When the discovery of a latent
defect in a newly purchased home triggers
a severe case of buyer’s remorse,
the real estate brokers involved in the
transaction often find themselves in the
crosshairs. The erroneous expectation
is that these licensed professionals hired for the purpose of bringing two
parties together in a meeting of the
minds are the guarantors of a problem-free
transaction. In reality, a real
estate broker’s liability is limited to the
duties owed to the complaining party.
Some of these duties are derived from
general common law negligence and
agency principles, while others are
specific to real estate brokers by way
of statutes, regulations and administrative
decisions. Because consumers
tend to purchase or rent a home only a
handful of times in their life, their
familiarity with the rules governing
these agency relationships
is often lacking.
So, when
is it really your real estate
broker’s fault?
Read the full article by Dennis Valet, Esq. in published in The Suffolk Lawyer Here.
Monday, February 13, 2017
Monday, February 06, 2017
Lieb School Facts: Exclusive Right To Sell Agreement
To learn more, Lieb School offers online continuing education classes that are comprised of video's from a live classroom setting that was instructed by premiere lecturer Andrew Lieb, Esq. Content is thereafter broken down in order to simplify the learning experience so that students can absorb our field's complex materials without being overwhelmed.
Thursday, February 02, 2017
Retired Attorneys can engage in real estate brokerage without a brokerage license
On May 5, 2016, the Department of State was asked:
"[W]hether a 'retired' attorney is exempt from the licensing requirements imposed by the NY RPL."
The DOS opined that "licensure as a real estate broker or salesperson is not required if practicing as a 'retired' attorney because there is oversight by the Appellate Division for breaches of trust and confidence."
The takeaway is that attorneys, even retired attorneys, need not be licensed by the DOS to broker transactions for compensation.
"[W]hether a 'retired' attorney is exempt from the licensing requirements imposed by the NY RPL."
The DOS opined that "licensure as a real estate broker or salesperson is not required if practicing as a 'retired' attorney because there is oversight by the Appellate Division for breaches of trust and confidence."
The takeaway is that attorneys, even retired attorneys, need not be licensed by the DOS to broker transactions for compensation.
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