SC Supreme Court Rules on Contracts, MOU's Memorandums of Understand (MOU) are not contracts says the SC Supreme Court. http://www.judicial.state.sc.us/opinions/HTMLFiles/SC/27434.pdf MOU's are common in commercial real estate transactions. Posted by : Byron King
Form Lesson! There are two SCR standard forms that can be used to release a listing (SCR250) or buyer agency relationship (SCR255) prior to the expiration date of the listing agreement or buyer agency agreement. The client can agree to a protection period or payment in exchange for early release. While a client (principal) can… Continue Reading When Rep Agreements End
Man Gets 30 Months for Manufactured and Modular Home Loan Fraud http://www.charlotteobserver.com/2014/08/13/5104483/hickory-man-sentenced-to-30-years.html#emlnl=Top_Stories%3A_Business_Review Posted by : Byron King
Rain = Moisture = Mold US EPA on mold. Remember: Molds are common in the southern USA. Buyers should always consider hiring mold inspectors who check air quality (spores, etc.) too. Some people have medical reactions to common molds. Some molds are toxic to humans. SCR forms reference mold as a way to manage risk.… Continue Reading Mold
Murder/Suicide: PA Supreme Court Says Not a Material Defect SC law labels pure psychologically affected stigma to a real property as something that is not legally required to be disclosed. (SC Code 27-50-270 and 40-57-180) http://www.scstatehouse.gov/code/t27c050.php http://www.scstatehouse.gov/code/t40c057.php However to avoid upset buyers and lawsuits as occurred in PA, sellers should consider disclosing psychological stigma. While… Continue Reading Psychologically Stigmatized Property
Due Process in Ethics and Arbitration Hearings Remember in high school civics class when fundamental rights in trials were discussed? Those same ideas apply to REALTOR ethics hearings and arbitration (commission dispute) hearings. Right to know the charges against you. Right to face your accuser and question them. Right to legal counsel. Right to time… Continue Reading Due Process and Professional Standards
Good and Bad Demographic Information from Fair Housing Point of View Recent reports are that providing racial demographic maps to buyer clients can lead to the REALTOR® being accused of racial steering and fair housing violations. While NAR Code of Ethics allow REALTORS® to provide good demographic information, REALTORS® may not provide race, religion or… Continue Reading Fair Housing Demographic Data
REALTOR Ethics and Arbitration (commission dispute) Hearings in a Nutshell The Chair of the Hearing Panel of REALTORS makes opening remarks. Both sides make opening statements. Complainant produces evidence (testimony, witnesses, documents, video) to prove their case by "clear, strong, convincing" (ethics case standard) or "preponderance" (arbitration money standard). Other side tries to poke holes… Continue Reading Summary of Ethics and Arbitration Hearings
NAR Ten Minute Legal Update Video Misrepresentation lawsuits are #1 risk management issue. https://www.youtube.com/watch?v=zwzsIr12f2A Posted by : Byron King
NAR Professional Standards Videos http://www.realtor.org//code-of-ethics/code-of-ethics-pathways-to-professionalism-video-series Posted by : Byron King