Can't figure out what all those abbreviations in home ads mean? Want to know where to start looking for a mortgage? Have a question about what the difference is between a real estate agent and a REALTOR®? Check out our Why Use a REALTOR® page. Our Home Buyer's Frequently Asked Questions page below answers all these questions and more.

Click on a question to reveal the answer.

1. What is the difference between a real estate agent and a REALTOR®?

   A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR), The Voice for Real Estate® -- the world's largest professional association. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. Working for America's property owners, the NAR provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

   The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

   Founded in 1908, NAR has grown from its original nucleus of 120 to today's 720,000 members. NAR is composed of residential and commercial REALTORS®, who are brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry. Members belong to one or more of some 1,700 local associations/boards and 54 state and territory associations of REALTORS®. They can join one of our many institutes, societies and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections.

2. Why should I use a REALTOR®?

   All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature.

   REALTORS® are committed to treat all parties in a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

   Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a transaction in real estate without the professional assistance of a REALTOR®.

   Here are a dozen more reasons to use a REALTOR®:

   • Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer many choices for financing a house.
   • Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
   • Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
   • Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
   • Your REALTOR® can assist you during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.
   • Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.
   • Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.
   • When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
   • Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the marketability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
   • Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow just anyone into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
   • Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process. Members of FWAAR use standardized form developed to protect buyers and sellers.
   • Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).
3. How do I know if my real estate agent is a REALTOR®?

   The simplest way is to ask them. All REALTORS® should display the REALTOR® logo on their business cards, flyers, and promotional materials. If you still have questions, consult our Find A REALTOR® directory online or call the FWAAR office at 260-426-4700.

4. How do I find a REALTOR®?

   The Fort Wayne Area Association of REALTORS® has over 1,000 REALTOR® members. We do not refer callers to specific REALTORS® or REALTOR® firms. Click here to search a directory of all FWAAR REALTOR® Members.

   We recommend that you ask friends and family members for REALTORS® they have used and then interview a few of them so you can pick one you are very comfortable with. If you are at the point of interviewing REALTORS® and would like to make sure that they are indeed a member of the National Association of REALTORS®, use our online Find a REALTOR® and Find a REALTOR® Firm directories to look up an individual or office.

   Also, a copy of our roster of member offices is available in the Real Estate & Homes magazine which is free to you and is available at area grocery stores (or in our entryway if in the office).

5. How do I get my home listed on the Internet?

   Only homes listed with a member of the Fort Wayne Area Multiple Listing Service can be displayed on our website. Use our online Find a REALTOR® directory to locate participating members.

6. How do I get started with a mortgage?

   When you are ready to shop for a loan you have two basic types of mortgage stores to shop -- direct lenders and mortgage brokers.

   Direct lenders have money to lend. They make the final decision on your application. Brokers are intermediaries who, have many lenders from which to choose. Lenders have a limited number of in-house loans available. Brokers can shop many lenders for each lender"s store of loans. If you have special financing needs and cannot find a lender to suit them, an experienced broker may be able to find the loan you need. Mortgage brokers, however, are paid with a slice of the amount you borrow, some more than others some less. Internet brokers today perhaps receive the smallest cut, sometimes none at all, and can prove to be a real bargain.

   Along with shopping the source, you'll also have to shop loan costs, including the interest rate, broker fees, points (each "point" is one percent of the amount you borrow), prepayment penalties, the loan term, application fees, credit report fee, appraisal and a host of others.

   For more information on mortgages, visit http://www.realtor.com/. You might also opt to browse through our Affiliate Directory under the "Lenders" category.

7. How often are Internet listings updated?

   Listings are automatically sent to REALTOR.com on a nightly basis. So if a FWAMLS listing is added or modified today, you can expect to find it on REALTOR.com tomorrow.

8. What do I do if I have a problem with my listing?

   It’s common for property owners to have questions about their home listing. The traditional residential listing contract includes an Exclusive Right to Represent Buyer agreement. This means the owner agrees to pay the negotiated commission to the listing firm regardless of who finds the buyer. The amount of the commission and the length of the listing term are negotiable between the property owner and the listing firm.

   If an owner becomes dissatisfied with the listing broker or agent and wants to cancel the listing prior to the expiration date, we recommend contacting the listing agent to discuss the problem to correct it. Most listings are "bilateral agreements", meaning it takes the mutual agreement of both parties to dissolve the contract. If such a discussion does not satisfy the seller, we suggest contacting the listing agent’s broker to discuss the problem. Most often, some sort of agreement or compromise can be reached between the listing company and seller.

9. What can I do if I'm in a dispute with a REALTOR® or a buyer/seller?

   If there is a dispute between buyers and sellers, first contact your REALTOR® to see if it can be resolved according to the Better Business Bureau's Arbitration and Dispute Resolution Agreement or contact your legal counsel.

   If there is a dispute between the seller and the agent, first contact the Principal Broker of the agent's firm to see if it can be resolved and/or contact FWAAR to investigate the Professional Standards Resolution Process.

10. I am looking for a real estate attorney, who should I contact?

    Contact the Allen County Bar Association at (260) 423-2359 for a list of Real Estate Specialists.

11. I have a complaint about a lender, who should I contact?

    Contact your lender directly if you have a question about your real estate loan. If you have a general question or a complaint about a lender, contact the Indiana Mortgage Bankers Association at http://www.indianamba.org/ or via telephone at (317) 251-0682. You can also contact the Indiana Department of Financial Institutions at www.in.gov/dfi or via telephone at 1-800-382-4880.

12. I have a question about the escrow and title company, who should I contact?

    Contact the Indiana Land Title Association at http://www.indianalandtitle.org/ or via telephone at 1-800-929-4582.

13. I need information on home inspectors, who should I contact?

    For general information about home inspectors and home inspections, visit the American Society of Home Inspectors website at http://www.ashi.org/. Their website features frequently asked questions, state regulations, standards of practice, and a searchable list of home inspectors by zip code, metro area, state, or region. For information on home inspectors licensed in Indiana, visit the Indiana Home Inspectors Licensing Board's website.

14. I have a question about real estate licensing, who should I contact?

    The Fort Wayne Area Association of REALTORS® does not issue real estate licenses, nor do we regulate real estate licensees. If you have a question about how to obtain a real estate license, license renewal, or related licensing information, contact the Indiana Real Estate Commission at http://www.in.gov/pla/bandc/estate/ or via telephone at 317-232-3888.

15. I have a question about Fort Wayne neighborhoods, who should I contact?

    Visit the City of Fort Wayne’s Neighborhood website at www.cityoffortwayne.org/neighborhoods2/index.htm.

16. Who do I contact if I have a question about a home builder?

    Fort Wayne has a local Home Builders Association. Visit their website at http://www.hbafortwayne.com/ or call them at 260-420-2020. You can also visit the National Association of Home Builders website at http://www.nahb.org/ or the Indiana Builder's Association at http://www.buildindiana.org/ or via telephone at 1-800-377-6334.

17. I have a question about housing discrimination, who should I contact?

    If you believe you’ve been discriminated against in your housing search on the basis of your race, color, religion, sex, national origin, familial status or handicap, please contact the Fort Wayne Association of REALTORS® at 260-426-4700 if it concerns a REALTOR®. Or, contact the Metropolitan Human Relations Commission via email at gerald.foday@ci.ft-wayne.in.us or via telephone at 260-427-1146. You can also contact the Indiana Attorney General at www.in.gov/attorneygeneral or via telephone at 317-232-6201.

18. What do the abbreviations I see in real estate ads mean?

    Real estate ads are usually full of acronyms and terms that are unfamiliar to first-time buyers. Below you will find a cheat sheet to let you in on the lingo.

    • 2B: 2nd Bedroom
    • 3B: 3rd Bedroom
    • 4B: 4th Bedroom
    • 5B: 5th Bedroom
    • Arch Style: Architectural Style
    • Assn Dues: Association Dues (frequency and dollar amount)
    • Avg Gd SqFt:  Above Grade Square Footage - This is the amount of square footage above grade
      (aka "living area"). Unfinished or below ground square footage is not included.
    • Baths: B-Bsmt:  # of Full / Half Bathrooms on Basement Level
    • Baths: B-Lower:  # of Full / Half Bathrooms on Lower Level
    • Baths: B-Main:  # of Full / Half Bathrooms on Main Level Baths: B-Upper:  # of Full / Half Bathrooms on Upper Level
      Below Gd Fin SqFt:  Below Grade Finished Square Footage - This is the amount of finished square footage below grade (the amount of finished square footage in the basement).
      Below Gd SqFt:  Below Grade Square Footage - This is the amount of square footage below grade (typically basement square footage, finished or not).
      BK:  Breakfast Nook
      DAC:  Typically found in the "Possession" field and preceded by a number, it means "days after closing." (i.e. 15 DAC = 15 days after closing)
      DIM:  Dimensions
      DN:  Den
      DOC:  Day Of Closing - typically found under "Possession"
      DOM:  Days On Market
      DR:  Dining Room
      Elem:  Elementary School Name
      EX:  Extra Room
      F:  Flooring of room (C=Carpet, H=Hardwood, O=Other, P=Parquet, T=Tile, V=Vinyl
      F Baths / H Baths:  Number of Full / Half bathrooms
      FP:  Fireplace (Yes or No)
      FR:  Family Room
      GD:  Opener Garage Door Opener (Yes or No)
      Jet/Grdn Tub:  Jet or Garden Tub
      JrH:  Junior High School Name
      KT:  Kitchen
      L:  Level of room (B=Basement, L=Lower, M=Main, U=Upper, N=None)
      Legal Desc:  Legal Description for the property
      LF:  Loft
      Lot:  Lot Number
      Lot Des:  Lot Description - i.e. Level, Slope, Wooded, etc.
      Lot Dim:  Lot Dimensions
      LP:  List Price
      LR:  Living Room
      MB:  Master Bedroom
      ML#:  Multiple Listing Service Number. Each listing gets a unique ML# assigned to it.
      Off Street Pk:  Off Street Parking (Yes or No)
      Other Req Fees:  Other Required Fees (if any)
      RR:  Rec Room
      Sec:  Section Number
      SP:  Sale Price
      SrH:  Senior High School Name
      Sub:  Subdivision Name
      Water Htr:  Water Heater (type)
      WT:  Window Treatments Included (Yes or No)
      Yr Blt:  Year Built v
19. What area is covered by the Fort Wayne Area Association of REALTORS®?

    The Fort Wayne Area Association of REALTORS® has official jurisdiction in the Allen and Whitley counties. But many of our members are from surrounding counties and properties in our MLS include properties throughout Northeast Indiana. The MLS has jurisdiction in Allen, Huntington, and Whitley counties.

20. Where is the Association located?

    The Association office is located 3403 E. Dupont Road, Fort Wayne, IN 46825. Phone number: 260-426-4700. Fax number: 260-422-9966. We are located directly east of the I-69 at Dupont Road (Exit 116).

21. What are the steps to buying a home?

    For information on the steps to buying a home, visit the Home Buyers Timeline page on our website. For more information, visit the National Association of REALTORS® website at http://www.realtor.com/.

22. What are the steps to selling a home?

    The National Association of REALTORS® website features a Home Seller’s Guide to Success. Click here to visit this section of their website..

23. What is the REALTOR® Code of Ethics?

    Not all real estate licensees are REALTORS®. Only members of the NATIONAL ASSOCIATION OF REALTORS® subscribe to NAR's strict Code of Ethics in their dealings with clients and customers, the public, and with each other.

    What does this mean to you as a buyer or seller? It means that the REALTOR® you choose to work with has taken the voluntary step of agreeing to abide by a code of ethics developed with public protection in mind.

    In addition, your REALTOR® is subject to disciplinary action should a local association of REALTORS® find him or her in violation of the Code of Ethics.

    The NATIONAL ASSOCIATION OF REALTORS® adopted its Code of Ethics in 1913, and was only the second trade or business group in the United States to adopt mandatory ethical standards.

    The Code of Ethics is a comprehensive document spelling out the professional responsibilities REALTORS are governed by. Ask your REALTOR® for a copy of the Code—it is your assurance that you, as a consumer, are dealing with a professional having your best interests in mind.

    The NAR Code of Ethics consists of 17 Articles. The basic principles are summarized as follows:

    Duties to Clients and Customers

    REALTORS® must:

    • protect and promote their client's interests while being honest with all parties. They do not reveal confidential information.
    • avoid exaggeration, misrepresentation or concealment of pertinent facts.
    • cooperate with other real estate professionals to advance their client's best interests.
    • when buying or selling, make their position or interest known.
    • disclose any present or contemplated interest in any transaction to all parties.
    • avoid "side deals" without their client's informed consent.
    • accept compensation from only one party, except with full disclosure and informed consent of their client.
    • keep funds of clients and customers in an escrow account.
    • ensure that transactional details are in writing.

    Duties to the Public

    REALTORS® must:

    • provide equal service to all clients and customers.
    • be knowledgeable and competent in the fields of practice in which they ordinarily engage.
    • obtain assistance from a knowledgeable professional or disclose any lack of expertise to their client.
    • present a true picture in advertising and other public representations.
    • avoid the unauthorized practice of law.
    • be a willing participant in ethics enforcement procedures.

    Duties to Other REALTORS®

    REALTORS® must:

    • ensure their comments about other real estate professionals are truthful and not misleading.
    • respect the exclusive relationships with clients of other REALTORS®.
    • arbitrate contractual disagreements with other REALTORS® and with their clients.
24. How can I find out about open houses?

    Visit our Open House Locator on our website.

25. How should multiple offers be handled?

     

    Download our Buyers' and Sellers' Guide to Multiple Offers for information.for information.