What you need to know to serve this protected class. Definition: Federal fair housing law defines a person with a disability as any individual with a physical or mental impairment that substantially limits one or more major life activities. Some disabilities, such as blindness or mobility impairment, are readily observable, while others are invisible. What’s …
Category: Real Estate Tips
Oct 31
Is That Legal?
Understanding how antitrust law applies to the practice of real estate is foundational knowledge. Let’s see how much you know. Understanding how antitrust law applies to the practice of real estate is foundational knowledge. Let’s see how much you know. 1. Federal and state antitrust laws are designed to: A. Prevent companies from misleading the …
Oct 30
3 Things to Remember About…
Things to know about sale-leasebacks, using recording devices, and conducting criminal background checks. Sale-leasebacks When home sellers need to retain possession of the home for a few days— or longer—after the closing: Use of Recording Devices If your sellers use audio or video recording in the course of a home sale: Use of Criminal Background …
Oct 25
RESPA Reminders
Understand the letter of the law when it comes to teaming with allied businesses. The Real Estate Settlement Procedures Act is a federal law designed to protect consumers in the settlement of real estate transactions. Before you get involved in any business-building partnership with allied professionals, be sure you know what is and isn’t allowed …
Oct 24
Next Steps in Class-Action Suit Over Buyer’s Rep Compensation
Three years ago, in March 2019, the National Association of REALTORS® and four corporate defendants were sued in class-action lawsuits filed in Missouri and Illinois alleging that home sellers have been damaged because their listing broker compensates the buyer’s representative. These lawsuits claim that various NAR rules and members’ adherence to those rules have led …
Oct 23
4 REALTORS® Named Inaugural Fair Housing Champions
The National Association of REALTORS® and realtor.com® on Wednesday honored the four inaugural winners of the Fair Housing Champion Awards during NAR’s Fair Housing Month event, “What Will it Take to Close the Racial Homeownership Gap?” Honorees were recognized for making a significant impact on efforts to advance fair housing and expand homeownership to traditionally …
Oct 20
BOD Votes to Strengthen Fair Housing, Continue Ad Campaign
NAR’s Board of Directors meeting highlights strategic priories for the association and solidifies the 2023 leadership team. Strengthening fair housing enforcement was a priority for the National Association of REALTORS® Board of Directors during its Friday meeting. The governing body passed resolutions supporting fair lending provisions of the Fair Housing Act and the Equal Credit …
Oct 19
Protect Your Website From Copyright Claims
Use this risk management strategy, especially if you’re using any third-party content on your website or business materials. Copyright claims are growing in the real estate industry, and many cases end in a judgment against the agent or brokerage accused of violations. Your website or business materials may put you at greater risk for litigation …
Oct 18
Could Solving the Housing Shortage Help Close the Racial Gap, Too?
A report highlights housing supply issues and how a multifaceted approach could be key to improving housing equity as well. The nation’s housing shortage has also fueled a housing inequity problem, Bryan Greene, vice president of policy advocacy for the National Association of REALTORS®, writes in an essay included in a new report, “Housing Underproduction …
Oct 17
Disclosing Other Offers on Homes for Sale
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 …
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 …
