Legal Blog

 
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Legal Blog

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.

  • 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.