Bronchick’s past posts said… - Posted by John Merchant
Posted by John Merchant on September 22, 2003 at 05:08:36:
First, whenever we’re talking about STATE RE Codes, Regs., etc., there’s a separate one in each of 50 states… there’s no such thing as ONE* for all USA.
Secondly,if you’re going to be MLS member, ask your Broker, or check your MLS Rules in your state. MLS Rules are normally a good bit tougher than state RE Regs. Every MLS member is or should be as concerned about its rules just as much as state regs.
While this could be a rule that most or all states have enacted, I suspect it’s not and each state (even local?)MLS Ass’n may have its own.
If you won’t be an MLS member, just call and discuss this with one of the folks at your RE Agency. They’re human and answer questions like this all the time, and they’d far rather discuss it with you now than when some aggrieved member of public files a complaint against you & your broker.
Third, even if your state RE agency people say no such requirement there, your RE Broker may require it of his/her agents.
A RE Broker might be held legally responsible for nearly anything his/her agents might do, buying or selling RE, and there’s enough potential liability even if all agents follow the rules completely.
One of the keys to lawsuit prevention is to disclose everything possible. This is an area where one just can’t do overkill. See Joe Kaiser article on “Greatest Doc”** for a great disclosure form.
Fourth, and as other replies have rightly said, even if your ad has to say “agent/owner”, that’s hardly the scariest term I ever heard.
If you’re dealing with a truly motivated seller, he/she is not going to slam the phone down on a possible savior calling with a solution!
Remember, as a buyer, that should be what you’re trying to SELL(!), a solution to seller’s problem.
I’ve bought a good bit of RE from motivated agents & found them to be easier to deal with than Mr.John Q Public. RE Agents can get themselvees into just as much trouble with their own RE as anybody else, and there is no such critter as the RE Agent who knows it all. I’ve found RE Agents to be more realistic in knowing when they’re in trouble and more willing to “bail” at the right price.
*There definitely is a “band-wagon” and state RE Agencies watch with interest to see what other states are doing and when they see something they like they try to work it into their own rules asap.
**In Articles on this site.