Virginia Real Estate Continuing Education Courses - VIRGINIA School License: 0211000399
VA 4.0 hours Risk Awareness - Course Syllabus
4.0 Elective Hours
If an agent is in a situation in which she knows or suspects that something is wrong, she should heed those concerns. Your instincts are telling you something and you don't want to ignore them. The best mantra is when in doubt, disclose. This holds true with stigmatized properties.
A stigmatized property is property regarded as undesirable because of events that occurred there. Some conditions that typically stigmatize a property are a previous murder, gang-related activity, proximity to a nuclear plant, and even the alleged presence of ghosts. State law sometimes addresses the circumstances under which an agent must disclose certain stigmas attached to a property, but every state is a little different on stigmatized property. Real estate professionals need to be familiar with their state's requirements regarding stigmatized properties.
When in doubt, disclose is one of the strongest risk management tools for avoiding situations involving possible misrepresentation. Real estate professionals should also carefully review all documents generated during the transaction looking for problems. Are the documents of the agreement understandable? Agents often encounter transactions with documents that do not make it clear what the parties were trying to accomplish.
This course helps the real estate licensee learn to recognize and properly manage risk. There is a big difference between risk management and risk avoidance.