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All E&O policies have a notice of claims provision. Brokers know that when served with a court-filed complaint, notice to the insurer must quickly follow, however, all claims received in writing or threatened should be reported to the E&O insurer if one wishes to preserve coverage. »
An agreement among competitors to set fees is something the Federal Trade Commission (FTC) calls “price fixing.” Price fixing does not always involve a villain -- or even a clear agreement. »
I’m currently defending a broker and her salesperson in a failure-to-disclose lawsuit. My client -- a buyers’ agent -- has been accused of failing to tell her clients that mold is not an unusual environmental condition and that they have a right to test for its presence. »
Facts: Our caller, a listing agent, was having trouble finding a qualified buyer for her client’s property. Shortly before the listing expired, a buyer offered to purchase the property on an installment sales contract and agreed to pay $2,000 down and $500 a month beginning with the first of the following month. »
The saga of one unhappy client illustrates the necessity of knowing that a transaction is or may be destined for short sale. »
A licensee is a dual agent in a transaction where the seller’s agent and the buyer’s agent are one and the same. Simple. Slightly more complex is the dual-agency relationship that is created when the seller’s agent and the buyer’s agent are separate licensees but both affiliated with the same broker. »
Many real estate offices employ office workers who keep the books, provide clerical services and greet clients at the reception desk. What kinds of work are these unlicensed, “exempt” employees permitted to perform? After all, having a bright-line definition of licensed activity would be helpful since crossing the line is a violation of law... »
Once upon a time there was a buyer looking for a country home with acreage where he could operate a small auto-body shop. His buyer agent identified properties that fit her client’s needs, carefully eliminating properties whose zoning was such that a body shop was not permitted. »
The PAR Legal Hotline is 20 years old. Thousands of calls later, we’re still in business. Some of you we know by voice: your calls make us laugh, cry, wince and sympathize. We have forged friendships over the Hotline and have come to learn and share in your trials and tribulations. We are... »
If your transaction involves a homeowners’ association, you need to know what’s required by the Uniform Planned Community Act. »
