Procuring cause acknowledges that to earn a commission a broker or a salesperson doesn’t have to be present when the buyer and the seller ink the deal. Rather, brokers need only show that they initiated an unbroken chain of events that resulted in the deal between the buyer and the seller.
Debate over limited-service business models is passionate, so much so that the issue is a source of legislative activity in some states. The newness of the business model also means there’s little case law to guide transaction participants.
Protecting yourself from potential lawsuits arising from your transactions is probably not even on your radar. Yet in an increasingly litigious real estate industry, you can’t turn your back on legal considerations if you want to prosper.
By properly documenting every step of the repair process, you’ll prevent transaction delays - and quite possibly protect yourself and your clients from legal trouble. To make certain you don’t have to deal with a dissatisfied buyer in court, follow these steps.
Although reverse exchanges are complicated and require financial strength, real estate practitioners and their investor clients would be well served to add this powerful financial tool to their portfolio.
All companies or individuals who deal with sensitive consumer information must change the way they do business under a provision of the federal Fair and Accurate Credit Transaction Act that went into effect June 1.
It’s never been more important to take reasonable precautions to protect sensitive customer information. Your failure to do so can have devastating effects, including liability for breach of privacy laws or negligence, especially if your client became a victim of identity theft.
Real estate professionals who send commercial e-mails to clients, prospects, or other professionals will need to check the Federal Communications Commission’s list of wireless domain names to ensure that they are not sending commercial e-mails to a prohibited domain.
Although most real estate salespeople work as independent contractors, there are many others in this business who are considered employees under federal and state employment laws. Whether you’re a broker who hires management and support staff or a salesperson with one or more assistants, you need to know how employment laws governing wages, overtime, and record-keeping pertain to you.
At the heart of NAR’s trademark program is a comprehensive set of rules describing the proper use of the REALTOR® marks, which include the term and trademark symbol. The rules are organized around five limitations on the use of the marks, which apply to virtually all uses.
No matter how carefully you fill out every disclosure form and follow every agency rule, at some point in your career, you may be party to a lawsuit or be threatened with one. When that happens, it’s critical to have a disciplined, nonemotional method for deciding whether to settle the dispute through mediation or take it to court.
Think of the time you spend writing a great marketing brochure. How would you feel if your competitors started passing it out as theirs? When you infringe on copyright, you’re poaching someone else’s creativity.
You’re moving on to another brokerage. As you tie up loose ends, don’t lose sight of the biggest transitional issue: how much compensation you’re entitled to receive from your soon-to-be-former brokerage.
Whether you represent the buyer or the seller, looking over the property and providing the findings in writing is a smart way to reduce your liability and protect yourself and your client. Make it your mantra to “ask, look, and recommend.” Otherwise, what you don’t see, and don’t disclose, may hurt you in court.
Armed with industry surveys that show consumers would like more simplicity in home sales transactions, industry players are jumping into the market for packaged services. In 2003, several large lenders and title companies rolled out packaged services, with more poised to enter the fray this year.
Eminent domain's public purpose has come to include taking real estate in prime locations from one private owner and transferring it to another private entity—often a business or a developer, which is expected to generate more tax revenue for the city than the original owner.