Sec. 267. Real estate brokers are sometimes subjected to annoyance and not infrequently to loss of commissions by reason of inquiries being made about properties by bargain-hunting purchasers or emissaries from rival brokers. To guard against this, the author suggests a form like No. 122, to be used by the broker at his discretion when called upon for a list of properties. These lists can be bound in pads or in books and a carbon copy retained of the list as furnished. The moral effect on the inquirer would no doubt be good, and the broker would obtain the name and address of the inquirer which he oftentimes fails to do.

Sec. 268. Brokerage in stocks and bonds cannot, as a rule, be successfully done in connection with real estate. The man who handles stocks and bonds must look well fed and be well groomed, be suave in address, and frequent clubs and hotels where the wealthy congregate. He must cultivate and exhale an optimistic view as to financial matters and wear a smile that won't come off. His clients are to be found among retired business men, and among women and young people who have inherited money, and who wish to place it where they hope it will be secure and call for no personal effort on their part in looking after it, and where the dividends or interest will be received with undeviating regularity. As a rule, this class of investors know very little about the securities in which they invest beyond what is told them by the broker, and the broker must act his part with great tact and probity. The story of the two brothers, James and John, illustrates the stock brokerage business. "I have some spare money," said James, 'and I think I will take a little flyer in stocks. What do you advise me to buy?" "You can do no better than to buy the Great Hot-airship, Unlimited," said John. "Where can I get that?" said James. "Oh, I can sell you all you want," quoth John. The real estate broker is at times forced of necessity to engage in handling stocks and bonds, as the latter are active and real estate is quiet. This is particularly true when business is recovering from a period of industrial depression. Stocks then first become active, because new enterprises are organized, and the sale of shares is carried on to acquire capital.

Sec. 269. "Business Opportunities," or "Business Chances" is the title generally given to all sorts of business whereby men make a living by catering to others, such as bakeries, barber shops, drug stores, restaurants, lodging houses, etc. The broker who makes a specialty of business chances and exchanges, in order to be successful, must have in his makeup something of the "born trader" instinct.

Sec. 270. The "Good Will" of the business is the expectation that the customers under one management will continue to be customers under the next succeeding management.

Sec. 271. In transferring the title to personal property, no abstracts of certificates of title are obtainable, as a rule, and the purchaser must examine the public records for himself or have some one do so for him who understands that part of the transaction. The broker generally attends to this, for the purpose of ascertaining whether or not the statement of the seller in regard to there being any incumbrances on the property is true. The seller should have in his possession a bill of sale from the party from whom he purchased, and if he has given a chattel mortgage that should appear of record, and any judgments against him would also appear of record. As to whether or not the seller has paid for the goods he has, aside from those acquired by the bill of sale, the purchaser should require him to produce receipted bills therefor, and if not paid, should ascertain from the parties of whom he has been purchasing that the amount of the bills unpaid as given by the seller is correct. There may be some consigned goods, such as perfumery or fountain pens, which are payable in installments or at a certain later date, and this also should be investigated. The agent generally attends to these matters for the parties. The transfer of personal property is effected by means of a bill of sale. ( See Form No. 91.) A contract of Conditional sale is used where the seller wishes to retain the title to a sewing machine, wagon, or other article or articles which the purchaser can use but cannot sell. (See Form No. 92.) A law regulating the sales of merchandise in bulk has been adopted in quite a number of the states in order to protect wholesalers as well as the buyer and seller.

Sec. 272. In making a contract of sale of merchandise, the seller may agree not to engage in the same line of business, either directly or indirectly, in the same place within a certain time.

Sec. 273. Exchanges of both real and personal property are most actively made when sales for cash are slow. Exchanging of one species of property for another, where no money changes hands, makes it somewhat difficult for the broker to collect his commission, and he generally has to take in payment a promissory note, either secured by mortgage or unsecured, and keep after his client until the broker is able to make another deal and convert some of the property into cash.

Sec. 274. Money may be made in the rooming-house business, but, as in every other business, experience and good judgment are indispensable qualifications to making it. The general impression prevails, however, that any one who can raise the price, can make money running a lodging-house. And yet a great many people try it and fail. Considerable ability and a good knowledge of human nature are essential to the handling of all sorts of people under diverse circumstances, and to be constantly on the watch both of roomers and of expenses is apt to wear on one. Then, where there are a good many ladies and children in the house, jealousies and gossip will arise to annoy one. There are persons who are peculiarly fitted for conducting a hotel or lodging-house, and such persons can, by buying rundown places from inexperienced and unwary investors, make the business pay, especially if the house be brightened up by means of paper and varnish and special inducements be offered to guests. Having placed the house on a good paying basis, the owner is then ready for an exchange or a sale. The successful rooming-house owners are chiefly women, and some of them have become wealthy by reason of remunerative sales and exchanges. Country property owners often wish to remove to the city, either because they have become tired of farm life or because their grown children are occupied in the city, and it is with these that the lodging-house owner makes desirable trades. The country owner, having led an active life, desires something in the city whereby he can be occupied and make money. Here is where the lodging-house and hotel broker makes his harvest, and in large cities some brokers devote their entire time to this branch of the business.

Sec. 275. In disposing of business chances, the seller should always have a plausible reason to advance for selling out - sickness in the family, other business requiring attention, about to move to another section of the country, wanting a change, etc. Sometimes the party who holds a mortgage on the stock wants his "change," but of course the broker need not mention that. Sec. 275 1/2. "My equity" is a phrase frequently used in connection with sales and exchanges, but not always understood. It invariably has reference to property which is incumbered by mortgage or otherwise. For example: An owner values a certain property at $4000; there is a mortgage on it of $1800; his "equity," therefore, is $2200. In making exchanges, values are often placed one-fourth higher than the owner would take for cash. By means of inflated values, each party to an exchange hopes to gain an advantage.