PA 3.0 hours Avoiding Common Mistakes - Course Syllabus


Course Syllabus:

3.0 Elective Hours

All licensees should consider the possible threat of litigation in every aspect of a transaction. This course offers tips to avoid the most frequently made mistakes in the real estate profession. One of the best ways to protect yourself and your brokerage is to keep clear, accurate documentation throughout any transaction.

Take notes on correspondence with anyone involved in the transaction (buyers, sellers, co-op licensees, lenders, structural inspectors, escrow, title companies etc.). These conversations may be in person, instant messaging, text messaging, e-mail, or telephone calls. Take care to initial and date all entries. Always present all disclosures and agreements in writing. All emails pertaining to the transaction should be printed and placed in the file.

Save hard copies of all documents pertaining to the transaction. Double check to see that each document has the required signatures or initials. Photos can also be solid documentation, especially when the issue involves construction and structural components.

Include every component of documentation in the transaction or listing file. Hardcopy documentation is always stronger in a court case than recalling events from memory. Oral testimony in court is referred to as parol evidence.

The importance of having clear documentation regarding any transaction in real estate cannot be over stated. This is one of the best preventative measures you can practice. This documentation could be extremely valuable should a lawsuit arise or in the event of a real estate audit at the state or federal level.