4.0 hours Risk Awareness Course Syllabus
4.0 Elective Hours.
To better manage risk, the real estate professional should stay within their own expertise. Real estate professionals who have a good relationship with a client may find themselves in situations where they don't know what they are doing. Real estate professionals must stay within their expertise. If a broker's background is in rural and residential properties, it would not be wise for him to sell a big building in the downtown area. That would be one of the worst things she could do, and yet there are real estate professionals around who do it.
Expertise can mean residential properties versus urban properties, but it can also be geographic. An agent working in a particular area will know if that area has an arsenic problem with the wells, for example, or whether it rains a lot or there is a river that floods periodically. But if you go to a different region, you'll have different problems.
Real estate professionals who go beyond their expertise are more likely to make mistakes. An easy way to get beyond that is if you have a client and they want you working for them in a significantly different area, find someone to partner-up with, co-op with them, and learn something.