What has changed…what hasn't  …in the past twenty years?

The Way it was:

In 1987 the real estate examination was given with a pencil and paper (once a month) and took three weeks to get the results. The state real estate commission mailed a pass/fail notice to you.

We used a now defunct form of agency relationship with customers called “sub-agency”. Under sub-agency, buyers were totally unrepresented in real estate transactions. Sellers were represented by the listing agent as well as the agent that controlled the buyer.

There was no such thing as “agency disclosure”.

Continuing Education was optional.

It cost under $400 per year to be a member of the REALTOR Association and the Multiple Listing Service (MLS).

Every offer to purchase was hand delivered to the listing broker.

No one had ever heard of getting “pre-approved” for a mortgage loan.

There was no email, web sites, fax machines or cell phones in common use.

It took three to four weeks to close a mortgage loan.

What has changed:

A person takes the state real estate examination any day of the week by appointment and receives the results instantly.

We now have strict laws governing “agency disclosure” and a new and convoluted form of agency called “dual agency” was created.

It cost over $1000 per year to join the REALTOR Association and the Multiple Listing Service.

Real Estate licensees are required to attend six hours of continuing education per year.

Buyers need a “pre-approval” letter to look at homes for sale.

Virtually every licensee has a web site, email, a fax machine, a cell phone and blackberry.

The capability to send documents via electronic means iscommonly available. Yet:

IT STILL TAKES THREE TO FOUR WEEKS TO CLOSE A MORTGAGE LOAN.