Discuss the reason why an FTC report published in 1983 led to many changes in real estate agency representation and disclosure requirements for real estate professionals.
Real estate agency representation is an important part of your professional integrity. Understanding its importance will give your career a deeper meaning.
Imagine you want to sell your home and buy a new one. You list your property with a local firm. However, the real estate agent representing your home may not have your confidential interests at heart. This is how the real estate industry worked before an important Federal Trade Commission (FTC) put an emphasis on real estate agency representation.
A document released by the FTC in the early 1980's changed the real estate industry. Before this document, the phrase "Buyer beware" was used all too often. It was never clear which real estate agent was representing which party in a transaction. Therefore, the buyer and sellers were never quite sure if their confidential interests were, in fact, remaining confidential.
Thus, everything in the real estate industry needed to change in order to provide a more secure environment. That is why in today's industry, real estate agency representation is a legal obligation. Understanding how this FTC document shaped real estate agency representation will give your career a deeper meaning.
That is why RealEstateCE.com offers a lesson on real estate agency representation.
This continuing education lesson begins with an analysis of the history of the FTC document. Before the FTC released this document, the real estate industry was broken. When you understand how it was broken, you will understand what needed to be done in order to fix it.
Specifically, the analysis includes several direct quotes from the original document. You will see first hand, exactly what was so wrong with the real estate industry. These quotes will help you understand what caused all of the concern. Understanding and recognizing the source of the problem is the first step towards fixing it.
Our real estate continuing education lesson will give you a detailed analysis of the FTC document. Then, the next step is to review exactly how that document shaped real estate agency representation.
The representation that you are familiar with today is a result of this FTC document. It put a giant emphasis on real estate agency representation. It became such a huge deal that it is now unlawful not to disclose your representation duties. Not only is defining your real estate representation relationship with your clients is a legal duty, it is also an integral part of your professional integrity.
However, while this may seem like a straightforward concept, it is actually far from it. Jurisdiction is another crucial element to this representation matter. This extra element actually makes this a difficult concept to grasp. However, worry not because our real estate continuing education lesson has a straightforward discussion concerning the topic of jurisdiction.
Our continuing education lesson will help you simplify the complicated matter of jurisdiction in real estate agency representation.
Once you complete this lesson, you will understand the role that jurisdiction plays in representation. More specifically, you will understand how this jurisdiction affects you.
You have a legal responsibility to your clients. Part of this responsibility is the real estate agency representation. As a real estate professional, you must understand this concept well enough to communicate it to your clients.
That is why our continuing education lesson concludes with a case study. This case study will allow you to apply the information you learn in this lesson to a real world scenario.
An FTC document from the 1980's shaped the way that the real estate industry operates. Specifically, it changed the real estate agency representation relationship between client and broker. This lesson will help give your career and your duties a deeper meaning.
Take RealEstateCE.com's lesson, Discuss the reason why an FTC report published in 1983 led to many changes in real estate agency representation and disclosure requirements for real estate professionals, today!