This document discusses various aspects of real estate agency relationships and duties. It covers topics like dual agency, limited representation, disclosure requirements, and termination of agency. It also warns of potential issues with dual agency like conflicts of interest that could lead to legal claims from clients. Overall, the document provides an overview of important legal and ethical considerations regarding agency in real estate transactions.
Learn all about the new TREC contract forms required Jan 2016. Power point can be used alone or with text book for 30 hour TREC approved pre-licensing class. www.createspace.com/5249273.
Learn all about the new TREC contract forms required Jan 2016. Power point can be used alone or with text book for 30 hour TREC approved pre-licensing class. www.createspace.com/5249273.
Connecticut Automotive Retailers Webinar November 8th, 2016
In late September, the Federal Trade Commission announced what is likely the most substantial auto dealer enforcement action in the agency’s history. While most of the FTC’s earlier cases have focused solely on dealer advertising, this action alleges over a dozen different types of violations. And unlike previous cases where there were no initial monetary penalties, this time it looks like they’re seeking massive financial consequences for the dealers involved.
In this informative presentation we’ll examine each of the FTC’s latest claims in detail and discuss best practices on how your dealership can avoid being targeted by federal and state regulators. The game is changing and it pays to be prepared.
Vendome Real Estate Media is proud to present the top five stories from 2016 from the Commercial Tenant's Lease Insider.
Stories include:
- Make Sublet Deal Work for You
- Get Nine Protections When Leasing Property for Your Cannabis Business
- And more!
Leading up to a contract, parties make representations to each other aimed at convincing the other party to enter the contract. Those representations that end up as part of the contract become the terms of the contract. However, representations that turn out to be unfounded or misleading may fall within the confines of misrepresentation. Though, not all representations that turn out to be unfounded or false will amount to misrepresentation, the courts have over the years developed a scheme of identifying what amounts to misrepresentation and what does not. In this presentation, I discuss the meaning of representation, terms, misrepresentation, and types of misrepresentation. I conclude by making a summary of the remedies available to the aggrieved party.
Claims by acquirers sellers and unsuccessful biddersPolsinelli PC
The third webinar presentation in the M&A Litigation Series examines M&A-related disputes that arise between and among contracting parties and unsuccessful bidders. These disputes are discussed with reference to remedy provisions and representations and warranties contained in merger agreements, as well as with respect to merger-related letters of intent and memoranda of understanding. Contract remedies as well as equitable remedies (such as specific enforcement) are addressed.
This webinar will discuss:
Contract Indemnity
Breaches of Representations and Warranties
Specific Performance
Liabilities Under Letters of Intent and Memorandums of Understanding
ON OUR PANEL:
Matthew Knoop | Shareholder
Mary Bannister | Shareholder
Robert Spake | Associate
Valuing Real Estate Assets (Series: Fairness Issues in Real Estate-Based Bank...Financial Poise
As the expression goes, the value of real estate is in the eye of the beholder. Ultimately, the value is whatever the market is willing to pay. While income producing properties, particularly with creditworthy tenants, may be fairly routine to value based on the current rate of return demands in the market, non-income producing properties may be more speculative.
For example, even the most seasoned appraiser may struggle with finding comparative sales for a property. A landowner might see their property value go up exponentially “if only” the city council will allow for a zoning variance. Many an owner believes that their property is in the “path of progress,” but when? Is it reasonable to value a property “as stabilized” if it is only forty percent leased? These are the types of questions we will consider.
To view the accompanying webinar, go to: financialpoise.com/financial-poise-webinars/valuing-real-estate-assets-2021/
Many, if not most, Chapter 11 cases result in one or more sale of estate assets outside of the ordinary course. And each such sale requires the debtor to obtain court approval before consummating such a sale. Many chapter 11 debtors, in fact, wind up selling substantially all of their assets as a going concern to a third party after obtaining court approval to do through the court’s approval of a 363 motion. This webinar explains what a 363 motion needs to include, the procedural requirements a debtor must satisfy to persuade a court to approve it, and the arguments that objecting parties may make in opposition. Importantly, this webinar puts a 363 motion into proper context relative to a Chapter 11 bankruptcy case as a whole.
Part of the webinar series: CHAPTER 11 POTPOURRI 2021
See more at https://www.financialpoise.com/webinars/
Vitiating Elements in Formation of Contract: MisrepresentationPreeti Sikder
Students will be:
a) aware about the elements of misrepresentation
b) able to differentiate misrepresentation from fraud
c) informed about the difference between representation and promise
This presentation discusses aspects of foreclosures, including what to do if your home is currently in foreclosure. It also discusses how to find and purchase foreclosures.
Connecticut Automotive Retailers Webinar November 8th, 2016
In late September, the Federal Trade Commission announced what is likely the most substantial auto dealer enforcement action in the agency’s history. While most of the FTC’s earlier cases have focused solely on dealer advertising, this action alleges over a dozen different types of violations. And unlike previous cases where there were no initial monetary penalties, this time it looks like they’re seeking massive financial consequences for the dealers involved.
In this informative presentation we’ll examine each of the FTC’s latest claims in detail and discuss best practices on how your dealership can avoid being targeted by federal and state regulators. The game is changing and it pays to be prepared.
Vendome Real Estate Media is proud to present the top five stories from 2016 from the Commercial Tenant's Lease Insider.
Stories include:
- Make Sublet Deal Work for You
- Get Nine Protections When Leasing Property for Your Cannabis Business
- And more!
Leading up to a contract, parties make representations to each other aimed at convincing the other party to enter the contract. Those representations that end up as part of the contract become the terms of the contract. However, representations that turn out to be unfounded or misleading may fall within the confines of misrepresentation. Though, not all representations that turn out to be unfounded or false will amount to misrepresentation, the courts have over the years developed a scheme of identifying what amounts to misrepresentation and what does not. In this presentation, I discuss the meaning of representation, terms, misrepresentation, and types of misrepresentation. I conclude by making a summary of the remedies available to the aggrieved party.
Claims by acquirers sellers and unsuccessful biddersPolsinelli PC
The third webinar presentation in the M&A Litigation Series examines M&A-related disputes that arise between and among contracting parties and unsuccessful bidders. These disputes are discussed with reference to remedy provisions and representations and warranties contained in merger agreements, as well as with respect to merger-related letters of intent and memoranda of understanding. Contract remedies as well as equitable remedies (such as specific enforcement) are addressed.
This webinar will discuss:
Contract Indemnity
Breaches of Representations and Warranties
Specific Performance
Liabilities Under Letters of Intent and Memorandums of Understanding
ON OUR PANEL:
Matthew Knoop | Shareholder
Mary Bannister | Shareholder
Robert Spake | Associate
Valuing Real Estate Assets (Series: Fairness Issues in Real Estate-Based Bank...Financial Poise
As the expression goes, the value of real estate is in the eye of the beholder. Ultimately, the value is whatever the market is willing to pay. While income producing properties, particularly with creditworthy tenants, may be fairly routine to value based on the current rate of return demands in the market, non-income producing properties may be more speculative.
For example, even the most seasoned appraiser may struggle with finding comparative sales for a property. A landowner might see their property value go up exponentially “if only” the city council will allow for a zoning variance. Many an owner believes that their property is in the “path of progress,” but when? Is it reasonable to value a property “as stabilized” if it is only forty percent leased? These are the types of questions we will consider.
To view the accompanying webinar, go to: financialpoise.com/financial-poise-webinars/valuing-real-estate-assets-2021/
Many, if not most, Chapter 11 cases result in one or more sale of estate assets outside of the ordinary course. And each such sale requires the debtor to obtain court approval before consummating such a sale. Many chapter 11 debtors, in fact, wind up selling substantially all of their assets as a going concern to a third party after obtaining court approval to do through the court’s approval of a 363 motion. This webinar explains what a 363 motion needs to include, the procedural requirements a debtor must satisfy to persuade a court to approve it, and the arguments that objecting parties may make in opposition. Importantly, this webinar puts a 363 motion into proper context relative to a Chapter 11 bankruptcy case as a whole.
Part of the webinar series: CHAPTER 11 POTPOURRI 2021
See more at https://www.financialpoise.com/webinars/
Vitiating Elements in Formation of Contract: MisrepresentationPreeti Sikder
Students will be:
a) aware about the elements of misrepresentation
b) able to differentiate misrepresentation from fraud
c) informed about the difference between representation and promise
This presentation discusses aspects of foreclosures, including what to do if your home is currently in foreclosure. It also discusses how to find and purchase foreclosures.
Virginia Real Estate Agency Presentation 2013Matthew Rathbun
Agency is the backbone of the real estate industry. These relationships set the tone and out- line of how consumers will be work with their agent and what the agent’s responsibilities are. This course is constructed to reinforce the Virginia regulations pertaining to Agency and practical application of Procuring Cause. We’ll also explore agency disclosure options and tools to ensure compliance with regulations. Case Studies and student engagement makes this class interactive. For more information visit www.TheAgentTrainer.com
Dan starr realtor - the economic functions of real estate brokerageDanStarrRealtor
Real estate enables the economy as it does only comunicate about houses, but it speaks about almost everything that you see. It gives the space for businesses to achieve and it gives off a reputation that a country is doing well. It also paves way to more job event especially those who are in the construction industry.
Agents have a fiduciary relationship with their principals. Duties: disclosure (open and honest); confidentiality; accounting (keep the principals informed); obedience to legal and ethical limits; loyalty; skill and care
Real estate professionals must understand and be able to explain representation to their customers and clients. It is essential everyone in a transaction understands who the agent is working for. This course explains the Laws concerning Agency in detail.
On June 12, 2012, VAR hosted a live webinar to walk members through the 2012 changes to VA real estate agency law. This is the presentation we used. For the full story on the 2012 changes, check out http://www.VARealtor.com/Agency to access articles, videos, and more.
Find valuable information from the VP of Appraisals at Cherry Creek Mortgage, Scott Hamling on how Fannie Mae's Collateral Underwriter is changing the face of the mortgage industry, yet again.
Feel free to contact me with any questions or to find out the next time Scott will be presenting on this critical topic.
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5 Things To Make Your LIsting Stand Out OnlineMatthew Rathbun
Great, you got the listing! Now…how are we going to stand out amongst all the other competing homes for sale? In a world of noise, with countless homes for sale and listing sites begging for the home buyers attention, how are you going to get your listing information in front of buyers in a meaningful way? This skills enhancement course covers 5 easy and free ways to make sure your listing is getting found on listing aggregators and even in Google searches. It's time to take your marketing and successful level up a few notches and make the most of the listing opportunity!
Rockstar Presenting, Virtual Classrooms and Real Estate Instructors Matthew Rathbun
The Real Estate Industry is filled with the voices of instructors who can carry a tune, but very few who have the ability to build a following, be sought after and to consistently deliver what their audiences are looking for. Now with the clear necessity of virtual classrooms, the instructors have a new set of skills they need to hone in order to deliver a kickass presentation. The Rockstar Presenting session is designed to give you the skills and tools that highly successful speakers are using to prepare an unprepared industry for the changes that are coming, the demands the learners have today, and the ability to evolve with the world. For more information visit www.MatthewRathbun.com
Now more than ever consumers are looking for a way to get into a home, without stepping inside. In the midst of a pandemic, Home owners and landlords are trying to get buyers and tenants into homes, while those occupying the property are trying to do all they can to limit the exposure of themselves and others into a home. The use of video and virtual tours is a critical marketing tool in maximizing exposure to the property. This session explores the various resources, tools and tactics for gathering engaging media and 3D tours both with premium and free tools.
Every broker knows that connection with those in his or her office is essential to team building, engagement, culture and increasing opportunities. However, the old office meeting, where agents sit around and moan about their non-sellable listings have left many of your agents' resistance to attending. The ubiquity of information has made it hard for many managers to find relevance in the agent’s life. Matthew Rathbun shares how his focus on telling the agent’s story and that of the firms has increased attendance. The tools to tell these stories are all around you and can help you craft an experience and not just another meeting.
Ninety-nine percent of consumers conduct online searches related to buying and selling real estate. They are seeking valuable tools and information to help with those processes. Information breeds loyalty. Agents can take advantage of free resources to step up their marketing game and increase their business by offering information, tools and resources that will encourage the consumer to engage the agent. This session focuses on easy means to create content and inbound marketing campaign.
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10601 Whispering Way, Fredericksburg VA | Home For SaleMatthew Rathbun
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Matthew Rathbun presents a SmartHome 101 session for Realtors and a tips on how to best serve both the buyers and sellers that are in a transaction with smarthome technology in play
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
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• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
1. The Power of A Relationship
Matthew Rathbun
ABR, ABRM, AHWD, ASR, CSP, e-PRO, GREEN, GRI, SFR, SRS, SRES
EarthCraft and Eco-Broker Certified
TheAgentTrainer.com
2.
3. Clients Likelyhood To Be A Repeat Client
Don’t Know - 1%
Definitely Not -7%
Probably Not - 9% 1%
Probably - 19% 7% 9%
Definitely - 63%
19%
63%
8. Agency Disclosure Revisited
Must be (one of the following)
Conspicuous
Printed in bold letters
All capital letters
Underlined
In a separate box
Dual Agency
Disclosed to ALL parties and agreed to in writing
Listing agreement does not cover the change
10. Negotiating the
Commission
• MLS Dictates
• MRIS Article IV, Section
15
• Code of Ethics
Considerations
• Arbitration
• Who Do You Work For?
11. Related 2008 DPOR Changes
18 VAC 135-20-180 c.5
amended to require principal
brokers to report all instances
where they believe that
escrow accounts are not being
properly maintained. (3 days)
18 VAC 135-20-280 (paragraph 2)
amended to require prior written
consent of the principal broker
for performing certain
commission based acts.
12. 18 VAC 135-20-160 Broker Oversight
Every place of business must have a
Supervising Broker.
Responsibility may ONLY be given to
another licensed broker.
Must oversee and approve all
contracts and agency agreements
Must provide training AND policies
on:
Escrow Handling
Fair Housing
Advertising
13. 18 VAC 135-20-160 Broker Oversight
Negotiating and drafting of contracts, leases and
brokerage agreements;
Use of unlicensed individuals;
Agency relationships;
Distribution of information on new or changed statutory
or regulatory requirements;
Disclosure of matters relating to the condition of the
property.
Such other matters as necessary to assure the
competence of licensees to comply with this chapter
14. 18 VAC 135-20-160 Broker Oversight
Supervising broker must undertake
reasonable steps to ensure compliance by all
licensees assigned to the branch office;
Supervising broker located more than 50
miles from the branch office must certify in
writing on a quarterly basis their supervision
efforts. Records to be kept for 3 years.
15. No Off-Site Agent Offices
•No place of business shall be
in a residence unless it is
separate and distinct from the
living quarters of the residence
and is accessible by the public.
18 VAC 135-20-160.
16. • Code of Ethics Consideration
▫ Article 1: Honesty
▫ SOP 1-13: Offers Not Confidential
SOP 1-15: Disclose competing
offers and their authors
▫ Article 3: Variable Rate
Commissions must be disclosed
▫ Article 16: Prohibition to work
with another REALTORS client
SOP 16-12: Agency Disclosures
no later than executing offer.
19. Virginia’s Limited
Services
Every Agent Must: If Waived, Results in
Limited Representation:
• Perform to Agreements
• Promote Best Interests • Assist In Marketing
• Maintain Confidentiality • Assist in Drafting /
Negotiating
• Exercise Ordinary Care
• Account For All Money • Establish Strategies for
Accomplishing Objectives
• Disclose Material Facts
• Comply With All Laws • Reasonable Assistance to
Satisfy Contract Obligations
• Provide All Disclosure Docs
20. Required Disclosure Language
“By entering into this brokerage agreement, the
undersigned do hereby acknowledge their informed
consent to the limited service representation by the
licensee and do further acknowledge that neither the
other party to the transaction nor any real estate
licensee representing the other party is under any
legal obligation ot assist the undersigned with the
performance of any duties and responsibilities of the
undersigned not performed by the limited service
representative.”
21. Dangers of Dual in the Law
Hawkins A dual agent added an "as is" clause to the
purchase agreement without the buyer's consent. The
jury returned a $62,641 verdict.
Source: NAR 2009 Legal Scan
22. Dangers of Dual in the Law
• Jenkins The seller's agent, acting as an
undisclosed dual agent, executed a sales
agreement for the sellers that contained provisions
the sellers never agreed to, resulting in a $24,843
verdict.
23. Dangers of Dual in the Law
• Maali A dual agent arranged the sale of a gas station,
but the national franchisor refused to approve the
transfer of the franchise agreement to the buyer. The
agent's broker was found vicariously liable for the
agent's conduct; the jury awarded $149,000 in
compensatory damages and $50,000 in punitive
damages.
24. Dangers of Dual in the Law
• Martinez v. AFM Realtors of Am. The buyer wanted to
purchase an apartment complex that was not
subject to rent control, and the dual agent did not
tell him the property was subject to rent control.
The jury returned a $209,100 verdict.
25. Ralph Sampson wanted a pool...
The case settled for $450,000.
Source: NAR 2009 Legal Scan
26. Statutory Duties
Perception of Dual Agency
Honesty
Disclosure
Obedience
Accounting
Loyalty
Reasonable
Care
Confidentiality
27. A New Kind of Dual Agency
• Amador Zuazua vs. Tibbles
(Montana 2006)
• Upheld by Supreme Court
• 2 Buyers = Dual Agency
28. DPOR Responds
“Don't forget the problems caused by being a Dual
Agent. The difficulties associated with this
perfectly legal agency relationship seem to be on
the increase. Be very careful to communicate and
explain dual agency to prospects and clients and
avoid dual representation if at all possible.”
Schafer Oglesby, VREB Chairman
VREB Speaking – Winter 2006
29. VAR Responds
Dual Agency is ALWAYS a conflict of interest. Virginia
law merely permits you to engage in it with the informed
consent of the parties provided you act accordingly. Their
informed consent, once obtained, does not mean the
conflict ceases to exist, merely that the clients consent to
your acting as a dual agent notwithstanding the existence
of the conflict. This is an important point to remember:
the conflict does not go away just because you get the
requisite consent. You still must act in a manner
consistent with the conflicting interests of your clients.
Lem Marshall, VAR General Counsel
March/April 2004 issue of “Commonwealth” Magazine
30. NAR Responds
“Realizing that cooperation with other real estate
professionals promotes the best interests of those who
utilize their services, REALTORS ® urge exclusive
representation of clients; do not attempt to gain any
unfair advantage over their competitors; and they refrain
from making unsolicited comments about other
practitioners. In instances where their opinion is sought,
or where REALTORS® believe that comment is necessary,
their opinion is offered in an objective, professional
manner, uninfluenced by any personal motivation or
potential advantage or gain.”
Paragraph 5 of the Preamble to the Code of Ethics
31. Creation of Agency
Expressed Agency
Implied Agency
MLS Does Not Establish Agency!
32. Termination of Agency
Revocation
Renunciation
Death of Principal / Agent
Insanity
Bankruptcy
Illegal
Destruction
Expiration
33. Odds and Ends
Personal Presentations of Offers
Lockboxes
Limbo State of Transfers
“Can’t Reach the Seller’s Agent”
“The Buyer Called Me Directly…”
“Being Contacted for Different Service”
Presenting all offers
34. LIMITATIONS FOR LICENSEE LIABILITY
FALSE INFORMATION PROVIDED BY SELLER
REVEALING INFORMATION REQUIRED BY LAW
MISREPRESENTATION MADE BY SUB-AGENT
(UNLESS BROKER / LICENSEE SHOULD HAVE KNOWN)
NEGLIGENCE OR GROSS NEGLIGENCE OR INTENTIONAL
ACTS OF THE ASSISTING BROKER / SALESPERSON
35. • Potential Penalties of Agency Breach
• Forfeiture of Commission
• Actual damages
• Punitive damages
• Consequences for NAR Code of Ethics
• Loss of Real Estate License
36. Disclosure Documents
Regional Contract
Exclusive Right to Represent
Listing Agreement
Buyer Agency Agreement
VAR Disclosure of Brokerage Relationship
NVAR Disclosure of Brokerage Relationship
37. Record Keeping
To include time
Disclosures to place and date of
be kept for 3 disclosure even
years if unsigned or
oral