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Legal Responsibilities of Real Estate Agents, 4th Edition
This book is filled with practical, useful information, insights and expert advice that real estate agents and real estate lawyers need to know, in dealing with their legal duties and responsibilities.
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"Wanted to thank you on what a great book Legal Responsibilities of Real Estate Agents is."
– Doug Bedrosian, Broker/Manager RE/MAX Aboutowne Realty Corp., Brokerage
Understand the Legal Situations to Avoid Costly Mistakes and Liability
As a real estate agent, it is easier to concentrate on the job-at-hand when you're not worried about making potentially serious and costly mistakes. This is especially true in today's high-stakes real estate market with its complicated and often confusing laws and procedures. That's why this one-of-a-kind reference book has become a staple in real estate and law offices across Canada. It is filled with practical, useful information, insights and expert advice that real estate agents and real estate lawyers need to know, in dealing with their legal duties and responsibilities.
It is also a handy reference for those buyers and sellers who have enlisted the services of a real estate agent and want to understand the exact scope of the agent's role, as well as his or her duties and potential liability toward them.
Features and Benefits
This comprehensive, straight-forward book will show you how to:
- Understand your rights and obligations – learn about the legal issues relevant to your role, and the way they affect youon a day-to-day basis
- Prevent liability – learn proper procedures and steer clear of legal pitfalls and the courts
- Avoid mistakes – foresee and prevent problems in your transactions
- Fulfill your duties – properly carry out your statutory, contractual, disclosure, and fiduciary responsibilities
- Protect your commission – safeguard your commission rights
- Know your client – understand your clients' goals, needs and objectives in purchasing and/or in selling a property
- Increase your understanding – learn the intricacies of dealing with topics such as: powers of attorney, estate properties, family law issues, landlord and tenant rights and obligations, condominium, co-operative and coownership structures, and the drafting of conditional clauses
Common Mistakes and How to Avoid Them
Learn how to avoid common and potentially costly mistakes relating to:
- Dual agency – be aware of all disclosure requirements and fiduciary obligations
- Gratuitous agency – how to avoid this highly-risky association
- Failure to protect clients' rights – prepare and explain purchase/sale agreements thoroughly
- Misrepresentation – know exactly what information you must provide to clients
New in this Edition
- Updated to cover the latest case law and legislative developments
- Discussion of amendments to the Real Estate and Business Brokers Act, 2002, and related changes to the Real Estate Council of Ontario (RECO) rules relating to "phantom" bids on property, which rules became effective July 1, 2015
- Includes revisions to the discussion on calculating commission amounts, to reflect recent legislative changes
- Expands the list of questions for agents to ask themselves when dealing with co-operatives or co-ownerships
- Clarifies the discussion of powers of attorney, and includes an expanded checklist of items when dealing with powers of attorney to sell land
- Enhanced discussion of probate fees, including legislative changes in force effective January 1, 2015 relating to the submission of an Estate Information Return
Who Needs This Book?
- Real estate agents who must fully understand their obligations whether they represent buyers and/or sellers
- Real Estate Board officials who need a legal framework for setting professional standards of conduct for real estate agents
- Insurance claims adjusters who need to know which claims against real estate agents to accept or decline, regarding errors and omissions insurance
- Real estate lawyers needing an easy reference book on the many aspects of real estate practice in today's market
- Real estate brokers who must understand their obligations, whether representing buyers and/or sellers, and/or supervising their own agents
- Mortgage brokers who must understand their obligations to borrowers
- Law students who need a comprehensive overview of real estate practice
- Law professors who require an easy to read practical reference book
- Buyers or sellers who want to understand the role of real estate agents that they have hired to assist them with a purchase or sale of a property
- Law libraries and public libraries
- Paralegal students
- Title searchers
- Real estate law clerks and secretaries
Table of contents
Chapter 1: The Role of the Real Estate Agent
Chapter 2: The Source and Nature of Agents' Duties
Chapter 3: Commission
Chapter 4: Dealing with Special Parties
Chapter 5: Dealing with Special Transactions
Chapter 6: Estate Planning
Chapter 7: Real Estate Agents' Mistakes
Appendix A: Real Estate and Business Brokers Act, 2002 (S.O. 2002, c. 30, Sch. C)
Appendix B: General Regulation (O. Reg. 567/05)
Appendix C: Code of Ethics Regulation (O. Reg. 580/05)
Appendix D: Delegation of Regulation-Making Authority to the Board of the Administrative Authority (O. Reg. 581/05)
Appendix E: Delegation of Regulation-Making Authority to the Minister (O. Reg. 568/05)
Appendix F: Educational Requirements, Insurance, Records and Other Matters (O. Reg. 579/05)
Appendix G: Land Transfer Tax Rates (Provincial and Municipal)