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 …
Tag: News
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 …
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 …
