As a real
estate, there are certain duties and obligations that you have to fulfill. Some
of your duties are towards your clients (buyers and sellers). Other duties, and
we bet this the major part, lies with the state you belong. It is therefore
duty of a real
estate agent
to understand all of the duties before starting practice.
According
to Dean Graziosi, any estate agent, who failed to comply with his duties will
be answerable to the court of law. On the other hand, your client will ask you
do every possible thing that can benefit the deal. In such situation, an agent
make sure that all his actions are legal, nothing is illegal and out of law. According
to Dean Graziosi, there are state as well as federal laws governing real estate
agents. It is better to have a look on the laws than to fall prey to illegal
actions.
Dean
Graziosi is a realtor with above 20 years of experience. In his real estate
career, he has acted as a buyer, seller as well as a real estate agent. Dean
started his real estate career from the age of 18. Gradually and with extreme
hard work, he took his career to new heights. And now after 20 years, Dean is a
bestselling author, a real estate
millionaire,
a successful entrepreneur and a true mentor.
What Governs Duties of a Real
Estate Agent?
Following
federal and state entities govern duties of a real estate agent.
·
Federal
Fair Housing Act
·
State
Real Estate Laws
·
National
Association of Realtors Code of Ethics
·
Employing
Broker's Guidelines
Duties under Federal Housing Act:
Perhaps,
this is most important lawsuit governing duties of a real estate agent. This
legislative was established with Civil Rights Act of 1978 and was later amended
and modified by Fair Housing Amendments Acts of 1988. This act protects seven
classes:
1.
Race
2.
Color
3.
Religion
4.
National
Origin
5.
Sex
6.
Handicap
7.
Familial
Status
At that
time, it came as a shock for many who took real estate business for granted.
The legislative bordered dos and don'ts of real estate. There were restrictions
on choosing a particular community neighborhood, nationality etc. Some of the
salient features are given below:
·
The
real estate agent cannot and shall not answer demands that are against the law.
·
The
real estate agent cannot locate or advertise places in a particular community.
·
The
agent cannot locate or provide properties based on religious beliefs, i.e. near
a church, near a mosque etc.
·
The
agent cannot even advertise that his listings are based on a particular area.
·
An
agent shall not answer questions of the clients related to ethnic composition
of a neighborhood.
·
Agent
shall not answer the querries or show the properties advertising ethnic
neighborhoods, i.e. most of the Asians live here, this area is for Latin
Americans etc.
·
Agent
should refuse the buyer or seller insisting to find a client or property of
same ethnicity, nationality or religion.
·
Agent
shall not advertise properties or provide properties on the bases of sex.
What Words to Use in Your
Listings:
Use of
discriminated words is highly restricted. Following is a given a list of the
words that if used in the ads can violate Fair Housing Law.
·
Sports
Minded
·
Bachelor
apartment
·
Professional
·
Mother-in-law
quarters
·
Couples
only
·
For
Adult
·
Ideal
for Senior citizens
·
African
Americans
·
Section
8
·
Handicapped
·
No
children
·
Children
welcome
Miscellaneous:
When
asked about a neighborhood with school in the vicinity, you must make it clear
to the client that not all of the neighborhood schools will allow their kids. Apparently,
such kind of requests might come in to the category of violation of fair
housing law.
Check out Dean Graziosi’s e-Books
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