Mortgage Assistance Relief Services (“MARS”) Rule Definition of “Clear and Prominent”

Posted on March 27, 2011 by Michelle Lind

In textual communications, (which includes any communications in a written or printed form such as print publications or words displayed on the screen of a Computer): the required disclosures shall be easily readable; in a high degree of contrast from the immediate background on which it appears; in the same languages that are substantially used in the commercial […]

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Revisions to the 2011 AAR Residential Resale Real Estate Purchase Contract

Posted on January 1, 2011 by

Overview The Residential Resale Real Estate Purchase Contract (“Contract”), Pre-Qualification Form and Loan Status Update (“LSU”)were revised/developed due primarily to changes in the Real Estate Settlement Procedures Act (“RESPA”) rules regulating the issuance of a Good Faith Estimate (“GFE”) to a buyer. The RESPA reforms require a property address before a GFE may be provided […]

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5 Real Estate Scams You Need to Know About

Posted on October 1, 2010 by Melissa Dittmann Tracey

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, […]

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Owner of Home Not Entitled to Remove Fixtures after Foreclosure

Posted on January 15, 2010 by

ISSUE: After the foreclosure the owner removed an expensive leather couch and the dining room table. The owner also removed the drapes and the chandelier, which was a family heirloom. Was the owner of the home after foreclosure entitled to remove these items? ANSWER: After the foreclosure, the owner of the home is entitled to […]

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Short Sale 2009

Posted on November 27, 2009 by Michelle Lind

The current housing market has resulted in a seemingly ever-increasing number of homeowners in default on their home loans. These homeowners often seek guidance from their REALTOR®. One of the many possible options to a homeowner in default on their loan is to attempt a short sale. A short sale is a real estate transaction […]

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Neighbor Obligated to Construct Block Fence

Posted on September 15, 2007 by

ISSUE: Two neighbors share a common property line. On the common property line is a wooden fence in good condition. One neighbor has just purchased a large dog and wants to take down the wooden fence and construct a new block fence. The other neighbor is satisfied with the wooden fence. Does the other neighbor […]

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The Sale of Manufactured & Mobile Homes By Real Estate Brokers

Posted on March 27, 2006 by Michelle Lind

A Department of Building and Fire Safety license is generally required to sell manufactured/mobile homes. Generally, a license issued by the Office of Administration of the Arizona Department of Fire Building and Life Safety (“DFBLS”) is required to act as a broker or salesperson in the sale of manufactured homes, mobile homes and factory-built buildings […]

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The Ramifications of an Independent Contractor Agreement between a Broker and a Salesperson

Posted on January 27, 2002 by Christopher A. Combs

Under common law, a real estate salesperson is generally categorized as an employee. Therefore, under common law, the brokerage firm would be responsible for withholding state and federal income taxes and would be required to participate in state unemployment and workers’ compensation programs. However, if the brokerage firm and the real estate salesperson comply with […]

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Got Termites?

Posted on September 27, 2001 by Michelle Lind

You represent a Buyer who is making an offer on an older home. Should you include any additional language in the Arizona Association of REALTORS® (“AAR”) Residential Resale Purchase Contract (“Contract”) to protect the Buyer in the event that the home has termites? Termites and the AAR Contract If the Wood Infestation Report indicates the […]

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