Homeownership is considered as the ultimate goal in life and also the symbol of success. This is why so many people are working very hard all their life to buy a house that they can call their own. This perspective also makes so many people are rushing to get house mortgage when in reality, they are not ready yet. In the end, they end up losing their money and also their home because they are not able to pay the mortgage.
This is the main reason why renting is actually better than buying if your financial situation is not on the good side. Buying a house is not only about paying the mortgage. You also need to prepare a lot of money to maintain the house. If you rent instead of buying, you can call the property management service every single time you find something that needs to be fixed in the property. If you are reluctant to deal with the landlord, simply find a house that is managed by a property manager who will act as a representative of the landlord.
Many people want to have their own house because they think it can be some sort of investment. Unfortunately, it is not always true. To make sure your property can be a good investment, the value of the property that you buy must be high. It must be in a good condition, have access to many amenities, public facilities and most importantly, it must be located in a good area.
If you insist to purchase a property with the small amount of money you have, your choice will be limited to those with low values. If the area is undeveloped and the value of the property there keeps going down, you will lost a lot of money. There are many better ways to invest your money which can also give faster results so don’t fix your eyes on the property sector only.
There are many board games that teach you something; many games are designed to teach math skills, strategy, and spelling. Some give you the facts by having you answer a ton of trivia questions. Then there are those who teach players the concepts of buying real estate, running a business, renting their properties and banking. One such game is one of the most successful of its kind, Monopoly is known for teaching more than 750 million people how to manage their money and become more successful.
Other real estate genre games include the game called Rochester on Board; it is a game of real estate trading that teaches its player a concept of property trading. The board it self looks a lot like the Monopoly board and is played in almost the same way you would play that game.
For a major twist on your classic business and real estate board game players are also invited to check out the Anti Monopoly game, the twist is that players will get to choose from free enterprise or working towards getting a monopoly of their properties. In addition, it gives you real life legal problems that you must overcome before you can become the winner of this game. In this process you will be able to decide whether or not your competitor is charging fair market values or is he a monopolist and wants to have all of the properties and charge huge fees.
When you are playing real estate games, you will learn about developing the property in the game, by adding houses and hotels, you will also learn that you can charge rents and get direction from the bank like paying taxes. You learn buying strategies throughout these games, you learn when is the right time to buy a lot of property or when you should buy one monopoly and develop the property.
Another thing you learn about this type of game is how to develop alliances with the other players, they may hold some property, you may need then you will also learn about negotiating with the seller to sell you his or her property. In many of the variations of these games, you learn other concepts such as real estate trading and investments, where you learn the same negotiating skills and are played by those who enjoy being Wall Street tycoons. It give children the ability to learn something about what is happening in the world of real estate, also giving them counting skills, and memorization, that they will need in order to succeed in the world today.
Lastly real estate games are great family games that can be played by everyone in your household. These games also have a children friendly component that families find age appropriate for children who do have counting skills can learn to buy property, learn to be the banker, trade real estate and enjoy a fun time beating their parents at this game. When playing real estate board games make sure that children know all of the rules before they start playing the game.
On the 1st September, 1988, the Jamaica Real Estate (Dealers and Developers) Act, 1987 came into operation.
Broadly speaking the two main objects of the Act are:
1) The licensing, regulation and control of persons engaged in real estate business as real estate dealers or salesmen.
2) The regulation of dealings in Jamaican land in development schemes.
The Jamaica Real Estate Board
This Act, establishes the Real Estate Board which is the statutory corporation specifically created for administering the provisions of the Act. The status of the Board is such that before the Minister makes certain Regulations he is required to consult with the Board. This body, while possessing wide powers in relation to its various functions, like any other statutory body must act within the general provisions of the law and paiticular1y according to terms of the relevant Act.
The Schedule to the Act prescribes the Board’s constitution and operating procedure. It outlines the functions, duties and responsibilities of the Board and requires the board to give account of its activities.
Decisions of the Board are not necessarily final and conclusive and certain decisions regarding registration of dealers, salesmen and developers are subject to appeal to the Court of Appeal.
The Board is required to afford to every applicant under the Act an opportunity to be heard if refusal of the application is being considered, the role and powers of the Board’s Inspectors are discussed below.
Matters relating to the appointment and powers of real estate inspectors as it relates to monitoring.
The powers of inspectors are fairly wide consisting of power to
(i) Require information
(ii) Require the production of documents
(iii) Enter and search premises, subject to warrant
These powers must be exercised in a reasonable manner and it will be observed that the Act:
1) Allows time for requested information to be supplied
2) Requires that there be reasonable grounds before an Inspector directs production of document
3) Requires an Inspector to produce his identification card on request
4) Makes a warrant issued by a Justice of the Peace a pre-condition for entry to premises.
It should be noted that Inspectors act not on their own behalf but as representative of the Board in order to ensure compliance with the provision of the Act and assist the Board with the discharge of its functions.
Regulation of Real Estate Business
Nature of Real Estate Business
Describing what is meant by “the practice of real estate business” for the purposes of the Act. An understanding of this is important because the control of property business is one of the main purposes of the Act. This means that not everyone can get up and begin advertising homes for sale in Kingston Jamaica.
The practice of realty business involves the carrying out of a number of land-related activities on another’s behalf in exchange for some form of reward or benefit (monetary or otherwise) that is, compensation or valuable consideration. Not all categories of such activities are necessarily regarded as Jamaica property business under the Act and it excludes certain categories of persons from necessarily coming within the scope of the Act, briefly these are:
1. Attorneys (that is, persons conferred with power to act under a power of attorney)
2. Attorneys-at-law acting within the scope of their profession
3. Court officers
4. Persons with certain duties regarding Jamaica property, for example, administrators (of estates of deceased persons), executors of wills, receivers (for example, in relation to companies), trustees.
5. Persons dealing with land which they partly own
6. Other public officers carrying out their official duties
7. Building managers as regards rental of units in the relevant complex.
Before getting into the explanation of an inactive agent and an active agent we will begin with a short summary of how the real estate Brokerage system works in Ontario. We will refrain from getting into too much detail and thus the following will be a very simplified version.
In Ontario we have a Brokerage governing board called R.E.C.O. or the Real Estate Council of Ontario. A Brokerage is registered with R.E.C.O., pays its fees and dues which include errors and omissions insurance and is then ready to trade in real estate in the Province of Ontario only. The Owner/Broker may work alone as a single entity or invite licensed real estate salespeople and Brokers to join his or her Brokerage Firm and trade in real estate on behalf of the Brokerage.
A real estate Brokerage in Ontario may apply to become a member of its local real estate board. If accepted, the Brokerage will pay the board fees and dues which may include fees and dues applicable to the Ontario Real Estate Association and the Canadian Real Estate Association. If this option is taken by the Brokerage, then all the registered realty agents with this Brokerage must also become members and pay their applicable fees and dues to the said board and associations. In very rare cases, the Brokerage will cover these fees and dues for selected agents. The difference between being a board member or not is, the board members will have the privilege of all the services available to them from the board and associations including the multiple listing service which has proved invaluable to the real estate full timer and professional.
So, what is an inactive real estate agent? Simply put, an inactive agent in Ontario is one who is licensed under R.E.C.O. and for whatever reason has decided that he or she will not be trading in real estate and has not been doing so for a specified amount of time. There are still many agents in Ontario who remain with their current Brokerage and if that Brokerage is a board member, then even though an agent is inactive, he or she may still be paying fees and dues. Fees and dues may also include their Brokerage monthly fees, desk fees, franchise fees and other expenses. Since this is obviously a big waste of money these inactive agents will seek other Brokerages that will allow them to park their license without the wasted expenses.
Here are some of the terms used when referring to a Brokerage that will accept inactive real estate agents in Ontario. “Park your license”, “warehouse my license”, “hang my license”, “hold your license”, “real estate license holding company or Brokerage”, just to name a few.
A real estate agent who decides to park their license will still have some fees to pay but the difference will save them hundreds if not thousands of dollars yearly. Some of the fees will be to R.E.C.O. like their license registration fees due every 2 years and the errors and omissions insurance will still apply. In Ontario, they must earn 24 credits in their continuing education requirements as well and these credits are due on renewal.
What about the real estate Brokerage that provides the license holding services? Here the agent must do their due diligence. Seek out a trusted and proven Brokerage Office who is not a member of any real estate board. Ask for the highest commission split available to you in the event you do sell a property or 2 or if you refer sales out to other Brokerages or agents you may know. Even though your license is on Park, and you are inactive, your license in good standing is still active. Make sure you do not pay any ridiculous desk fees, extra monthly fees, franchise fees etc. Having said that, there most likely will be a small membership fee applicable for their services. Shop around for the best deal but remember to keep the experienced Brokerage that park or holds licenses a priority to you.
Inactive then, refers to the actual agent who is not active in the day to day trading of realty properties. As long as the license is registered with the Real Estate Council of Ontario and remains in good standing, your real estate license is “active”. If you decide, as an agent, to become inactive, you now have a wonderful and money saving choice to transfer and join an Ontario Brokerage that you can park your license with. This Brokerage will hold your license and this will allow you the opportunity to keep your license active so it does not fall by the wayside and lapse or be terminated.
I shudder to think about if I had to go over the process and expense of getting my Realtor license all over again..yuk! If you now have this valuable asset and are thinking of becoming inactive for whatever reason, think hard about keeping your license active because you never know how valuable this asset will be for you in the future. Hang it, park it, warehouse it, hold it, keep it active! Good luck.