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.

Check back often to keep up with latest information.
  • 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.