Memorial First Realty

FAQ

FAQ (Frequently Asked Questions) about our discount realty services.

Question - Is all this "discount realty" stuff legal?
Answer – Yes, discount realty is legal. There are no set commissions in the real estate industry, so a listing broker can charge
whatever he or she wishes for their services. It is also legal for the owner of a property to lease or sell that property without a real
estate broker or agent. If an agent is used, the agent must be available to answer questions during the negotiation phase - that's the
only requirement. Click this link to learn more about the law: Texas Flat Fee Listing Law

Question - What if I am currently listed with a Real Estate Company?
Answer - Call us any time to begin the process. We can take over the day after your current listing contract expires or is canceled.

Question - Can I get out of my current Listing Contract early?
Answer - That is entirely up to you and your current listing Broker. If you request an early termination they must grant it to you. If
you have cause for termination they may agree to terminate and do so in writing. In this case we can begin your new listing
immediately. Without cause they may try to hold you to the contract. In this case you will need to speak to an attorney before
beginning the process with us.

Question - Will my listing look the same as those prepared by full commission brokers (those charging 3% of the sales price)?
Answer – Yes it will. Your listing will be entered in the same database, and the same location, as those entered by full commission
brokerages, and will not be distinguishable as a flat fee listing. The only difference is that you will end up saving a lot of money if you
list with MFR.

Question - How long does it take for my new listing to appear in the MLS?
Answer - Generally speaking, your listing will appear in the MLS within 24 hours and on all the other websites the next day. If you
opted for a SUPRA Keybox, Yard Sign, or our Discounted Full Service Listing plan the installation of these items may take 1-3 days
depending on where your home is located.

Question - How do I handle Contract Negotiation and Closing Preparation if I opted for the “Flat Fee Only Listing Plan”?
Answer - Once you sign up you will be given a userid and password to access free forms from our website at the "Owner
Resources" page to use at your convenience. Closings paperwork can be done by a Title Company or Attorney for $200-$2,000
(closing costs). See our "Links & News" page to select one of many title companies to close your transaction.

Question - What is the Multiple Listing Service (MLS)?
Answer - The REALTOR® MLS is the primary database used by Realtors® to market and sell property. The MLS is an exclusive
database of all of the properties "listed" for sale in the regional area of coverage. This database is generally owned and used
exclusively by REALTORS® and provides them with information about all of the available properties for sale. REALTORS® use this
system to cooperate on the sale of each other's listed properties and share in the commissions.

Question - Is the MLS the best way to sell my home?
Answer - The MLS is statistically, by far, the best way to sell your home. The MLS accounts for roughly 80%-90% of home sales
nationwide and is probably the most effective form of advertising used.

Question - Will Realtors® show my home if it's not listed in the MLS?
Answer – Possibly, Realtors® typically have a lot of homes to show their buyers that are listed in the MLS. The advantage of MLS
listings for Realtors® is that compensation to them has been predetermined. In order for a Realtor® to show your non-MLS property
they have to either negotiate a contract with you ahead of time or have an Agency Agreement with their buyer. Either way, it's an
extra step in the process that may not be taken. With Memorial First Realty you get all the advantages of the MLS but still retain
the right to procure the buyer yourself - thus avoiding any additional commissions.

Question - When I list with Memorial First Realty will I have to pay a commission when my house sells?
Answer – Depending on the plan you go with, Memorial First Realty has a “Discounted Full Service Listing Plan" that requires you
pay a commission of 2% to Memorial First Realty at the time of closing; you can view the details of this plan on our website. Also, if
a Realtor®/Broker outside our office procures your buyer, their Broker will expect to be paid for the agent's effort according to the
predetermined commission you stated we put in the MLS. Sometimes an agent will try to negotiate a commission with you that is
different than what you agreed to in the MLS. Prior to accepting an Offer, it will be up to you to determine if the proposed terms are
acceptable. Historically, Realtors® have been paid between 1% and 3% of the sales price. If you opted for one of our Flat Fee Plans
no commission at closing will be owed to Memorial First Realty, but you will be required to pay the commission amount you
specified in the MLS to compensate the Buyers Agent REALTOR. You determine this amount which can be between 0% and 3% of
the sales price.

Question - When I do a Flat Fee Only listing with Memorial First Realty, and sell my property to a buyer who is not represented by
a Realtor®, will I owe a buyers agent commission, or a listing agent commission?
Answer – No, if you procure the buyer for your property, and the buyer is not represented by an agent, you pay nothing on the
buyers agent side, and since you went with a Flat Fee listing from us, you do not owe Memorial First Realty a commission either.

Question - What if a buyer calls me or stops by the property with questions and later wants a 2nd showing through a Realtor® or
submits an Offer prepared by a Realtor®?
Answer - Keep good notes on who you talked to or showed the property to and when. If you can prove that you discussed the
property or showed the property to the Buyer first you have a legitimate claim to procuring cause.
You may also want to let that Buyer know upfront that you have a "Flat Fee Listing Plan". Tell them that you can avoid higher
commissions on the sale if there is not another Realtor® involved. Both parties may benefit in this case.

Question - How long is my Memorial First Realty MLS Listing period?
Answer - Your Memorial First Realty MLS Listing period is good for up to 6 months if you are Leasing, with an extension available if
MFR agrees. If you are Selling, the listing remains open until your home sells, or you decide to cancel the listing. You may cancel
the “Flat Fee Only” or “Flat Fee Lease Listing” at any time by accessing our automated phone system at 281-738-2648 and entering
your contract number. Your contract number was provided in the welcome email you received from MFR after you submitted your
listing package. The "Discounted Full Service” listing plan will run through the listing term your specified when you submitted your
paperwork, but MFR reserves the right to terminate the listing- give MFR a call if later you decide you want to terminate one of these
listings and we will discuss the matter further with you.

Question - Once listed, how can I view my MLS listing?
Answer - After the listing contract has been signed and we've received payment, we will email you a link to your HAR.com MLS
listing in the welcome email we send. Please review your listing at this time and notify us via email if you see anything that needs to
be revised. Our staff will be more than happy to assist you in updating your listing. You may also go to either www.Realtor.com or
www.Homes.com to view their version of your MLS listing.

Question - Under your "Discounted Full Service Listing" plan must I use a SUPRA Lockbox?
Answer - No, it is not necessary to use a lockbox. However, a lockbox can make access to your home more convenient for you,
the Realtor®, and the buyers. If you decide that you do not want a SUPRA lockbox under our Discounted Full Service Listing plan
all buyer leads will be forwarded to you and you will be responsible for scheduling all showings, and meeting, greeting, and
unlocking the home for these appointments. Since the SUPRA lockbox is provided for free under this plan there is really no reason
not to use one.

Question - Under your "Flat Fee Lease Listing" and "Flat Fee Only Listing" plans can I get a SUPRA lockbox?
Yes, you can rent a SUPRA lockbox from Memorial First Realty for a fee, which also includes a contract with Centralized Showing
Services to professionally schedule showing appointments, but you still need to make contact with the Buyer's REALTOR and
explain that you are representing yourself in the transaction and will be accepting all offers and feedback. If the prospective buyer is
not represented by a REALTOR you will be responsible for showing your home since these individuals will not have a SUPRA key to
unlock the box.

Question - Can I use my own interior/exterior photos for the MLS?
Answer – Absolutely, in fact, we strongly encourage you to take pictures well in advance of your listing. Both interior and exterior
digital photos can be emailed to us as attachments prior to, or after we receive your listing package in the mail. It is best to take
pictures on a clear sunny day with a wide angle lens to make the rooms seem larger and more inviting. Remember, the wider the
better when it comes to real estate photos so use a lens with at least an 18mm setting, but lower settings such as 14mm can be
better.

Question - Under the "Flat Fee Lease Listing" and "Flat Fee Only Listing" plans will Memorial First Realty handle buyer lead calls
for me?
Answer – If you did not opt for a SUPRA lockbox your phone number was specified as the appointment contact number in the MLS
section that all only Realtors can see, so leads will call you directly. If you opted for a SUPRA Lockbox, leads will be directed to
Centralized Showing Services to professionally schedule a showing appointment. If a lead calls our office they will be directed
through our automated Interactive Voice Response (IVR) phone system and transferred directly to you. Our IVR phone system is
state of the art, and we update the system with the contact Information you submitted to us in your listing package. When buyers
call our office, they will be asked to enter the first four digits of the house number they are interested in viewing, and after doing so,
will be connected directly to you. In addition to automated call forwarding, you will also receive an automated confirmation email that
lead was forwarded to you. If you get a confirmation email, but do not have a record that a buyer or buyer agent lead was transferred
to you, please send us an email referencing your contract number so we can verify your account set up.

Question - Under the "Flat Fee Lease Listing" and "Flat Fee Only Listing" plans will Memorial First Realty handle buyer showings
for me?
No, if you opted for one of these plans you will be responsible for conducting all showings unless you opted for a SUPRA lockbox, in
which case REALTOR's will be able to show your home without you being there. If a prospective buyer is not represented by an
agent, you will be responsible for showing your home, even if you opted for a SUPRA lockbox.

Question - What are the costs of listing with Memorial First Realty?
Answer – Our “Flat Fee Lease Listing Plan” is $149 up front, and is non refundable once the core services have been rendered. Our
“Flat Fee Only Listing Plan” is $289 up front, and is also non-refundable, plus a commission of between 0% to 3% paid to the buyer’
s agent REALTOR at the time of closing; however, if you sell your home to someone not represented by a Realtor, you only pay the
$289 (no buyer’s agent commission). You determine the amount to pay the buyers agent, so you can offer “nothing”, or you can
offer as little as 1%, all the way up to 3%; however, the more you offer, the more willing a buyers agent will be to show their clients
your home, which means your home may sell faster. With our“Discounted Full Service Listing Plan” you pay 2% of the sales price
to MFR, and the same buyer’s agent rules apply as in our “Flat Fee Only Listing Plan”. Should you desire a SUPRA lockbox,
Centralized Showing Services, or a professional yard sign delivered, with one of our Flat Fee plans, you can pay additional fees to
get these services; read more on the List Your Property page of this website and let us know if you have any questions.

Question - Are there any other fees?
Answer – No, there are NO HIDDEN FEES with Memorial First Realty. Everything is clearly outlined on our website and in your
MLS listing and service agreements. However, you will have additional closing related charges such as title insurance, and closing
tax perorations that can be detailed by your title company, if you went with one of our Flat Fee listings. If you went with our
Discounted Full Service Listing plan, our agents and staff will discuss all related title company fees with you directly.

Question - With your Flat Fee Plans, how do I get the free real estate forms you provide?
Answer – After you sign up with Memorial First Realty, you will be given a User ID and password for accessing either the Owner
Resources page, or Landlord Resources page of our website. Here you will find all the contracts and disclosures required to sell
your home. You will retain access to these pages until your home is sold, or until your listing terminates, and after that point you
will no longer have access.

Question - What if I want to add a Virtual Tour to my listing?
Answer – Email us the link to your Virtual Tour and we will add it to your MLS listing.

Question - If I go with one of your Flat Fee plans and I have a Yard Sign made using one of your companies templates, can I put my
own phone number on it?
Answer – Yes, after you download our sign template to your flash drive, take it to a print vendor of your choice and have them add
your contact number in the space provided. Kinko's has a special for $99 dollars that includes an aluminum sign plus a metal frame.
If you opted for a Yard Sign as part of your Flat Fee plan, we will deliver it to you and pick it up as part of this add-on service. Under
our Discounted Full Service Listing plan you receive a sign for free and it will always have your agents phone number on it.

Question - Will my home be boycotted if I use a discount realty such as MFR?
Answer – Absolutely not, there are many discount realty firms out there now gaining a larger and larger share of the market.
Discount realty is now a way of life so doing business with us will not keep buyers or buyers agents from showing your home. The
reality of the market today is that 80% plus of home buyers are using the Internet to find homes and are telling their agent which
homes they want to see. Buyer's don't care who the listing agent is, as long as they get the house they want/need.

Question - Someone told me that it is illegal to get a buyer rebate?
Answer - They are absolutely wrong. TREC rules state: It is not a violation of this section for a licensee to pay a portion of the
licensee's fee or commission to a party in the transaction. A licensee who intends to pay a portion of the licensee's fee or
commission to a party the licensee does not represent must obtain the consent of the party represented by the licensee prior to
making the payment.

Question - If I use you as a Buyers agent, how do i get my rebate?
Answer – The most common way for you to get your rebate is for us to cut you a check after the property has closed and funded.
You can either pay MFR 3% of the sales price to represent you as a buyers agent and get 1% back as a rebate, or you can pay
MFR 2% of the sales price and finance less on the purchase of your home. Many folks like to get the rebate back so they can use
the proceeds to decorate their new home.

Question - do I have to report the rebate to the IRS?
Answer – As with anything regarding the IRS, you should check with your accountant. Inquiries to the IRS in 2001 found that the
rebate amount should be taken off the basis of the property. Again, if you need further help, talk to your accountant, but we don't
issue 1099's for rebates paid.

Question - In order to get the rebate, do you only show a couple of houses and that's it?
Answer – No, there is not a specific number of houses that we show in order for you to get a rebate; however, it must be a
reasonable amount. For example, we are not going to show you 50 houses. In order to get the rebate we will ask you to do some
legwork- narrow it down to the neighborhood you like, and then drive by a few houses to make sure the neighborhood is acceptable,
and then give us the list. It is not typically more than 10 homes that we will show.

Question - Can I make changes to my MLS listing after it has been entered and activated?
Answer – Yes, simply use the "Contact Us" page of our website to let us know what changes you would like. Also enter your
contract number so we can reference your account quicker. Your contract number was provided on the welcome email you received
after returning your listing package to MFR.

Question - Do you host "Open Houses" for your listings?
Answer – No, our policy is not to host open houses for any of our listing plans since they are so discounted, but we will schedule
an Open House for you to host if you like. Just send us an email and let us know when you would like to have your Open House and
if it should be open to the public, or REALTOR's only, and whether snacks or refreshments will be served and we will schedule it the
MLS system for all to see.

Question - Can I still use my FSBO yard sign if I list with one of your Flat Fee plans?
Answer - To a Realtor the term "FSBO" or "for sale by owner" means that nobody gets a commission, not the buyer's broker and
not the listing broker. So if a Realtor sees this sign you can be sure he or she won't come back. So purely as a practical matter the
continued use of your FSBO sign will only adversely affect your chances of a sale. Bottom line, use either the MFR sign template
provided to you for free, or purchase the add-on service to have a yard sign delivered to your home.

Question - Do I need to come to your office to be listed?
Answer - No, you don't have to visit our office to get listed. Our website is set up to streamline the process- just follow the
instructions and once you have completed filling out the forms, simply mail them back to us with a check, or money order, payable
to Memorial First Realty, and we will get your listing entered, in most cases, within 24 hours. We also now offer our Flat Fee service
forms conveniently on-line and the ability to upload your photos directly. To use this feature simply register and login.

Question - How do my photos of my house get attached to my listing?
Answer - After you have taken digital pictures of your home per the instructions in our website, simply use our email link to send
the photos back to us so we can upload them to your listing. If you use Microsoft Outlook as your email program you will need to
click the "paper clip" icon on the tool bar in order to attach a file to the email. If your pictures exceed the space limit for your email
program you can always "zip" them, which will compress the file size, and then attach the "zipped" version of the file when you
email us and it should work. Also, you can always contact our office if you have any issues sending your pictures and we will be
glad to assist you. As a new feature we now offer on-line upload capabilities for all your real estate listing photos, but please ensure
the photos do not exceed 150KB before attempting to upload.

Question - How do I get answers to my questions if they are not listed here?
Answer - Visit our "Contact Us" page and send us your question and we will be glad to answer it.