Question (CA): I was prepared to place an offer on a condo listed for $477,000. It was the only listing on the MLS in this particular complex. It was listed for $40,000 more than the last unit that closed in July. It was taking my agent and me some time to figure out an offer that would not offend the owners. The unit was in shambles and the comp that had closed in July was remodeled throughout.

One morning while on MSN real estate, I came across an identical unit in the same complex for $445,000. When I contacted my agent she could not find the listing on her MLS, and urged me to call the agent shown on the unit's MLS to see if this was an active listing. Upon speaking to the listing agent he confirmed it had been listed in the last day and he was from a different area. I bought the unit listed for $445,000 (remodeled throughout) and feel this MLS membership for different areas is a joke. Had I paid $477,000 for the inferior unit and later found out that a remodeled throughout unit had been listed at a lesser asking price at the time I placed my offer, I would be seeking legal advice.

Agents represent themselves as having accurate information, or as being area specialists but it appears they don't know if a neighbor has also listed the home for sale right across a walkway. Basically the Orange County, California condo was listed in the Northern CA MLS and my Orange County Realtor had no way of knowing about this property in our area being for sale. If you were selling a $445,000 piece of property and paying 6 percent to realtors, wouldn't you expect the maximum exposure by the MLS? I feel very fortunate to have found the condo that day on MSN.Com. I lost a bit of confidence in the Realtor Associations through this ordeal.

Answer: The situation you have described is a complex trade industry issue. Realtor associations and/or privately owned services that provide Multiple Listing Service ("MLS") access subject to overlapping jurisdictions are a problem. Orange County CA has this type of overlapping MLSs and there is no requirement to trade or share information between members of overlapping MLSs. The question then, is this: "How would a real estate agent who is a member of one MLS even know of a property listing in the same complex or sub-division in another MLS?"

The same type of situation occurred with frequency in Dallas, Texas, until the North Texas Real Estate Information Services ("NTREIS") was formed joining about 16 associations, MLSs, and Boards into a regional MLS under one entity responsible for maintaining it. The same thing occurred earlier in the Northern Virginia/Baltimore area, so those folks formed the Metropolitan Regional Information Systems, Inc. ("MRIS") linking up 25 local and regional MLSs and associations.

There is so much "independent" brokerage out there now because of the internet, that it is very difficult -- but not impossible, to organize trade associations (and their MLSs) so that they do not overlap.

Question (CT): Does a seller who is selling without an agent have the same responsibilities to disclose information and not misrepresent? We asked questions and have in writing statements that are now being denied by the seller. At least we would have asked for an escrow prior to sale going through if in fact we had truthful information.

Answer: A seller of residential property consisting of 1 to 4 residential units in Connecticut, whether represented by a real estate agent or not, is required by Connecticut State Law to provide a Residential Property Condition Disclosure Report . In the real estate industry such a seller who sells without utilizing the services of a real estate agent is referred to as a "FSBO" (pronounced "fizz-b?"), meaning "For Sale By Owner." The form states that "the seller will be required to credit the purchaser with the sum of $300.00 at closing if the seller fails to furnish this report as required by this act."

So, the answer to your question from a practical viewpoint is "probably not." The seller does face a $300 "penalty" at closing if he or she does not supply the form to the purchaser. Common sense would therefore cause one to conclude that a FSBO for the mere fine of $300 can purposely and knowingly fail to conform to the Connecticut Uniform Property Condition Disclosure Act.

However, having said that, a seller is potentially subject to a lawsuit if the nondisclosure involved a misrepresentation or falsehood of a material fact involving the subject property's condition.

Question (FL): I am a Loan Originator and I work for a full service Mortgage company in Orlando/Kissimmee, FL. I make a base salary plus bonuses per month. I just started in the Real Estate business about 6 months ago and I have made good money but my sister tells me that will all end soon because the real estate bubble will burst and the interest rates are steadily rising.

Prior to being in real estate, I was in healthcare. Do you think I should leave the real estate "world" and head for something steadier, or will the real estate market recover? I love what I do and the money I make but I also want a steady future as well.

Answer: The demand for real estate, and therefore the resulting demand for mortgage loans, is a localized phenomenon. One real estate market in the U.S. does not create a national trend. We suggest you read a column in Realty Times by Peter G. Miller, entitled "What's Really Happening with Home Prices?" .

However, the bottom line, in the opinion of these writers, is that both real estate and mortgage origination are customer service activities. That is, the degree of success a real estate agent and/or a loan originator enjoys is directly proportional to how consistent the agent or originator delivers what the consumer wants and needs at a price and upon terms the consumer is willing and able to pay. If you are not comfortable with the self-motivation required by those parameters, then you should seek a steadier career. But if you are motivated each day to perform for the best interests of your customers and clients, then you will continue to do well in either loan origination, real estate brokerage, or both.

Question (NM): How may I learn the names of the owners or principals of a company holding a specific Texas realtor's license?

Answer: Access the Texas Real Estate Commission's website . Select the "Quick Links" dropdown menu-bar, and select "Licensee Info Search." When that screen displays, enter the firm's name without commas. When you locate the firm, the "DO" or "Designated Officer" (Broker of Record) will be listed, as well as the agents affiliated with his or her firm.

For the principals associated with the firm, access the Texas Secretary of State's website , and then select "SOS Direct, File and search business documents online." Follow the prompts to search the records of the type of the entity you are seeking. There will be a nominal charge for this service, depending upon how many records you wish to select.