Identify situations that cause conflicts with regard to agency representation for real estate professionals and describe methods for addressing representational conflicts.
Agency representation is part of your career. However, if not handled properly, it can be a slippery slope into legal trouble. Therefore, to stay on firm ground, you must understand situations that will lead to real estate agency representation conflicts.
Disclosure of agency representation relationships became commonplace after a Federal Trade Commission (FTC) document was released in the early 80s. Since then, real estate professionals make an active practice of disclosing their agency relationships to the client versus customer.
However, despite this practice being commonplace, it can still cause a numerous amount of legal problems as a result of improper handling. Therefore, you must be able to recognize and identify real estate agency representation conflicts. This ability will allow you to safeguard your career from any accidental violations and possible legal trouble.
RealEstateCE.com offers a lesson on real estate agency representation conflicts.
This lesson begins with a discussion of the "golden rule" in agency representation. This golden rule will help you determine whether or not you should make specific information know to your clients. Your clients rely on you for crucial information that can make a huge difference in any real estate transaction. Therefore, this golden rule will help you adequately respond to your clients' reliance and their needs.
The lesson then transitions into a discussion on customer disclosure. More specifically, you must properly disclose to both parties who you represent in the transaction. However, there is a different way to disclose this information to clients than to customers. This real estate continuing education lesson will explain the proper disclosure procedures for both parties.
Disclosure requirements are not standardized throughout every real estate agency. In fact, they are not even standardized from jurisdiction to jurisdiction.
Therefore, it is the responsibility of the managing broker of your firm to communicate these disclosure requirements to the rest of the firm. However, the managing broker must determine whether or not the firm should only meet those requirements or exceed them.
More specifically, the disclosure requirements are the minimum. Real estate professionals must decide whether or not they want to exceed those requirements or go above and beyond. This real estate continuing education lesson will give the tools you need to make the best decision for your firm and your career.
Furthermore, this continuing education lesson has a couple of questions that managing brokers and their salespersons can ask themselves while making this decision. These questions will lead you down the path that is right for your brokerage.
This lesson continues on to discuss non-agency relationships. More specifically, non-agency relationships and transactions.
This topic is another which has rules that change from jurisdiction to jurisdiction. Unfortunately, that just makes it a little more confusing and a little easier to make a mistake with. Therefore, this type of transaction, if not handled properly, can get you into a lot of legal trouble.
Our real estate continuing education lesson discusses in detail the different ways that different jurisdictions handle non-agency relationship transactions. This analysis will give you the knowledge you need to properly participate in these non-agency transactions according to your jurisdiction.
Finally, this real estate continuing education lesson includes several reviews of different court cases involving real estate agency representation conflicts.
The analyses of these court cases will allow you to apply the information you learn in the lesson to real-world scenarios. Furthermore, it will give you a deeper understanding of the information. RealEstateCE.com ensures that you get the most out of your education.
Real estate agency representation conflicts are one of the many risks involved in your career. RealEstateCE.com can help you learn to manage this risk.
Take RealEstateCE.com's lesson, Identify situations that cause conflicts with regard to agency representation for real estate professionals and describe methods for addressing representational conflicts, today!