New York Real Estate Continuing Education - NEW YORK Approved School: RealEstateCE.com
3.0 hours Risk Awareness Course Syllabus
3.0 Elective Hours.
For proper risk management, it is a good idea to have something that tells clients and customers exactly what you do and don't do. Discuss it with them before entering into an agency agreement. Of course, then you have to do what you said you do. An agent who does those things and understands agency relationships will find that their risk has become a lot more manageable. In the eyes of clients or customers, you are going to be a very professional person. They are less likely to argue with fees or complain and they're more likely to refer you to other people.
Misrepresentation is the biggest problem errors and omissions insurance providers deal with. Allegations of misrepresentation occur in about 70% of the cases in which real estate professionals are sued. It is a big problem. A misrepresentation is a false statement or omission of fact by one person to another.
Good risk management is recognizing where your expertise ends and someone else's begins. When an agent has given risk management that much thought and invested that much time and energy, she is less likely to make mistakes. Upon completion of this course, you will be able to describe acts that could be considered misrepresentation and explain the elements of fraudulent, negligent and innocent misrepresentation.