The procedures used by REALTORS® to process Code of Ethics violations were given a general OK recently by a state court ruling. The decision affirmed the idea that professional standards hearings and sanctions are legal, as long as they're fair and "substantially rational."
Our legal system takes a dim view of deception, no matter how innocent the motive. If you're going to pass along information about a property to prospective buyers, make sure it’s factual or let the buyers know you haven't verified the accuracy of the information.
Coldwell Banker sues a California manager who jumped ship from an acquired brokerage, leading many of his former salespeople to a competing company. The case has implications for brokers with employment contracts.
NAR recognizes each practitioner's right to choose not to do business with relocation and affinity marketing companies, but NAR’s Legal Affairs cautions brokers and salespeople against joining together to agree not to do business with them.
As a property manager, remember that the Golden Rule still applies—even when the tenant isn’t paying rent. Don't gamble with potential liability. Repair all known defects that could cause injury. Any time and money spent in avoiding liability will pale in comparison with the aggravation and costs of litigation.
During the last four years, it has shaken up the residential real estate industry, fundamentally changing the way business is practiced. What has caused this upheaval? Revision of state laws applying to realty brokerage relationships.
Although the broker's duty varies from state to state, a prudent real estate professional hosting an open house for prospective purchasers or tenants will discover conditions involving an unreasonable risk of injury or harm; take steps to make the condition reasonably safe; and give adequate warning to avoid harm.
Whether or not the broker can defeat the buyer's claim may depend on what is in the broker's transaction file. A refusal by the buyer to have an inspection performed should be followed with a written confirmation from you and a suggestion that the buyer reconsider.
If you know or suspect a seller's information is inaccurate, you could be liable. Buyers are entitled to rely on the accuracy of your statements. To avoid liability, you should avoid statements about matters in which you do not have first-hand knowledge.
A ruling on endangered species by the U.S. Supreme Court is seen as a victory for private property rights. The court decided that property owners have just as much right to sue the government for "over enforcement" of the federal Endangered Species Act as environmentalists have to sue for "underenforcement."
The U.S. Department of Housing and Urban Development has proposed Real Estate Settlement Procedures Act regulations that would relax restrictions governing employer payments to employees for marketing the settlement services of an affiliated company.
The Counselors of Real Estate are once again defending against a challenge to the CRE® trademark. The case is against General Electric Capital Corp., which uses "CRE Net" on its Web site to provide users of the Internet with access to real estate-related information.
Two new developments now make it easier than ever for those involved in real estate transactions to deal with the issues raised by the potential presence of lead-based paint--issues that have received more attention recently because of the new federal lead-based paint disclosure law.
Real estate salespeople spend an average of one hour and five minutes of each residential sales transaction explaining environmental compliance issues to buyers and sellers and doing paperwork, according to a new study from the NATIONAL ASSOCIATION OF REALTORS®.
The U.S. Department of Housing and Urban Development has rescinded a controversial opinion that allowed buyer's agents to show homes in specific neighborhoods if the buyer made a request based on race or other protected classes.