KY 3.0 hours Avoiding Common Mistakes Course Syllabus
3.0 Kentucky Law
One of the most common mistakes real estate professional face involves the seller’s disclosure statements.
Since this disclosure statement is provided in most transactions, it is very important that you, as a licensee know the laws and regulations involving these disclosures. This reduces the risk for you, as a real estate professional, and the risk for your client. Seller's disclosures, or the lack there of, are often times the subject in court cases when buyers seek restitution for undisclosed defects. According to some Errors and Omissions insurance companies, 65%-70% of all real estate litigation arises from lawsuits which involve misrepresentation or the lack of disclosures.
In most states, the seller and only the seller must fill out the seller's disclosure statement. It's common for a real estate licensee to want to assist the seller in filling out this form, but caution should be taken not to put your pen to this form.
This course talks about seller's property disclosure statements and their implications. Typical compliance and exemptions were discussed in detail as well. Case studies and examples of mistakes that are commonly made in many areas are also included.