Protect Yourself through Effective Risk Management Commentary and current events from the National Association of Realtors®
The best insurance for effective risk management is being able to recognize and address situations that most frequently result in litigation. To ensure REALTORS® are prepared, the NATIONAL ASSOCIATION OF REALTORS® (NAR) offers a number of resources on risk management, including REALTOR BenefitsSM Publications; online resources including field guides and authoritative articles; and educational programs.
Two new Realtor Benefits videos, “Antitrust and Real Estate” and “Fair Housing,” help educate agents on the most current issues related to these important areas, and provide excellent tools for sales meetings or agent education programs. NAR also recently revised its comprehensive tool, “Real Estate Brokerage Essentials: Managing Legal and Business Issues” (formerly “Don’t Risk It”), with the latest information, including new sections on “Do Not Call,” “CAN SPAM” (e-mail), and “Do Not Fax” regulations.
A variety of other resources across a broad range of topics are available to help real estate professionals run their offices more effectively while minimizing exposure to legal liability.
Antitrust
Cooperating with your competitors can be a good thing, but you must be careful to avoid written or spoken statements that may give the appearance of a violation of antitrust laws. NAR’s “Antitrust Pocket Guide for Realtors and Realtor Associates” addresses current, relevant topics related to antitrust issues, including relations with clients and competitors, office compliance program, dangerous words and phrases, antitrust compliance policy and an antitrust self-test.
www.REALTOR.org/Store
A Field Guide to Antitrust is also available at the site
www.realtor.org/libweb.nsf/pages/fg704
Equal Opportunity in Housing
Fair housing presents another vexing issue for real estate professionals. In principal, the concept seems simple enough—real estate agents are prohibited by law from discriminating based on specific criteria. But in practice, fair housing regulations present complex issues that make day-to-day practical application a challenge. Proper education of all real estate professionals is a must. Realtor BenefitsSM Publications offers a fair housing handbook, pocket guide, brochure, training kit and video, which provide background on fair housing regulations and what associates, clients, and customers need to do to comply. www.REALTOR.org/Store
A Field Guide is also available online
www.realtor.org/libweb.nsf/pages/fg705
Legal Liability
Many claims against brokers allege misrepresentation during a home sale transaction, including failures to disclose. Prevention is key, as defending yourself against such claims costs time and money. NAR’s “Property Disclosures Pocket Guide” describes steps to limit broker liability, recommends how to use disclosure forms and describes remedies the injured parties may obtain for a broker’s failure to disclose. www.REALTOR.org/Store
Environmental Hazards
Realtors also need to be aware of the concerns surrounding radon, lead and mold and take steps to protect themselves from liability. Mold in particular has caught the public’s attention recently, with increasing numbers of property owners filing lawsuits claiming mold has harmed their health. NAR publishes a number of information guides that provide an overview of these hazards and why they are harmful, as well as recommendations on detection, prevention, and reduction or removal. Online courses are also available through Realtor University.
www.REALTOR.org/RealtorUniversity
RESPA
Realtors must know how to comply with RESPA (Real Estate Settlement Procedures Act), including exceptions related to affiliated business arrangements (AfBA). NAR’s Realtor BenefitsSM publications produces RESPA and AfBA pocket guides and laminated cards that describe what activities are allowed and prohibited under RESPA. www.REALTOR.org/Store |
