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Real estate brokers who work with lenders can not receive any compensation from the lender for referring a residential client to a specific lender. To do so would be a violation of a United States federal law known as the Real Estate Settlement Procedures Act (RESPA). RESPA ensures that buyers and sellers are given adequate notice of the Real ...
A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and in a small number of other ...
Intimidation can also be a civil offense, in addition to a criminal offense, in some U.S. states. For example, in Oregon a violation of the state criminal statute for intimidation results in a civil violation. [22] The plaintiff in the civil suit for intimidation may then secure remedies including an injunction or special and general damages. [22]
Another change is requirements that brokers subscribe to multiple listing services — many of which are owned by NAR subsidiaries. A separate new rule will require buyers’ brokers to enter into ...
Duress is a threat of harm made to compel someone to do something against their will or judgment; especially a wrongful threat made by one person to compel a manifestation of seeming assent by another person to a transaction without real volition. - Black's Law Dictionary (8th ed. 2004) Duress in contract law falls into two broad categories: [6]
After Ohio allowed online real estate classes, we have seen an explosion of students which, as of last year, increased to nearly 11,000 real estate professionals in Columbus alone. This is over a ...
The Ohio Revised Code (ORC) contains all current statutes of the Ohio General Assembly of a permanent and general nature, consolidated into provisions, titles, chapters and sections. [1] However, the only official publication of the enactments of the General Assembly is the Laws of Ohio; the Ohio Revised Code is only a reference. [2]
A broker price opinion (BPO) is a real estate professional’s dollar estimate of a property’s worth. It is an opinion, but one often backed up by the selling prices of comparable homes in ...