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It seemed appropriate for us to go over the changes to the Code of Ethics and Standards of Practice which are now in effect. Additionally, the California Association of REALTORS® adopted some changes to their Professional Standards Reference Manual which we will touch upon.
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We report on two important court cases this month that impact real estate professionals, one on formation of contracts and one on effectiveness of a recorded notice, and we provide a discussion rules for legal and ethical advertising by real estate licensees. We have also added a new feature this month called “Did You Know This?” to pass on interesting miscellaneous information that we think might be of interest to our readers.
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In our first article of 2007, we discuss two topics on which we receive recurring questions – the use of the real estate license number and conditional offers of compensation, and we report on a new scam related to the Do-Not-Call rules.
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NEW FORMS
Seven new forms were released by C.A.R. the first week of November 2006. Here is a description of those forms and one released in July 2006, and information on which old forms can still be used and which may not:
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Looking ahead to 2007 and beyond, there are many new laws going into effect that may impact real estate professionals and how they work. We will summarize those laws for you and review our “Case of the Month” involving claims for emotional distress and diabetes caused by a broker’s failure to disclose inhabitable condition of the property.
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Improper utilization of MLS information by real estate professionals is a problem in the multiple listing services. Some agents have sold MLS information to various members of the public without authorization.
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Who has not at least ten times been told that, when in doubt, “disclose, disclose, disclose”? This saying, while trite, conveys an important concept: When in doubt about whether or not something should be disclosed, lean toward the direction of disclosure.
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Over one third of the homes in California are in some kind of common interest development ("CID"), and that number is growing. Of new housing developments in California, at least double that amount or more are common interest developments. Many often refer to CIDs as "homeowner associations', although there are many CIDs which are in fact not residential in nature. Some office buildings and industrial parks are in fact condominiums, for example.
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Urban legends are often fascinating in their resilience. Some have a grain of truth, while most are complete flights of fancy. Some legends are entertaining, while others can be quite damaging if believed. The construction industry is not immune, and there are a number of urban legends widely accepted by builders, contractors, judges, and the general public.
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