What does a real estate agent/realtor do?
This is the worst possible time to get into the real estate industry. Realtors are not making any money because of the horrible real estate market. I was just recently hiring an admin assistant (aka 'secretary') and I received so many resumes from real estate agents and mortgage brokers cause they are all looking for work. They are clearly over qualified to be an admin assistant but they were all desperate for any type of job at any rate of pay. But, to answer your question, a Realtor - * Work hard to market yourself so that people will use you as their Realtor. * Views all available properties in their area. * Show your clients homes for sale. * Market your clients' homes that are up for sale. * Prepare the contracts. * See it through escrow. Note, I got my real estate license when I was 18. I was horrified when I was working for 3 months and had yet to find any clients. You only get paid when your client buys / sells a home and it closes escrow. I couldn't afford to be a Realtor any longer because I wasn't making ANY money, I needed a weekly paycheck so I got a traditional job.
Should the landlord sign the lease agreement first or the tenant?
Tenant first.
Property Management...Can anyone explain what the escrow account is for and how it is used?
A properly designated Escrow account holds money that is designated for a specific purpose. The funds in the account are protected against loss in situations such as garnishment or bankruptcy of the holding party if they are handled according to certain rules. By law (atleast in my state) a real estate broker collecting security deposits, must place them in a designated trust account that is registered with the state real estate commission. Esentially, a escrow account can only hold money that is classified as trust or escrow funds, it CANNOT have any other money in the account (such as business operating funds). The account should be balanced against a list of liabilities (i.e., security deposits) and contain that exact amount (except possibly a minimum balance which should be noted in the list of liabilities).
Can I hold entire tenant security deposit due to foul pet smell and stains even after cleaning?
First, for most part the only renter I've had has been wonderful. She stayed in our rental house for over 3 years and has taken great care of the house, even hired folks to do landscaping (small yard). Because I felt she was a great tenant, I let her get a cat for her 9 year old daughter about a year ago. However, right before she moved out (seems like since she gave me notice) she let things fall. We decided to put the house on the market and about 3 weeks before she moved out, we did tour of the house with a real estate agent. The house has a finished basement and there were what looked like vomit on the carpet and stain, and had a very foul smell (like cat urine). I figured she would take care of it. When she moved, she didn't have time to get the carpets cleaned and asked me to deduct cost of carpet cleaning. After she moved, I took a peek inside and the main level looked relatively clean, but the basement was filthy ( I almost threw up from the smell). I found cat feces in one of the closets. I hired COIT carpet cleaner and they did a good job of removing the stains but the stench has not gone even after the carpet has dried. I know I will deduct the carpet cleaning fee ($450), but if I have to replace the the carpet because of the smell from cat urine, isn't she responsible because this is damage and not wear and tear (as I understand)? She has $1000 security deposit with $150 non refundable for cleaning, patching holes, etc.
What copy of the rent receipt does the tenant receive?
I give the original, it belongs to them, I just keep a copy. (well several, my book makes about 3 copies)