blog ..Quick Look at Price Per Square Foot Numbers for Haywood County Home Sales. =-.

]]> By: Susie Blackmonhttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-49 Susie Blackmon Wed, 20 Jan 2010 10:30:24 +0000 http://p1fran.com/?p=363#comment-49 NAR and brokerages can promote the CoE all you want, but .... how many offices 'promote' dual agency and leave client file drawers unlocked? Not to mention, that dual agency is even allowed is ridiculous. If you aren't representing/protecting either client then why in the heck is your hand out for a commission??? I digress.... .-= Susie Blackmon´s last blog ..<a href="http://buckingtherealestatetrend.com/2010/01/19/quick-look-at-price-per-square-foot-numbers-for-haywood-county-home-sales/" rel="nofollow">Quick Look at Price Per Square Foot Numbers for Haywood County Home Sales.</a> =-. NAR and brokerages can promote the CoE all you want, but …. how many offices ‘promote’ dual agency and leave client file drawers unlocked? Not to mention, that dual agency is even allowed is ridiculous. If you aren’t representing/protecting either client then why in the heck is your hand out for a commission??? I digress….
.-= Susie Blackmon´s last blog ..Quick Look at Price Per Square Foot Numbers for Haywood County Home Sales. =-.

]]> By: Gary Sattelbergerhttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-48 Gary Sattelberger Sun, 10 Jan 2010 06:46:23 +0000 http://p1fran.com/?p=363#comment-48 Hi Michael, I pretty much agree with your point about the lack of standardized procedures in the industry and feel your frustration. But I wonder if this in part exists because of a mish-mash of local, state and national laws.Correct me if I am wrong, I assume that in the accounting industry there are exceptions to the GAAP for individual state laws but overall GAAP is the national standard. To become a CPA one must demonstrate knowledge of the GAAP by passing a test. Violate the GAAP and get caught means loss of your certification. So with the GAAP/CPA there is a centralized power structure that can dictate rules and procedures on a national level, a top down structure if you will.But with real estate at least at this time, there isn't a similar national presence and rules and laws follow up from the cities, counties, states and national level making it more of a bottom up governance. (Another example of "all real estate is local" perhaps?)NAR may be trying to fill the void but lacks the power to license and hold practitioners truly accountable. To the best of my knowledge NAR can't have my license canceled for an ethics violation if I have complied with my states laws. They can only revoke my membership in the association. It is therefore a slap on the wrist. And there is no law in my state (Arizona) that requires me to be a member of NAR.However, if there were a unified or national real estate governance body with the authority to license and sanction practitioners and revoke licenses we might be able to have the effect that the GAAP/CPA has on the accounting industry. Until then we have to overcome the challenge presented by the infinitely numerous local, state and national laws.The code of ethics from NAR is an attempt to address the ethical issues of our industry and that is the best NAR can do because they do not have the legal authority to license practitioners. .-= Gary Sattelberger´s last blog ..<a href="http://allphoenixhomesforsale.com/2010/01/57500-9451-e-becker-lane-unit-2047-scottsdale-az-85260/" rel="nofollow">$57,500 :: 9451 E Becker Lane, Unit 2047, Scottsdale AZ, 85260</a> =-. Hi Michael, I pretty much agree with your point about the lack of standardized procedures in the industry and feel your frustration. But I wonder if this in part exists because of a mish-mash of local, state and national laws.

Correct me if I am wrong, I assume that in the accounting industry there are exceptions to the GAAP for individual state laws but overall GAAP is the national standard. To become a CPA one must demonstrate knowledge of the GAAP by passing a test. Violate the GAAP and get caught means loss of your certification. So with the GAAP/CPA there is a centralized power structure that can dictate rules and procedures on a national level, a top down structure if you will.

But with real estate at least at this time, there isn’t a similar national presence and rules and laws follow up from the cities, counties, states and national level making it more of a bottom up governance. (Another example of “all real estate is local” perhaps?)

NAR may be trying to fill the void but lacks the power to license and hold practitioners truly accountable. To the best of my knowledge NAR can’t have my license canceled for an ethics violation if I have complied with my states laws. They can only revoke my membership in the association. It is therefore a slap on the wrist. And there is no law in my state (Arizona) that requires me to be a member of NAR.

However, if there were a unified or national real estate governance body with the authority to license and sanction practitioners and revoke licenses we might be able to have the effect that the GAAP/CPA has on the accounting industry. Until then we have to overcome the challenge presented by the infinitely numerous local, state and national laws.

The code of ethics from NAR is an attempt to address the ethical issues of our industry and that is the best NAR can do because they do not have the legal authority to license practitioners.
.-= Gary Sattelberger´s last blog ..$57,500 :: 9451 E Becker Lane, Unit 2047, Scottsdale AZ, 85260 =-.

]]> By: Twitted by ThomAbbotthttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-47 Twitted by ThomAbbott Tue, 29 Dec 2009 21:17:10 +0000 http://p1fran.com/?p=363#comment-47 [...] This post was Twitted by ThomAbbott [...] [...] This post was Twitted by ThomAbbott [...]

]]> By: Chuckhttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-46 Chuck Tue, 29 Dec 2009 20:51:00 +0000 http://p1fran.com/?p=363#comment-46 How true! Don't even get me started on "short sales,foreclosures and SM rules. RE is the Wild West of the biz world. This is a great video on how to buy a foreclosures http://bloggingrealestateinnova.com/2009/10/step-by-step-instructions-on-how-to-buy-a-foreclosure/ Great post!Chuck How true! Don’t even get me started on “short sales,foreclosures and SM rules. RE is the Wild West of the biz world. This is a great video on how to buy a foreclosures http://bloggingrealestateinnova.com/2009/10/step-by-step-instructions-on-how-to-buy-a-foreclosure/
Great post!

Chuck

]]> By: uberVU - social commentshttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-45 uberVU - social comments Tue, 29 Dec 2009 20:36:36 +0000 http://p1fran.com/?p=363#comment-45 <strong>Social comments and analytics for this post...</strong>This post was mentioned on Twitter by ProfessionalOne: New at P1Fran.com: Real Estate's "GAAP Gap" (http://cli.gs/anGbZ)... Social comments and analytics for this post…

This post was mentioned on Twitter by ProfessionalOne: New at P1Fran.com: Real Estate’s “GAAP Gap” (http://cli.gs/anGbZ)…

]]> By: Tweets that mention Real Estate’s “GAAP Gap” | Professional One Franchising -- Topsy.comhttp://p1fran.com/2009/12/real-estates-gaap-gap/#comment-44 Tweets that mention Real Estate’s “GAAP Gap” | Professional One Franchising -- Topsy.com Tue, 29 Dec 2009 19:51:54 +0000 http://p1fran.com/?p=363#comment-44 [...] This post was mentioned on Twitter by Michael McClure, Michael McClure. Michael McClure said: New at P1Fran.com: Real Estate's "GAAP Gap" (http://cli.gs/anGbZ) [...] [...] This post was mentioned on Twitter by Michael McClure, Michael McClure. Michael McClure said: New at P1Fran.com: Real Estate's "GAAP Gap" (http://cli.gs/anGbZ) [...]

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