MI 3.0 hours Disclosure Is Not A Secret (law) - Course Syllabus
3.0 Law Hours
When entering into listing contracts, brokers must advise sellers/landlords of the firm’s policies regarding cooperation and the amount of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities. The fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants must be disclosed as well as the potential for listing brokers to act as disclosed dual agents, e.g. buyer/tenant agents. These disclosures must be made before the seller decides to become a licensee's client. The licensee must disclose to the seller who will be compensated.
Our disclosures must also be free from misrepresentation. In court, if a licensee is found guilty of misrepresentation, it is called fraud. Fraud is a very serious offense. There are 3 rules to follow: Do NOT conceal, Do NOT exaggerate, and Do NOT misrepresent. This is a tall order but, as a real estate licensee, that is the standard of care that you are held to.
This course discusses the numerous disclosures which may be necessary for a licensee to make. Examples and case studies of the disclosures are provided for greater understanding.