Many Internet lenders are offering real estate brokers and salespeople alluring opportunities to earn money by helping homebuyers select and obtain a loan. When legal, these alliances offer legitimate new revenue opportunities. But brokers should be wary of online lenders that offer large fees for little or no work.
It usually comes as a surprise when our words or actions are interpreted other than how we intended. But regardless of what we intend, how we’re interpreted can mean everything in an antitrust investigation.
The success or failure of a real estate transaction often rests on the language of the sales contract. A well-structured contract can expedite a closing and leave everyone happy. A poorly written contract can land you in court.
In a hot market it’s not unusual for several prospective buyers to compete for the same property. How should listing brokers handle multiple offer situations? And what, if any, duty exists on the part of the listing broker to "shop" offers to ensure that sellers receive the highest possible price for their property?
Recent court decisions have expanded employer liability for the actions of supervisors. Brokers can also be held liable when an employee is harassed by a coworker or a nonemployee, such as a salesperson working as an independent contractor. Fortunately, brokers can limit their liability by taking precautions to prevent or correct incidents of sexual harassment long before any suit is filed.
When you tell someone you’re a REALTOR®, you’re saying you are well informed about the real estate business, you’re a member of the largest trade association in the United States, and you subscribe to a strict Code of Ethics. It’s one word that means a lot--and it’s important to keep it that way.
Since buyer representation is a relatively new practice, there’s no widely agreed-on list of specific duties the licensee owes the buyer. So NAR is encouraging state REALTOR® associations to work toward legislation that specifies the duties for every type of brokerage relationship allowed in the state.
Over the past three years, the South-Southwest Association of REALTORS® in suburban Chicago has won the battle against real estate sign bans. Now the association is poised to eliminate area antisolicitation laws as well.
The Environmental Protection Agency and the U.S. Department of Housing and Urban Development are stepping up pressure against anyone who fails to disclose residential lead-based paint to prospective tenants and buyers. Compliance is not difficult. Be smart, and you’ll be able to comply with the law and protect yourself, clients, and customers without slowing down transactions.
If you’re a broker who’s concerned about what a salesperson’s departure may mean for your business--or if you’re a salesperson who’s thinking of making a move--you ought to be familiar with how brokers can protect sensitive information.
The NAR Board of Directors, meeting in late May, approved measures to increase protections for buyer’s representatives in residential transactions. The directors also approved an NAR policy on federal conservation funds and voted to change the time of future spring meetings.
What if you sold a building that later suffered as a result of inferior workmanship? If the work was done prior to the sale, the new owners--and potentially you--could end up being held liable for the damage. To protect your clients and yourself, encourage clients to receive an actual assignment of claims from the seller for prior defects.
As your business grows, it becomes necessary to delegate activities, including the handling of operating and trust monies. However, hiring others to receipt, deposit, and disburse monies increases your business risk. Here are 10 risk-reduction suggestions.
HUD will conduct a national survey this year to measure the level of housing discrimination that exists in the marketplace. If you’re found to be in violation of the U.S. Fair Housing Act, you face fines and, in some cases, loss of your license. So with Fair Housing Month upon us, REALTOR® Magazine offers these basics on adhering to the law.
Since we’re judged by the standard of the “competent professional” by both our peers and the courts, we must take action to protect ourselves from potential misrepresentation and negligence charges. Here are some tips for increasing diligence and reducing risk as a buyer's representative.
As you prepare to enter a brave new millennium, you may wonder whether your technology will enter with you. You need to consider not just whether your electronic equipment will work but also whether you're protected from legal liability if technology suddenly stops.
Owners of residential properties clad with Exterior and Finish System components (EIFS) sold by Senergy Inc., a subsidiary of Harris Specialty Chemicals Inc., may be eligible to receive repairs or cash payments from a recently negotiated partial national class action settlement.
The U.S. Environmental Protection Agency has started a program of unannounced lead-based paint records inspections in property management and real estate brokerage offices in many areas of the country. When an inspector shows up at your office, will you be ready?