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Legal Issues, NAR, Standard FormsKeepin’ it legal
“Agency issues are the top area of concern for real estate professionals, along with RESPA and Property Condition Disclosure. These issues, along with As-Is Clauses and Commission Disputes, seem to be particularly important in the current down market, where many licensees may be unsure of how to handle the unique challenges being presented. Other issues emerging from the current economy include wage-and-hour claims and potential liability for “mortgage rescue” scams.”
Thus begins the 2009 edition of the NAR Legal Scan (password required), a survey done by the NAR legal department every two years to identify legal trends in real estate. For property managers there’s also a separate Legal Scan sponsored by IREM.
If you haven’t seen the Legal Scan before it’s worth taking a quick read to see what’s going on at the national level. While this is very helpful in identifying what issues are causing problems (anyone surprised to hear that dual agency and seller disclosure are near the top of the list?), what it can’t do is provide the resources to help keep yourself and your colleagues in line every day. For that you can rely on certain PAR resources, including but not limited to:
• PAR Standard Forms: As one member says, “we have a form for that!” Most common transactional issues are dealt with in our major forms or addenda. Always try looking for a PAR form before trying to write something yourself. And don’t forget about the detailed Guidelines for Preparation and Use that explain how to use the most popular forms. Get them. Read them. Keep them.
• Issues Resource Center: When you need information on advertising rules, CMA’s, mold, fair housing and bunches of other topics, look for these resource pages with tons of links.
• Legal and Regulatory Links: Ever had someone say “you can’t do that, it isn’t legal!” Ask them to give you the section of the law/regulation that says so…then double check here. This page has most of the relevant PA laws and regulations you’ll run into everyday.
• Legal Hotline: When all else fails, call the Hotline. This FREE member service connects you with attorneys in the office of PAR’s outside legal counsel. They’re not ‘your lawyer’ in a dispute, but they can often help guide you so a small dispute doesn’t blow up into something bigger. (This is ONLY for members, not for clients.)
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About Hank: Hank Lerner, Esq. is the Director of Member & Legal Services at the Pennsylvania Association of REALTORS®. |
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