Division Of Real Estate Newsletter – Fourth Quarter 2018
October 1, 2018
Educate Yourself – Jonathan C. Stewart(Ethics) – Pages 1 & 2 give some basic advice based on common questions received by the Division. It also provides links to a series of rules that it suggests should be reviewed frequently.
61-2f-401 Grounds for Disciplinary Action; R162-2f-401a Affirmative Duties Required of All Licensed Individuals; R162-2f-401b Prohibited Conduct as Applicable to All Licensed Individuals; R162-2f-401c Additional Provisions to Brokers (If you are a Broker); R162-2f-401j Standards for Property Management (If involved in PM); R162-2f-401l Gifts and Inducements; R162-2f-403a Trust Accounts – General Provisions (If you are a Principal Broker); R162-2f-403b Real Estate Trust Accounts (If you are a Principal Broker involved in sales); R162-2f-403c Property Management Trust Accounts (If you are a Principal Broker in PM).
The Wholesaling Debacle By Chris Martindale, Real Estate Investigator (Ethics/Agreements – Licensees): On pages 6 & 7, this article talks about common trends in real estate wholesaling and some legal risks that come along with an unlicensed individual putting in offers on properties with the intention of selling their interest in the contract. This action could be interpreted as acting as a real estate agent (which would require a license) because you are bringing a buyer and seller together with the intention of receiving compensation.
Kagie’s Korner – We Want to buy your house mailers(Advertising) – On page 20, this article talks about how real estate licensees are required to disclose that they are a professional, and the brokerage they work under, when sending out any kind of mailer or marketing material because that is considered the “initial contact” with the property owner, even if the licensees are acting on their own behalf. It quotes two rules: R162-2f-401a. Affirmative Duties Required of All Licensed Individuals and R162-2f-401h. Requirements and Restrictions in Advertising.