Expand Your Education with These Courses from
Becoming a Successful Sales Professional: Skills for Sales Success: Part One.
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Customer Relationship Building: Skills for Sales Success: Part Seven.
Bundle 1: CIPS Core Courses (Non-US Version).
Bundle 2: CIPS Elective Courses (US Version).

Reducing Legal Risk for Brokers and Agents

Interested in more details on this topic? Click here!

Today’s real estate market presents a variety of legal risks to real estate professionals. The Legal Affairs Division of the National Association of REALTORS® (NAR) works to educate and guide brokers and their agents through the many legal issues they may face. Here are some highlights of recent efforts by NAR’s Legal Affairs division:

Amicus Brief Filed in Support of Ohio Broker
A broker should not be held liable for the intentional, fraudulent acts of its agent solely because the broker received a commission from the fraudulent transaction. That is what NAR recently argued before the Ohio Supreme Court in an amicus curiae brief filed on behalf of a broker. NAR urged the court to consider all the facts and circumstances in each case to determine whether an agent acted within the scope of her agency or employment before finding a broker liable for the acts of its agent.

The brief was filed in response to a request made by the Ohio Association of REALTORS® to NAR’s Legal Action Committee. The Committee recognized that broker liability determined by the Ohio court affects all NAR members doing business in Ohio, but also NAR members in other states, if the Ohio ruling is widely adopted. So, NAR filed an amicus curiae brief that argued for the reversal of a lower court decision. A decision by the Ohio Supreme Court is pending.

Legal Guidance for Disclosure of Flood Insurance
In 2012, Congress passed a law that reauthorized the National Flood Insurance Program for an additional five years. But, the law also implemented changes in the federal subsidy of flood insurance. Those changes will result in increases in the premiums charged for flood insurance coverage. That means that a buyer who purchases a property now could be subject to substantial increases in their flood insurance premiums in the future. In response, NAR issued legal guidance to help brokers and their agents reduce their exposure to misrepresentation claims by property purchasers who acquire property located in flood zones.

Continue Reading 1 2

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright© 2015 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>