Memorial First Realty

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 - In most cases 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 Sellers Listing Plan”?
Answer - Once you sign up you will be given a userid and password to access free real estate forms from our website at the
"Owner Resources" page to use at your convenience. 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 you may; 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. In addition, 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 and that we noted 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 1% 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". Tell them that you can avoid higher
commissions on the sale if there is no 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 for an additional fee. If you are Selling, the listing remains open for 1year with an option to extend the listing services
should your home not sell during the first year. You may cancel a “Flat Fee Sellers Listing” or a “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 that you and your broker agree on.

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 keybox?
Answer - No, it is not necessary to use a keybox. However, a keybox 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 keybox 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 keybox 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 Sellers Listing" plans can I get a SUPRA keybox?
Yes, you can rent a SUPRA keybox from Memorial First Realty for a fee, which also includes service with Centralized Showing
Services (CSS) to professionally schedule showing appointments. It is your responsibility to contact the Buyer's REALTOR after
a showing of your home and explain that you are representing yourself in the transaction and will be directly accepting all offers
and feedback. In a MLS field that only Realtors can see MFR indicates that buyers Realtors have permission to contact the
client, "you", directly for submitting offers and questions. If a prospective buyer is not represented by a REALTOR you will be
responsible for showing your home since these individuals will not have a SUPRA device to unlock the keybox.

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. You also now have the option to upload your pictures to our MLS entry application on the web. This is the
quickest and easiest way to submit your listing.

Question - Under the "Flat Fee Lease Listing" and "Flat Fee Sellers Listing" plans will Memorial First Realty handle buyer lead
calls for me?
Answer – If you did not opt for a SUPRA keybox your phone number was specified as the appointment contact number in the
MLS section that all only Realtors can see, so agent leads will call you directly. If you opted for a SUPRA keybox, agent leads
will be directed to Centralized Showing Services to professionally schedule showing appointments. If a lead calls our office they
will be directed through our automated Interactive Voice Response (IVR) phone system and transferred directly to you if an
unrepresented lead, and if an agent lead, either to CSS or you depending on if you rented a SUPRA keybox. 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 to wither you or CSS depending on the classification of the lead and whether you have a
SUPRA keybox. In addition to automated call forwarding, you will also receive an automated confirmation email that the lead
was forwarded. 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 check our call logs and respond.

Question - Under the "Flat Fee Lease Listing" and "Flat Fee Sellers Listing" plans will Memorial First Realty handle buyer
showings for me?
This depends, if you opted for one of these plans you will be responsible for conducting all showings unless you opted for a
SUPRA keybox, in which case Realtors 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 keybox. However, if you
indicate to us that you would rather handle no showings yourself, and you opted for a SUPRA keybox, MFR can arrange to
handle the showings for you although we will require that the buyer lead be represented by one of our agents prior to the
showing. If you want MFR to show unrepresented buyers your home we will do so only after signing a buyers representation
agreement with the buyer and will assess you a commission based on what you authorized as the buyers' agent compensation
to other buyers brokers.

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 listing has been entered in the
MLS. Our “Flat Fee Sellers Listing Plan” is $289 up front, and is also non-refundable, plus a commission of between 1% to 3%
must be paid to the buyer’s agent REALTOR at the time of closing. However, if you sell your home to an unrepresented buyer,
you pay only the $289 (no buyer’s agent commission). You determine the amount to pay the buyers' agent, so you can offer
between 1% and 3%. Keep in mind 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 keybox, 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 by going to the "List Your Property" page of this website.

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 explained by your title company. If you went with our Discounted Full Service Listing plan,
our agents and staff will discuss all related title company fees with you directly and work with your from beginning to end to
close your sale.

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 userid and password to access either the "Owner
Resources" page, or "Landlord Resources" page of our website. Here you will find all standard TREC and TAR real estate
contracts and disclosures required to sell your home. You will retain access to these pages during your listing term, or you
decide to terminate your listing. After that point you will no longer have access privileges.

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 may have a special available that includes an aluminum sign plus a
metal frame at a reduced price. 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 incremental 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 - Someone told me that it is illegal to get a buyer rebate?
Answer - This is incorrect. It is legal to pay buyers rebates. 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 rebate is mailed to you after the closing of your purchase has funded at the title company. We allow three
business days to pass before mailing your rebate check because we need adequate time for our commission receipt to settle
from the title company before issuing your rebate check.

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 check; however, you must
narrow down the list of homes you are interested in to a reasonable number. For example, we would prefer that you already
know the neighborhood you are interested in buying your home.

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.

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 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 the open house to take
place and if it should be open to the public, or Realtors only, and whether snacks or refreshments will be served, and we will
schedule it the HAR.com 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 as attachments 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.