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.
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.
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.
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.