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Question: Listing agents must disclose material adverse facts pertaining to the physical condition of the property of which they have actual knowledge to the buyer. Do I as the listing agent have a duty to discover these facts? For example, am I required to investigate whether a house has defective piping?
As of January 1, 2013, principal and supervising brokers are required to conduct a self-audit at least once during each firm license term (and sole practitioners at least once during each license term) to ensure compliance with Real Estate Board Regulations. The audit must be recorded on the Firm/Sole Proprietor Audit Form which can be found at the Real Estate Board’s website: http://www.dpor.virginia.gov/Boards/Real-Estate/.
One of VAR’s most popular publications – the Broker Toolkit – has been revised and updated for 2012! This toolkit provides all the information you need to start and operate a real estate brokerage in Virginia, including crucial risk management tips to stay safe in your practice.
Some of the riveting topics include:
- Bookkeeping and escrow funds
- RESPA policy, including a list of dos and don’ts for real estate agents
- Anti-trust issues
- Lead-based paint disclosure requirements
- Social media policy
- Fair Housing
- and so much more!
Curious about how the Virginia real estate agency law came around in the mid-90s? Wondering why the changes are happening now? Roanoke Realtor® Steve Hoover – an expert on Agency Law in Virginia – explains some of the history behind the Virginia agency law. Here's a hint: they didn't just fall out of the sky. Realtors® just like you worked long and hard to determine the best solutions to some very real issues on both consumer and Realtor® sides.
If you could do just one thing next year guaranteed to ratchet-up your earning potential and real estate knowledge and create a personal referral network that could pay dividends for the rest of your career…would you do it?
Perhaps the more appropriate question is: Why wouldn’t you?
“Renters Really Prefer Owning, Builder Survey Says,” says the Wall Street Journal. I grabbed that immediately — looked like a good, positive story.
Unfortunately, the survey the story is based on doesn’t really say that.
Sayeth the Journal:
A survey from PulteGroup — one of the nation’s largest home builders — has found a surprising result: Many renters want to buy homes.
As we told you the other day, all the hubbub about shadow inventory — a flood of foreclosures and distressed sales coming down the pike — looks to have been a tempest in a teapot and much ado about nothing. A mountain out of a molehill, if you will.
In its March National Foreclosure Report, CoreLogic found that foreclosures dropped 18.8% from March 2011. Even better, foreclosures in the first quarter were down 14.7% from the first quarter of 2011.
“Compared to a year ago, the number of completed foreclosures has slowed,” said Anand Nallathambi, chief executive officer of CoreLogic. “Since the foreclosure inventory is also coming down, this suggests that loan modifications, short sales, deeds-in-lieu are increasingly being used as an alternative to foreclosures to clear distressed assets in our communities.”