Legal Blog

 
2015-03-04-legislative-trip-realtors-meet-with-image-house-chamber
The Legal Blog brought to you by NVAR's Professional Standards department helps you stay on top of the latest rules and regulations in the industry.

Check back often to keep up with latest information.
  • Aug 12, 2016

    Security Deposit Interest

    As with all landlord tenant questions, you must first ascertain whether your lease is subject to common law or whether it is subject to the Virginia Residential Landlord Tenant Act (VRLTA).
  • Aug 12, 2016

    Does a limited service agent have an agency relationship with the client?

    The agency relationship is limited in scope to the services the client has selected. However, a limited service agent still owes all the same duties to the client as a regular agent.
  • Aug 9, 2016

    Suicide - Is It a Required Disclosable?

    The buyer's agent has notified her that the buyers learned from the neighbors that the seller's son committed suicide in the property a few years before. The listing agent wants to know if she was obligated to disclose this information and if she is going to get into any trouble because she did not know about the suicide?
  • Aug 9, 2016

    A Case of Ethics - Risk Management

    Article 3 requires a REALTOR® to cooperate with other brokers "whenever it is in the interest of the client."
  • Aug 9, 2016

    What can we do if an association or management company isn’t following the law?

    The CIC Board was established to regulate management companies and their supervisory and managerial employees.
  • Aug 9, 2016

    Limited Service Limbo - What Rules Apply?

    I represent a buyer who wishes to make an offer on a property listed by a limited service broker. The seller is reviewing our offer and asking me many questions. May I answer his questions?
  • Aug 9, 2016

    What is a limited service agent?

    A limited service agent is an agent who performs limited services selected by the client.
  • Aug 5, 2016

    Discussion of Article 4

    Realtor®, Mr. Lister, listed his client, Mr. Seller's home and subsequently advised him to accept an offer from Mr. Buyer at less than the listed price. Mr. Seller later filed a complaint with the association against Mr. Lister stating that Mr. Lister had not disclosed that Mr. Buyer was Mr. Lister's father-in-law...
  • Aug 5, 2016

    What Happens to Listings When You Change Company?

    I am changing companies, and I currently have properties listed. What happens to those listings?
  • Aug 5, 2016

    Top 10 Claims Against Realtors® Part 1 of 2

    In most states, "Caveat emptor" no longer applies to real estate transactions. Instead, it is the licensee who bears responsibility for making disclosure of all material facts of which he or she has knowledge.
  • Aug 5, 2016

    What is a non-agent?

    A non-agent is a person who does not represent the customer as an agent of that client. Rather that person is simply performing ministerial acts on behalf of the customer.
  • Aug 5, 2016

    Release of Earnest Money Deposit

    The first condition is mutual agreement of buyer and seller on the release of the money.
  • Aug 1, 2016

    Realtor Code of Ethics Substantive and Procedural Changes

    A new Standard of Practice 3-10 explains that the duty to cooperate includes a duty to share information about a listed property and to make a property available to other brokers for showing to prospective purchasers.
  • Aug 1, 2016

    Mortgage Fraud, Agent Protocols

    A listing languishes on the market. The original list price is $400,000, but it is gradually reduced to $350,000. A buyer makes an offer for $400,000 with a $40,000 down payment. However, the offer has a condition based on the acceptance of an addendum that requires the seller to give the purchaser $40,000 in cash after closing. This little detail is "withheld" from the lender. Is this legitimate?
  • Jul 29, 2016

    Do Rental Transactions Mirror The Practices in Sales?

    If the differences between prospects are insignificant then following the practice of first come, first served makes more sense.
  • Jul 26, 2016

    The Dos and Donts on Real Estate Assistants

    The Real Estate Board issued a few do's and don'ts for real estate assistants who are not licensed, but indicated that brokers should consult the Board's regulations and legal counsel when in doubt.