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Fact or Fiction: Real Estate Agents
by Staff
Real estate agents bring valuable expertise and peace of mind to one of the biggest deals most people ever make. But they also have some limitations. Test your knowledge of how real estate agents work!

Real estate agents arrange tours of homes that are for sale.

  • fact
  • fiction
  • almost fact: They only arrange open houses.

Real estate agents not only know neighborhoods, but also specific homes and their floor plans.

  • fact
  • fiction
  • almost fact: They know about specific homes, but not floor plans.

Real estate agents provide detailed data on prices of comparable homes on the market.

  • fact
  • fiction
  • almost fact: They can only provide estimated prices of other homes.

Real estate agents show homes that are for sale but not advertised in addition to those that are advertised.

  • fact
  • fiction
  • almost fact: They only show homes that aren't advertised.

Real estate agents provide loans to buyers.

  • fact
  • fiction
  • almost fact: Some can provide loans on very rare occasions, but most will refer the buyer to a broker.

Real estate agents keep financing on track.

  • fact
  • fiction
  • almost fact: They only do this with highly qualified buyers.

Real estate agents conduct formal home inspections.

  • fact
  • fiction
  • almost fact: The agent has an inspector on staff to do this.

Real estate agents spot defects in a home that an amateur might miss.

  • fact
  • fiction
  • almost fact: They only spot very obvious defects.

Real estate agents will file lawsuits against sellers who fail to disclose defects.

  • fact
  • fiction
  • almost fact: Real estate agents will hire a lawyer to this for you.

Real estate agents handle the detailed paperwork on disclosures, offers and counteroffers.

  • fact
  • fiction
  • almost fact: They only handle paperwork if you don't understand it.