Agent cannot represent both buyer and seller

Article Abstract:

Single agency representation became highly in-demand during the real estate boom because people wanted to get a fair price for their purchases. However, Agency Disclosure Laws prohibited the practice because it led to confusion on the status of the brokers and an increase in the number of lawsuits against realtors. An investigation conducted by the National Assn. of Realtors indicated that in single agency representation, brokers were able to get bigger commissions either as sellers or buyers. It also indicated that realtors have become more focused on meeting their needs rather than looking after their clients' interests.

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What's wrong with real estate accounting?

Article Abstract:

Accounting standards set forth by the Financial Accounting Standards Board (FASB) must be amended in order to make it more efficient and feasible for real estate applications. Generally accepted accounting principles have been found to be futile in analyzing partnership transactions and ineffectual in evaluate actual economic events in relation to real estate accounting. For these reasons, the agency is encouraged to adopt standards which include records of property depreciation, increases in property values and legal provisions of non-recourse debts.

Accounting Services Regulation, Standards, Evaluation, Accounting, Accounting services, Real property, Financial Accounting Standards Board, Accounting law

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The home sale gain exclusion under the Taxpayer Relief Act of 1997

Article Abstract:

The home sale gain exclusion clause in the Taxpayer Relief Act of 1997 is discussed. This legislation, which amended Section 121 and repealed Section 1034 of the Internal Revenue Code, allows all individuals to realize tax-free gain from the sale of a principal residence under certain conditions. Two rationales were given for the changing of rules. First, the previous provisions produced little tax revenue and imposed record-keeping burdens on taxpayers. Second, the previous law encouraged individuals to buy more expensive homes to avoid paying taxes.

House buying, Home buying

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