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One of the sticking points last year in HUD’s proposed changes to the Real Estate Settlement and Procedures Act (RESPA) was a proposed change to the prohibition against “required use” that would have limited or prevented a builder from offering incentives such as a finished basement or free upgrade to buyers who used the... »
We have written several articles over the years pertaining to quantum of land, square footage and the buyers’ obligation to make sure the house is everything (or mostly everything) they want it to be. A recent decision from the Oklahoma Supreme Court identifies some issues that licensees need to consider. »
What are real estate brokers or salespersons licensed to do? This is part one of a two-part series that describes what licensees can and can’t do. »
According to RELRA, an agency relationship is one in which “the broker or licensees in the employ of the broker act as fiduciaries for a consumer of real estate services by the express authority of the consumer or real estate services.” In other words, the seller hires the broker to list the property for... »
A debate has emerged among agents and brokers across the country about whether “blended fees” – a combination of the traditional percentage-based commission and a flat fee -- are legal and, if so, how they have to be disclosed to consumers. »
There are no published regulations in Pennsylvania to give guidance on what is acceptable -- and not acceptable -- in promoting your team. The Real Estate Commission has offered some guidelines that it believes comply with both the spirit and the word of the existing regulations. These guidelines are intended to,... »
In Pennsylvania there are no specific regulatory guidelines about electronic or digital advertisements -- but the Real Estate Commission has suggested that e-mails, blogs, instant messages and bulletin boards constitute advertisements. »
Of all the calls to the Hotline, questions about advertising are probably second in frequency only to questions about handling escrowed funds. Now is probably as good a time as any to review what is -- and is not -- permitted when REALTORS® advertise. »
A listing agent listed a bank-owned property for sale. Since the bank had taken possession of the property by a deed in lieu of foreclosure, it wasn’t obligated to provide a sellers’ disclosure statement. After the property was listed but before any offers were received, a neighbor called the listing agent to disclose that... »
Hotline callers often want to know if it's legal to rebate or refund part of their commission to their clients. It is legal, provided the licensee is rebating or refunding commission to her own client and the rebate or refund is listed on the HUD-1. »
