«It's probably an exception to find someone who
does knowledge brokering 100 % of their time,» Meyer says.
Not exact matches
Many of its competitors, he adds, rely on
brokers who may have
knowledge of product lines but don't have the same investment in making sure customers have all their questions answered as
do DeIorio's employees.
Another challenge that the K * Initiative has taken on is
knowledge brokers» struggle to find the tools they need to
do the job.
While some successful
knowledge brokers do not have a Ph.D. or even a science degree, a science background is helpful.
Not only
do mortgage
brokers facilitate these large transactions, they also provide valuable expertise and
knowledge that can benefit borrowers significantly.
You don't call an insurance company for insurance - you use an insurance
broker, because of their expertise, product
knowledge and rates.
So they shop around, and maybe the boss doesn't have the best
knowledge about effective investing, so they end up taking the offering from the
broker who sells it the best.
Combining tax
knowledge and investment skills open up areas of wealth management that goes far beyond what you can
do yourself or what a typical investment
broker for stocks and bonds can
do.
To the best of my
knowledge you have no «financial» responsibility to title and escrow even if you sign the forms but the mortgage
broker does have a fiduciary responsibility to you.
It covers the whole gamut of level of
knowledge amongst
brokers of how much they know and how much they don't know, even putting an offer together
[6] If the
broker does not have the requisite
knowledge or skills, the
broker must decline to provide the services or obtain the needed
knowledge or obtain assistance in order to perform the services.
because of discount
brokers like these... (I won't say it), it's 5 % or less where I work... The reason these the first discount
brokers started lowering the commission is because they didn't have the skills and
knowledge of most of us, so they figured that they will get more business by lowering the commission... soon afterwards, more losers lowered their commission to try to generate some business that they couldn't otherwise get....
Not only
does Coldwell Banker offer its
brokers and sales professionals comprehensive e ‑ training in the use of its proprietary and award - winning technology, to the best of our
knowledge we were one of the first in our industry to initiate such a service.
As a qualified business
broker I shudder when I see some of the people trying to sell a business with no
knowledge whatsoever of what should be
done.
«In retirement, every single real estate
broker and salesperson anywhere and everywhere on the planet earth can now choose to stay in touch in real estate, applying life long
knowledge,
doing what we love to
do best... helping people in real estate and make money
doing it.
241
DOS 98 Matter of
DOS v. Himark Realty — failure to appear at hearing; cease - and - desist; duty to supervise sales associates; vicarious liability; ex parte hearing is permissible upon proof of proper service; salesperson inadvertently calls home listed on cease - and - desist list which demonstrates incompetency;
broker is obligated to supervise real estate brokerage activities of its salespersons and is vicariously liable for their misconduct, limited only with regard to penalty in cases where the
broker lacked actual
knowledge of misconduct or
did not retain any benefit derived from that misconduct; corporate
broker, representative
broker and salesperson each to pay $ 250 fine
287
DOS 98 Matter of
DOS v. Uqdah Realty & Management Corp. — deposits; jurisdiction; fraudulent practices; failure to pay judgment; vicarious liability; notary public; disclosure of agency relationship;
broker violated 19 NYCRR 175.1 when he deposited escrow funds into his operating account;
broker committed conversion when his operating account fell below deposit amount;
broker engaged in fraudulent practices when he illegally retained buyer's trust funds and attempted to qualify prospective buyer for mortgage by falsely stating their employment;
broker failed to disclose his agency relationship to his client; failure to pay judgment; corporate real estate
broker vicariously liable and charged with actual
knowledge of violation of law because of representative
broker's cognizant misconduct as corporate officer;
broker is not required to deposit a refundable commission in an escrow account unless contractually demanded; corporate
broker and representative
broker's license revoked; restitution of deposit of $ 12,000 plus interest; notary public commission revoked based on misconduct as a real estate licensee
960
DOS 09 Matter of Moore — salesperson; unlicensed activity without
knowledge of
broker; agency disclosure; unearned commission; failure to satisfy judgment; revocation; no relicensure unless pay $ 530 judgment with interest
Matter of Roberts Real Estate v.
DOS (171 A.D. 2d 217)- Third Department reverses
DOS finding of failure to disclose (51
DOS 90) based upon Real Property Law § 442 - c, where representative
brokers did not have actual
knowledge of the alleged incident New York Court of Appeals (80 N.Y. 2d 116, October 20, 1992) affirms, with modification that the relevant «actual
knowledge» is that of corporate officers, directors and representative
brokers; applies RPL § 442 - c to prohibit suspension or revocation on vicarious basis, and remands to
DOS to reconsider lesser sanctions.
However, a court may decide that the agent should have had that
knowledge and in that case, being a transaction
broker doesn't relieve you of responsibility to disclose material facts so I doubt the capacity would make a difference.
887
DOS 03
DOS v. Bravo - deposits; disclosure of agency relationships; failure to cooperate with
DOS investigation; proper business practices; vicarious liability;
broker failed to provide agency disclosure form;
broker continued to
do business under prior firm's name after association with that firm had been terminated;
broker failed to deposit monies received by her into an escrow account;
broker failed to respond to
DOS letters;
broker demonstrated untrustworthiness and incompetency by failing to follow up on the availability of an apartment in a rental transaction;
broker failed to give a cash refund of a deposit received in cash upon tenant's demand therefore; corporate
broker bound by the
knowledge acquired by its representative
broker; corporate
broker's license and representative
broker's license suspended for six months
86
DOS 93 Matter of
DOS v. Winograd - undisclosed dual agent for tenant and subtenant; failure to provide copy of sublease violates 19 NYCRR § 175.1; no suspension of
broker who has no
knowledge at time of event or retention of proceeds, but liability for misconduct; refund unearned commission
870
DOS 08 Matter of David — salesperson; advertising on Craig's List without
broker consent; dismissal, as was office policy to
do so and no showing of requirement of prior
knowledge of
broker; misrepresentation of rent in advertisement; improper direct receipt by salesperson (RPL 442 - a); failure to use escrow account (RPL 175.1); unlicensed name (RPL § 441 [1][a]-RRB-; revocation; no reapplication unless refund $ 300 plus interest
Knowledge is power:
Does your
broker have the experience and resources to commit to the marketing of your property?
79
DOS 99 Matter of
DOS v. Pagano - disclosure of agency relationships; failure to appear at hearing; proper business practices; unauthorized practice of law; unearned commissions; vicarious liability; fraudulent practice; jurisdiction; ex parte hearing may proceed upon proof of proper service;
DOS has jurisdiction after expiration of respondents» licenses as acts of misconduct occurred and the proceedings were commenced while the respondents were licensed; licensee fails to timely provide seller client with agency disclosure form prior to entering into listing agreement and fails to timely provide agency disclosure form to buyer upon first substantive contact;
broker fails to make it clear for which party he is acting;
broker violates 19 NYCRR 175.24 by using exclusive right to sell listing agreement without mandatory definitions of «exclusive right to sell» and «exclusive agency»;
broker breaches fiduciary duties to seller clients by misleading them as to buyer's ability to financially consummate the transaction;
broker breaches his fiduciary duty to seller by referring seller to the attorney who represented the buyers when he knew or should have known such attorney could not properly protect seller's interests; improper for
broker to use listing agreements providing for
broker to retain one half of any deposit if forfeited by buyer as such forfeiture clause could, by its terms, allow
broker to retain part of the deposit when
broker did not earn a commission;
broker must conduct business under name as it appears on license;
broker engaged in the unauthorized practice of law in preparing contracts for purchase and sale of real estate which
did not contain a clause making it subject to the approval of the parties» attorneys and were not a form recommended by a joint bar / real estate board committee;
broker demonstrated untrustworthiness and incompetency in using sales contract which purported to change the terms of the listing agreement to include a higher commission;
broker demonstrated untrustworthiness and incompetency in using contracts of sale which were unclear, ambiguous, vague and incomplete;
broker failed to amend purchase agreement to reflect amendment to increase deposit amount;
broker demonstrated untrustworthiness in back - dating purchase agreements;
broker demonstrated untrustworthiness in participating in scheme to have seller hold undisclosed second mortgage and to mislead first mortgagee about the purchaser's financial ability to purchase;
broker demonstrated untrustworthiness by claiming unearned commission and filing affidavit of entitlement for unearned commission;
DOS fails to establish by substantial evidence that respondent acted as undisclosed dual agent; corporate
broker bound by the
knowledge acquired by and is responsible for acts committed by its licensees within the actual or apparent scope of their authority; corporate and individual
brokers» licenses revoked, no action taken on application for renewal until proof of payment of sum of $ 2,000.00 plus interests for deposits unlawfully retained
Those
brokers looking to rediscover themselves as well as buyers and sellers of short sale property will
do well to use this book as one of their foundations of
knowledge.
189
DOS 99 Matter of
DOS v. Naftal - listing agreements; deposits; unauthorized practice of law; vicarious liability; amendment of pleading to conform to the proof; improperly altering listing agreement without the consent or
knowledge of principal to show the potential commission split with buyer's
broker to meet MLS requirements; preparing and submitting fraudulent MLS change notifications purporting to extend and alter listings; deposit of escrow funds into operating account; preparation of lease constitutes the unauthorized practice of law; pleadings may be amended to conform to the proof and encompass a charge not stated in the complaint where the issue has been fully litigated by the parties and is closely enough related to the stated charges that there is no surprise or prejudice to the respondent; continuing to offer properties for sale after preparation of forged listing extensions violates 19 NYCRR 175.10;
DOS fails to establish violation of 19 NYCRR 175.12 for failure to provide copy of listing extension where extension was not authorized by principal;
DOS fails to demonstrate demand for unearned commission where
broker may have believed they were entitled to a commission;
broker's licenses suspended for one year and thereafter until such time as restitution in the amounts of $ 5,000.00 and $ 2,055.40 is made
103
DOS 95 Matter of
DOS v. Lana - fiduciary duty; vicarious liability; dual agency; breach of fiduciary duty where seller's agent advised buyer can purchase property for less than asking price;
broker not liable without actual
knowledge of misconduct or after notice retains proceeds therefrom; mutually dependent transaction
did not arise creating improper double agency; amend pleadings to conform to proof; two month suspension results
Knowledge of the real estate market
does not come solely from looking at stats on a computer it comes from looking at homes, showing homes, talking to clients, home inspectors, mortgage
brokers banks, and it goes on and on.
However, «where a
broker or merchant makes an affirmative misrepresentation, the Act
does not require a showing of
knowledge of falsity or intent to deceive in order to hold the offender liable to the purchaser.»