As a listing agent, am I required to disclose that I already have offers on the property to any agent who wants to show my listing or any buyer who wants to see my listing? The ethical course depends on two factors: First, has the agent or prospective buyer asked if there are offers on …
Category: Real Estate Tips
Oct 16
First Amendment Argument Wins the Day
Love letter ban ruled unconstitutional, but risks remain if buyers submit them. “Buyer love letters” gained popularity a couple of decades ago as a tool for competing in a hot market. Buyers hope their letter, a personal and emotional appeal to the seller, will help their offer stand out. But in recent years, attorneys have …
Oct 13
Top Claim Against Agents: Failure to Disclose
Not revealing known property defects to a buyer—a common problem in real estate, studies show—can land you in court. Follow these best practices to avoid liability. When a home buyer discovers a property defect that wasn’t disclosed by the seller or listing agent, the buyer may sue, claiming the home was misrepresented. This has become …
Oct 12
Using AI to Enhance Listing Photos Can Be Legally Risky
You can’t misrepresent a property, but there are ethical ways to use images generated by artificial intelligence to improve your clients’ experiences and better serve their needs. Artificial intelligence now makes it possible for you to send a listing photo, along with commands for whatever image enhancements you want, to an algorithm—and receive the enhanced …
Oct 11
Actions You Can Take to Help Close the Racial Ownership Gap
As a community leader, you have a critical role in keeping certain groups from being locked out of the real estate market. A long history of discriminatory real estate practices—including past policies held by REALTOR® organizations—has made it difficult for people of color to break into homeownership. Real estate professionals today are in a key …
Oct 11
3 Showing Dilemmas: Illegal, Unethical or Just Plain Rude?
Test yourself on three common scenarios when you’re taking buyers on home tours. You have to watch your step legally every day. But how do you sidestep the legal land mines you might not be aware of? In a session called “Real Estate Karma: Is This Illegal, Unethical or Just Plain Rude?” during NAR NXT, …
Oct 11
The Year Disclosure Became the Top Legal Issue
From disclosing property issues and multiple offers to the risks of buyer “love letters,” these were the top law and ethics topics on your radar this year. Ethical quagmires during showings, disclosure issues, the legal risks of artificial intelligence and buyer “love letters” proved to be big areas of concern this year for real estate …
Oct 10
3 Rules to Avoid a Copyright Claim on the Photos You Use
Follow these steps to ensure you’re not running afoul of the law when using pictures online. You have blogs, brochures and social media pages to fill with content, and a photo can be worth a thousand words—or a stiff financial penalty if you’re not minding copyright laws. Ignorance of the law is not a legal …
Oct 09
Broker Isn’t Liable for a Slip and Fall
Iowa Supreme Court says it all boils down to possession of the property. One of the most common hazards at a showing? Slip and falls—and the lawsuits that might follow. But the particular circumstances of a case can have a big effect on the legal outcome, as demonstrated by a recent Iowa lawsuit in which …
Oct 06
What Can Be Done to Enhance Agent Communication?
I’m frustrated with the length of time it takes to hear from agents when I submit an offer on their listing. I know everyone is busy, but buyers are anxious for answers and I would like to keep them updated on the status of their offer. What can be done to enhance communication? Communication between …
Oct 05
Countering a Fair Housing Charge
The steps you need to take if you receive a fair housing complaint. If you’ve ever been on the receiving end of a fair housing complaint, you know how badly it can rock your world. Whatever the circumstances, you’ll have a better outcome if you take a serious, straightforward approach. Start by contacting your attorney. …
Oct 04
Addressing Bias in Appraisal Standards
The meticulous work of drafting a new ethics rule will pay off in clarity for our profession and the public. Nothing matters more to a service profession than public trust. REALTORS®, whether specializing in sales, appraisals, property management or other disciplines, need to be trusted by members of the public in order for our services …
