Third Quarter 2018
Get up-to-date information on legal and regulatory issues affecting New York State’s REALTORS® and the latest on court decisions affecting the industry.
Third Quarter 2018
Clarifying Broker Agency
The NYSAR Legal Hotline has recently been receiving an increase in calls regarding broker’s agency, the major issues of concern being what a broker’s agent actually is, and whether or not a licensee can switch from a buyer’s agent to a broker’s agent mid-transaction. These questions will be addressed below.
Legal Issues Related to the Use of Social Media
The business of real estate has changed dramatically with significant advancement in all areas of technology in the 21st Century. One such advancement is the use of social media by REALTORS® in their practice of real estate. REALTORS® should be aware of the inherent risks associated with the use of social media and this article discusses this topic.
Supreme Court Finds that a Conditional Approval for Financing is Not a Mortgage Commitment
In the recent New York State Supreme court case of Sanjana v. King (New York, 2018), the Supreme court found that a conditional approval for a mortgage did not constitute a mortgage commitment and that the buyers forfeited their downpayment by not canceling the contract in a timely manner, upon their failure to obtain a mortgage commitment by the date called for in the contract of sale.
Read the latest articles of interest from the National Association of REALTORS®:
Debtors Can’t Collect from Team Leader
The United States Bankruptcy Court District of Idaho recently rejected two real estate licensees attempt to claim their team leader’s commission split and entered judgment in favor of the team leader.
Licensee Liable for Negligent Statement
The California Court of Appeals, Second District, affirmed a verdict against a real estate professional who the court ruled had misstated a property’s square footage.
Licensee Liable for Wire Fraud Losses
The United States District Court for the District of Kansas upheld a jury verdict that determined that a real estate licensee was 85% responsible for the buyer’s losses, which occurred when the buyer transferred purchase money to a fake account after the licensee allegedly forwarded an email containing fake wiring instructions to the buyer.
Click here for the most recent DOS decisions.