4.0 hours Risk Awareness – Course Syllabus

Pennsylvania real estate license renewal course video image

Course Syllabus:

4.0 Elective Hours

In the concept of misrepresentations, there are two considerations: the courts and license law. They are different, so you need to be aware of them. In the courts, there are four elements that must be satisfied for misrepresentation to be proven. For there to be any liability, the misrepresentation must have been made, involve a material fact, have reliance; and have damages or injury.

License law generally relies on statutes or codes and therefore, one merely needs to violate the statute. There may be elements of proof that are likely to be different than in a civil case. Most license laws tend to be different from civil laws in this arena.

In the case of "innocent misrepresentation," the person who made the misrepresentation reasonably believed the false statement was true. What happens there? There is a remedy for an innocent misrepresentation: rescind the contract and put everyone back in a position as if the contract had never taken place. Real estate professionals should be careful with this type of misrepresentation as well because, even though an agent may not have problems in terms of license law, she may still end up in court attempting to prove that what she did was innocent because she acted reasonably. It will still cost time and attorney's fees.

This course covers areas of misrepresentation and other aspects of risk management. Examples and case studies are presented to aid in greater understanding.

Back to Course Catalog