Not exact matches
Insurance program enters third decade on strong, positive footing Quick summary: base premium
for 2016: $ 3,350 (unchanged since 2011)
Real Estate Practice Coverage Option (REPCO) $ 100
for 2016 (down from $ 250) Run - off coverage now stands behind mentoring efforts of exempt lawyers LAWPRO coverage
for paralegal shareholders in combined
licensee (incorporated) firms Base premium stable The... Read More»
We all know that notwithstanding the rise of title insurance in Ontario, claims arising from
real estate practice are still a large (and in many years, the largest) exposure
for the primary professional liability program that LAWPRO provides
for the Law Society's lawyer -
licensees (the «E&O program»).
Regardless of the legislation and regulations affecting
real estate licensees, it is simply a sound business
practice for licensees to
practice and be aware of all aspects that can affect the Realtor client / customer relationship.
Common Law
licensees who
practice only in commercial
real estate (zero residential trades) are eligible
for an exemption to the mandatory buyer brokerage agreement information session, because the information is specific to the
practice of residential
real estate.
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
107 DOS 98 Matter of DOS v. Sosis - subject matter jurisdiction; due process; failure to appear at hearing; proper business
practices; deposits; fraudulent
practice; DOS fails its burden of proof; DOS has subject matter jurisdiction if at the time the disciplinary proceeding was commenced by proper service of a notice of hearing and complaint the party was (i) licensed to engage in regulated
real estate activities, or (ii) an applicant
for either a license or
for the renewal of a license to engage in regulated
real estate activities, or (iii) eligible to automatically renew the prior license under the two - year limitation provision of RPL § 441 (2); ex parte hearing is permissible upon proof of proper notice of hearing; DOS has subject matter jurisdiction where party was licensed at the time proceeding was commenced and, where at time of hearing, although not licensed was eligible to automatically apply to renew pursuant to RPL § 441 (2);
licensee operated a
real estate brokerage business under an unlicensed name;
licensee unlawfully retains deposit funds after deposit monies were delivered on the condition that same were to be disbursed only on the principal's consent and approval and said consent and approval was not given;
licensee's illegal exercise of right of ownership over his principal's funds spawns conversion and constitutes a fraudulent
practice; DOS fails its burden of proof to establish
licensee failed to deposit trust funds in a segregated escrow account, engaged in fraud and changed business location without notice to DOS; restitution ordered in the amount of $ 1,900 plus interest, fine of $ 1,000 and any further application
for licensure shall not be considered until applicant pays said fine and provides proof of payment of restitution
38 DOS 98 Matter of DOS v. Hargrave - proper business
practices; unlawful
for real estate broker licensed in her individual name to operate under an assumed named without license under the assumed name;
licensee immediately ceases to operate under assumed name upon being so advised by DOS investigator; no evidence presented of any harm to the public arising out of violation; broker reprimanded
The 24 - hour
practices course is mandatory
for all potential Missouri
real estate licensees.
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
The survey's results are representative of the nation's nearly 1.2 million Realtors ®; members of NAR account
for about half of all active
real estate licensees in the U.S. Realtors ® go beyond state licensing requirements by subscribing to NAR's Code of Ethics and standards of
practice and committing to continuing education.