NV 3.0 hours Risk Awareness - Course Syllabus
3.0 Elective Hours
Roughly 80% of the problems real estate professionals run into could be eliminated if they had followed good risk management practices. Lawsuits often arise not because real estate professionals are bad, but because people were not paying attention. In real estate practice, there is the license law and then there is litigation, and in some respects, they are very different.
Generally, when an agent is in a court situation, he may be in arbitration. With arbitration, the people hearing the arbitration may be a panel of attorneys, an individual, or a retired judge. In court, an agent will have to work hard to get out of trouble. It is a lot easier for the complainant than for the defense.
What is a profession? Many people think of real estate as a profession. Aspects of a profession include extensive study, training, mastery of specialized knowledge, a professional association, an ethical code, and a process of certification or licensing.
The real estate industry requires education and training and has professional associations such as the National Association of REALTORS®, and every state requires some sort of licensing. But the real estate industry is not a profession, although agents are professionals. The difference is the lack of extensive education. Other professions, such as law, engineering, and medicine, require practitioners to have at least a college degree, and most of them have post-graduate work. Real estate, on the other hand, requires little education prior to entering the business.
This course outlines and discusses risks specific to the business of real estate. It is a must have for the real estate professional.