Question
1 - How do I get registered as a HUD-qualified real estate broker?
Answer
- You need to register through your local M&M contractor.
See more registration
instructions.
Question
2 - I am already a HUD-qualified broker and would like to continue
selling HUD Homes. Do real estate brokers have to reregister with
HUD?
Answer - Yes. Effective the spring of 2003, HUD
requires annual recertification. All brokers were recertified at
that time. To be recertified the broker must have a valid broker's
license.
Question
2a - I was just recertified by HUD but my broker's license expires
before the end of this year. Do I need to be recertified?
Answer - Yes. If the license expires before the
recertification date the broker will have to again recertify. Whenever
a broker's license expires, the recertification must occur.
Question
3 - I've heard that with the M&M program we have to do electronic
bidding. I've never done that before with HUD, so how will I know
how to do this type of bidding?
Answer - Contact your local M&M for instructions.
Question
4 - If I don't have access to a computer, how do I submit an
electronic bid?
Answer - By touch-tone telephone. Contact your
local M&M for a special dial-in number.
Question
5 - Is it true that I can no longer earn 6% in sales commissions?
Answer - HUD will pay up to 5% if you are the
successful selling broker and not the listing broker. Up to 1%
is paid to the listing broker.
Question
6 - Who do I contact if I want to hold an open house?
Answer - Your local M&M contractor.
Question
7 - Can I still advertise HUD Homes?
Answer - Yes, at your expense and in accordance
with HUD advertising guidelines. Contact your local M&M for more
information.
Question
8 - Who do I contact if I have complaints about the maintenance
of a HUD Home?
Answer - Your local M&M contractor or Homeownership
Center that has jurisdiction over the property.
|