Legal Articles (Archives)
FSBUs, Lenders, and Limited Representation Brokers
Posted on January 2, 2013 by
Real estate, as everyone knows, is a very hot market in Arizona these days, and there are any number of people looking for ways to “get a piece of the action.” Sometimes the procedures used are legal and sometimes they are not. One recent trend involves lenders who target “for sale by unrepresented seller” (FSBUS) [...]
Continue Reading »Professionalism and the Standard of Care
Posted on December 31, 2012 by
A “professional” is a person who has received special or advanced education in a particular occupation and is capable of providing competent services to others who are less knowledgeable. A professional has a duty to provide services consistent with the standard of care in the industry. We expect this from doctors and lawyers. The buying [...]
Continue Reading »Procuring Cause & Buyer Agency
Posted on December 31, 2012 by
The Scene: You meet Buyer Betty at a party and she tells you that she’s getting ready to write an offer on a house she saw last weekend. You ask her if she’s represented by an agent and she says the only one she talked to was the listing agent. You tell her that it would [...]
Continue Reading »Procuring Cause & Buyer Agency
Posted on December 31, 2012 by
The Scene: You meet Buyer Betty at a party and she tells you that she’s getting ready to write an offer on a house she saw last weekend. You ask her if she’s represented by an agent and she says the only one she talked to was the listing agent. You tell her that it would [...]
Continue Reading »Agency Dilemmas
Posted on December 31, 2012 by
Most people are aware that a real estate broker or salesperson (“Broker”) is an agent with fiduciary duties to the party that the Broker represents. This agency relationship is most often created by express agreement; however, an agency relationship can be legally implied by the parties’ actions. Regardless of whether the agency relationship is express [...]
Continue Reading »ADRE Rule And Policy Regarding Providing Information To A Client
Posted on December 31, 2012 by
ADRE RULES AND POLICY STATEMENTS The Arizona Department of Real Estate (“ADRE”) has the authority to promulgate Administrative Rules, which are often referred to as “Commissioner’s Rules” and Substantive Policy Statements. These rules and policies expand on the statutes that govern the ADRE and the brokers and salespersons regulated by the Department. The Administrative Procedure [...]
Continue Reading »AAR’s Buyer-Broker Agreement and Agency Forms
Posted on December 31, 2012 by
By the early 1900′s, the Arizona Courts recognized the agency relationship between the broker and the client in a real estate transaction. See, Jenkins v. Irvin, 20 Ariz. 164, 178 P. 33 (1919). By 1950, the Arizona courts overwhelmingly held that a real estate broker is an agent with fiduciary duties to the principal. E.g., Haymes v. [...]
Continue Reading »Short Sales: Coming Up Short
Posted on December 12, 2012 by Michael Skarsten
Are lenders getting more responsive to short sales? The view of real estate professionals is mixed, with some saying yes and others saying no, depending on the lenders they work with and where they are.But one aspect of short sales that has proved troublesome across the board is compensation. Some MLSs have a rule requiring [...]
Continue Reading »RAPAC A Powerful Political Force in Arizona…The “Mystery” of Funding
Posted on December 10, 2012 by
There are three critical components for effective political influence…focused advocacy (support of specific legislative issues), grassroots involvement (individuals working at the local level on political issues), and funding. The Arizona Association of REALTORS®(AAR) has approached the “funding” component by establishing the REALTORS®of Arizona Political Action Committee (RAPAC) and the REALTORS®Issues Mobilization Committee (RIMC). It is [...]
Continue Reading »How to Obtain or Renew your Real Estate License
Posted on December 1, 2012 by
Real estate licenses are obtained and renewed through the Arizona Department of Real Estate (ADRE). ADRE has two offices: 2910 North 44th Street, Suite 100 Phoenix AZ 85018 602/771-7700 Hours: 8:00 a.m. to 5:00 p.m., Monday through Friday Questions on real estate licenses and renewals: 602-771-7700. Find answers to your questions online: Visit the ADRE Website to [...]
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