Virginia Real Estate Continuing Education Courses
VIRGINIA School License: 0211000399License Renewal Requirements
4.0 hours Disclosure Is Not A Secret Course Syllabus
4.0 Elective Hours
It is imperative that the client understand what duties the agent will perform and what duties they will not perform. Too often a client's expectations do not match those of the licensee. Remember that fiduciary duties obligate an agent to act with good faith, loyalty, and honesty, and in a manner consistent with the best interests of the client.
The client's best interests are of course their expectations. When the client feels that their expectations have not been met, they take their complaints to a trier-of-fact. The agent may then find themselves defending their actions or inactions in court when they could have set expectations at the beginning of the relationship.
Non-disclosure causes more liability for the licensee than any other factor. Many lawsuits are brought by buyers against brokers and sellers alleging that they failed to disclose pertinent facts. Lawsuits drain resources from the business of selling real estate and thus can be problematic for a brokerage firm.
This course summarizes the top legal issues real estate licensees face when dealing with disclosure. With a better understanding of disclosure requirements, the real estate licensee will have better avoidance of failure to disclose claims.