When Real Estate Ethics Are Questioned
Real estate agents are a dime a dozen. It seems like so many people consider themselves to be real estate agents. But are they fully trained on the laws, procedures, and ethics involved?
When real estate brokers engage in a home sale, they need to ensure they are doing everything properly. They cannot fail to communicate with clients. They must make clients aware of all offers on their homes. There must be no conflicts of interest, such as dealing with friends and family members.
But sometimes there are disputes with agents over these types of issues. For example, a home buyer could be related to the real estate agent. Depending on the type of relationship the two have, this may or may not work in the home seller’s favor.
Questionable ethics are common in the real estate field. It has gotten so bad that these poorly trained agents are a threat to the industry. When agents were asked what they considered to be the primary threat to them in the next decade, thousands responded that inexperienced and poorly trained agents were the greatest threat.
The real estate industry is filled with numerous unethical and incompetent agents. Many work part-time, focusing on other jobs. Others are not properly or fully trained. This knowledge gap threatens the credibility of the industry. But the thing is that agents have been complaining about this very issue for more than 50 years. So it’s not something that will likely be mitigated soon.
The National Association of Realtors (NAR) has a Code of Ethics in place. However, some critics say that code favors the real estate agents and even teaches them how to take advantage of customers.
In reality, the NAR has no control over agents who are independent contractors. On top of that, most contractors are unaware of the ethics rules.
When an ethical issue does come about, most are not reported. The NAR Code of Ethics states that arbitration would be used to handle the situation, but that takes a lot of time and effort. Also, for many agents, arbitration is no guarantee of success.
Still, real estate agents need to make sure they are doing their job in a competent manner. If they don’t, their clients have options. They may complain to the local Board of Realtors. They could file a complaint with state regulators. They may also discuss the situation with the agent’s managing broker. These acts could affect your license, so be mindful of what you say and do.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
Many people get into the real estate industry because they think it’s an easy way to make a living. However, real estate brokers need to be fully trained and competent before making sales.
A Tampa real estate broker license lawyer from The Law Offices of David P. Rankin, P.A. can help you deal with licensing issues. David Rankin has been involved in more than three hundred license discipline proceedings before the Florida Real Estate Commission and represented the Greater Tampa Realtors for 18 years. Schedule a consultation by calling (813) 968-6633 or filling out the online form.