1) What is a multiple listing service?

An effort by a group of member real estate agents who agree to share their listing information with the intention of more quickly finding buyers for a property. Under such a service, the member real estate agents agree to a set of rules and regulations that govern among other things when a new listing must be submitted to the service. Ramsey-Weeks is a member of the Poweshiek County Multiple Lising Service (see REAL ESTATE LISTINGS for further information).

2) What is dual agency?

Simply put dual agency is the representation of both parties in a real estate transaction. An example is when a potential buyer working with a Ramsey-Weeks agent submits an offer on any property that is listed with Ramsey-Weeks.

3) Can a Ramsey-Weeks agent show me another agency's listing(s)?

Absolutely! Since the agents at Ramsey-Weeks are all members of the Poweshiek County Multiple Listing Service, our agents can show you listings of any other member real estate agencies.

4) What is transfer (or revenue) tax?

It is a tax on the tranfer of real property that is assessed by state and local law. The seller in the real estate transaction is usually required to pay the tax. In Poweshiek County, the transfer tax rate is $0.80 for every $500 or fraction thereof of the agreed upon purchase price with the first $500 exempted.

5) What is the difference between appraised, assessed and market value?

To begin to answer this question, one must first look at a definition of value. In a broad sense, value may be defined as the relationship between an object desired and a potential purchaser. It is the power of a good or service to command other goods or services in exchange. In terms of appraisal, value may be described as the present worth of future benefits arising from the ownership of real property, or real estate. Appraisals are used in conjuction with real estate financing but also are used for pricing, protecting or leasing property. Persons whom conduct and prepare appraisals are professionally certified and operate under State appraisal standards, licensing and certification requirements.

In general it is the goal of the appraiser to estimate market value. The market value of real estate is broadly defined as the most probable price that a property will bring in a competitive and open market, allowing a reasonable time to find a purchaser who knows all the purposes to which it can be adapted and for which it is capable of being used.

Not all estimates of real estate value are made by professional appraisers. Often a real estate agent must help a seller arrive at an asking price or a buyer determine an offering price for real estate without the aid of a formal appraisal report. The agent may prepare what is known as a competitive market analysis, or CMA, which simply compares the selling price of properties that are similar to a particular property in location, style, and amenities. While the CMA may be helpful for someone looking to sell or purchase real estate, it must not be confused with a formal appraisal.

County or township assessors use assessed value for the purposes of taxing real estate. The land is usually valued separately from the building(s). The building value is usually determined from a manual or set of rules covering unit-cost prices and rates of depreciation. In a perfect world, the assessed value and market value are the same.

What is an abstract?

An abstract, or abstract of title, is a brief history of the instruments appearing in the county record that affects the title to a particular parcel of real estate. Abstracts usually commence with the government's ownership of the land, and consist of serveral sections, or continuations, each of which covers a specific period of time.

Sources:

Gaddy, Wade E., Hart, Jr. and Robert E.; Real Estate Fundamentals - Fourth Edition Revised, Real Estate Education Company, 1996
Cortesi, Gerald R.; Mastering Real Estate Principles, Real Estate Education Company, 1996