March 27th, 2023 at 3:43 pm
Fact Pattern: An agent from another company has a new promotion. He is advertising that anyone who gives him the name of someone interested in buying or selling real estate will be entered into a raffle for a chance to win a trip for 2 to Cabo.
Multiple Choice Question: Is this promotion legal? Pick the best answer:
A. Yes.
B. No, it violates the Real Estate Settlement Procedures Act (RESPA).
C. No, it is an illegal lottery.
D. No. (more…)
March 20th, 2023 at 1:50 pm
Agents Beware! Always be on the lookout for scams! Some of our agents have recently been contacted by phone by someone purporting to be Chief Deputy Danny Burkowski of the U.S. District Court. The scammer claims that he has a subpoena requiring our agent to appear in court. He further claims that the subpoena is signed by our agent (or perhaps someone forged our agent’s signature). The scammer may also say that, because our agent has missed the court date, a warrant has been issued for our agent’s arrest. The scammer may also claim that our agent can resolve the issue by immediately posting bail, e.g., through the agent’s Zelle account. (more…)
March 13th, 2023 at 1:17 pm
Fact Pattern: You have been showing properties to a buyer under a signed Buyer Representation Agreement (BRBC). As it turns out, the buyer only wants you to help her write extremely low-ball offers that all end up going nowhere. You’ve tried your best to encourage the buyer to change her approach, but to no avail.
Multiple Choice Question: Can you terminate your agency relationship with the buyer? Pick the best answer:
A. Yes, by mutual agreement only.
B. Yes.
C. No.
D. It depends on how the Cancellation paragraph in the BRBC was completed. (more…)
March 6th, 2023 at 3:56 pm
Question: What can buyers’ agents do to protect themselves against “serial home visitors,” or people who act like they are interested in buying a property, but actually have no intent on buying anything. (more…)
February 27th, 2023 at 2:27 pm
Fact Pattern: You are the buyer’s agent for a pending sales transaction. You submit a Request for Repair (RR) for a $10,000 credit. You do not alter the RR with respect to paragraph 4A. It basically says that, if the seller agrees to all of the buyer’s requests (or some of the buyer’s requests and the buyer accepts the seller’s partial agreement), “Buyer removes the Investigation of Property Contingency.” In the “Seller’s Response” on page 2 of the RR, the seller agrees to the buyer’s request for $10,000.
Multiple Choice Question: Has the buyer removed the Investigation of Property Contingency? Pick the best answer:
A. Yes.
B. No, the seller must serve a Notice to Buyer to Perform.
C. No, the buyer must sign a separate Contingency Removal form.
D. It depends on how the RR was completed. (more…)
