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That trend could spread into other parts of the nation as real estate agent compensation enters a new era. Rebecca Chen is a writer and reporter at Yahoo Finance. Follow her on Twitter @RebeccaChenP .
Some specific types must always be disclosed, others are up to the jurisdiction, and still others up to the realtor. [3] The types of stigma include: Criminal stigma: the property was used in the ongoing commission of a crime. For example, a house is stigmatized if it has been used as a brothel, chop shop, or drug den. In the case of drug dens ...
The National Association of Realtors maintains rules that each MLS owned by a local association of Realtors is required to follow. In 1996, as part of its rules governing multiple listing services, NAR adopted a rule requiring Realtors to make "blanket unilateral offers of compensation" when listing homes for sale on an MLS. [ 7 ]
Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
The Illinois Attorney General is suing a real estate developer who it says collects money for investment but then uses the money to take out loans or buy cars, and doesn't pay back what's owed.
This may be termed use of improper means. "Commonly included among improper means are actions which are independently actionable, violations of federal or state law or unethical business practices, e.g., violence, misrepresentation, unfounded litigation, defamation, trade libel or trade mark infringement."
An Illinois woman is suing a car dealership, and others, after she says she was racially profiled and falsely arrested while trying to buy a vehicle.
So where there is a sudden downturn in the property market, a person guilty of deceitful misrepresentation is liable for all the claimant's losses, even if they have been increased by such an unanticipated event. [7] This is subject to a duty to mitigate the potential losses. [8] Contributory negligence is no defence in an action for deceit. [9]
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