Frequently Asked Questions - FAQ

A real estate agent is someone who has met the education requirements set by the Department of Professional and Occupational Regulation (DPOR) of Virginia. A real estate agent can become a REALTOR by agreeing to the code of conduct and joining the National Association of REALTORS.

A real estate broker is someone that has met the sales experience and education requirements set by the Department of Professional and Occupational Regulation (DPOR) of Virginia. A broker can be a principal or associate broker. In a nutshell, a principal broker runs an office and an associate broker runs a team. An associate broker may become a principal broker at any time, by applying for a principal broker's license, which requires a separate brick-and-mortar location and company name.

A REALTOR® is a licensed agent or broker that is a member of the National Association of REALTORS® (NAR).

A homeowner's association (HOA) is a company that holds all of the by-laws and requirements to live in a planned community (neighborhood). They also collect any agreed upon fees for common services provided to that community.

The Multiple Listing Service (MLS) is a company that agents and brokers join to advertise all of the properties listed for sale.

A contingency is a provision in a real estate purchase agreement. Most purchase agreements have several contingencies. The conditions of each contingency must be met in order for a contract to be valid.

A FSBO is a For Sale By Owner. Often pronounced fizz-bo.

Closing costs, are the expenses and fees required to legally transfer ownership interest of a property.

Seller pays at closing. Total commission is pre-negotiated prior to listing a home for sale.

Seller pays at closing. Total commission is pre-negotiated prior to listing a home for sale.

Buyer pays upon ratification of home purchase agreement.*

Seller pays for the homeowner's association package at closing.

Buyer pays upon ratification of home purchase agreement.*

Seller pays at closing.

Buyer pays prior to closing.

Seller pays for well water test at closing.

Seller pays for the Septic Inspection at closing.

Buyer pays for the survey at closing.

Leftover fuel, like oil or propane that is left in the tank, conveys with the home.

Buyer pays for the title search at closing.

Seller pays their attorney (title company) fees at closing.

Buyer pays their attorney (title company) fees at closing.

Buyer pays at closing. Charged by City/County.*