How much ethics training does a real estate licensee need?
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There is some confusion regarding how much Ethics training is required to maintain a real estate license. To renew your license with the Department of Real Estate, one three-hour general Ethics course is required every four years.
However, members of trade unions such as the National Association of Realtors (NAR) and its subsidiary branches and boards [including the California Association of Realtors (CAR)] must complete two and a half hours of Ethics focused primarily on NAR’s Code of Ethics guidelines as part of keeping their board memberships. Whether or not a state-approved Ethics course satisfies the NAR Ethics requirement is a decision NAR leaves up to the individual boards.
The take-away message? Realtors just require more hours of Ethics training than do other licensees.
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About The Author
ft Editorial Staff
is the writing staff comprised of legal editor Fred Crane, In-House Broker Consultant Fernando Nunez and writer-editors Connor P. Wallmark, Giang Hoang-Burdette, Jeffery Marino, Carrie B. Reyes, Sarah Cantino, Matthew Taylor, Matthew Shade and Nicole Jessen.
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I was representing the seller in a Short Sale. The buyer was in the mist of concluding his performance when Bank of America foreclosed on the property, leaving the buyer in limbo,spending money on
two appraisals and Home Inspection. The seller, who diligently cooperated with the bank, receives now a
marred credit rating. There should have been better communication with me and a counter offer should have been sent to me to present to the buyer. This is how it is usually done, even with the banks. Bank of
America says it was an “investor” decision. Yes, this appraisal, which is the 4th one since Sept. 2009,
came in higher. The buyer had done two in December and January with different banks. How can these
c onglomerates get away with this. This is not ethical nor does it follow the manner in which all real estate transaction should operate, in “good faith”. This action shows the great disregard and indifference they have in their relationship with their clients and the real estate agents that painfully get these short sales through.
What can I do? I have written many e-mails to B of A. Only one answered that it was an investor decision.
Fannie Mae the “investor” says it is not true. They do not initiate foreclosures the lender does. Who can
I turn to? I would like to get this transaction rescinded so that the buyer can sign the loan documents.
Thank you.
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Banks should start a practice that when they are checking the record of a consumer they should not be running a credit profile which would not result in lowering a credit score. Banks should provide name of the investor so if there is any problem the mortgagee can go directto the investor.
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Banks are notorious at unethical practices. Becaus eof their maginture and power they think they can suppress the buyers. In a case like what is stated above, consumer agency should file a class action lawsuit aginst the banks and ensure that they do not use excuses like investor’s decision. Once an agreement is reached all foreclosure procesdings must stop and negotiations must be done in good faith. Chase Bank is notorious of providing erroneous information. You cannot rely on one word their call center reps provide. They also need to be taughtto be courteous to the consumer
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