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March 20, 2008
Click Here For Additional Classes in Later April >>
The next Educational Session organized by the Rookie Committee will be held on Wednesday, March 26 at 1 pm, again at the SCAOR office and presented FREE! We will spotlight two REALTORS® - Bill Ferreri, Broker for Realty Executives Bay-Coast, and Teresa Cason with Keller Williams Realty. The topic will be "I WAS A ROOKIE ONCE!" The Rookie Committee hopes to see new and experienced REALTORS® at the session. Space is limited! Please RSVP by going online. DO YOU WANT TO EARN YOUR BROKER'S LICENSE?
If you are interested in attending a broker's pre-licensing course, please contact tracylee@scaor.com. A minimum of 25 members would need to attend this 99 hour course, so we need to know if there is any interest out there. There is no date set yet.
Click Here for Nomination Form >> Please join the Delaware Association of REALTORS® at a breakfast honoring the Honorable Thomas R. Carper on Monday, April 7 at 8:30 a.m. at the DAR office.
ETHICALLY SPEAKING...
Below is a case interpretation related to Article 7. Please read the complaint and make a judgment on how the Professional Standards Panel should rule. The Hearing Panel's decision will be published in next week's newsletter. Case #7-1: Acceptance of Compensation from Buyer and Seller Buyer A engaged REALTOR® B to locate a small commercial property. Buyer A explained his exact specifications indicating that he did not wish to compromise. They agreed that if REALTOR® B could locate such a property within Buyer A's price range, he - the buyer - would pay a finder's fee to REALTOR® B. Two weeks later, REALTOR® B called Buyer A to advise that Seller C had just listed a property with him that met all of Buyer A's specifications except that the listed price was a bit higher than Buyer A wanted to pay. Buyer A inspected the property and liked it, but said he would adhere to his original price range. REALTOR® B called Buyer A three days later to say that Seller C had agreed to sell at Buyer A's price. The sale was made and REALTOR® B collected a commission from Seller C and a finder's fee from Buyer A which was not disclosed to Seller C, REALTOR® B's client. Several weeks later, Seller C learned about the finder's fee that REALTOR® B had collected from Buyer A and filed a complaint with the Board of REALTOR® charging REALTOR® B with duplicity and unprofessional conduct. The complaint specified that when REALTOR® B had presented Buyer A's offer at less than the listed price, he, the seller, was reluctant to accept it, but REALTOR® B had convinced him that the offer was a fair one and not likely to be improved upon in the current market; and that REALTOR® B had dwelt at length on certain disadvantageous features of the property in an attempt to promote acceptance of the offer. The complaint charged that REALTOR® B had actually been the agent of the buyer while holding himself out as the agent of the seller. Further, Seller C asserted that REALTOR® B had never mentioned that he was representing the buyer or intended to be compensated by the buyer. At the hearing, REALTOR® B's defense was that he had served both buyer and seller faithfully; that he had not accepted Seller C's listing until after he had agreed to assist Buyer A in locating a property; and that in his judgment the listed price was excessive and the price actually paid was a fair price. How do you think the Professional Standards Panel ruled?
SAVE THE DATE
NEW LOCATION: Dover Downs - Dover, DE
For Additional Information please contact:
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© Copyright 2008 Sussex County Association of REALTORS®
23407 Park Ave., Georgetown, DE 19947, USA Phone (302) 855-2300 ~ Fax (302) 855-2319 ~ info@scaor.com ~ www.scaor.com |
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