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September 26, 2008 SENATOR CARPER VISIT
On hand for the discussion were members: Bill Lucks, Steve Alexander, Sue Bramhall, Phil Fleming, Fred Dean, Paul Graves, Sandra Ware, Robin Masland, Andy Staton, Charlotte Herbert, DAR Government Affairs Director, and SCAOR staff TracyLee Elmore and Ruth Briggs King. Senator Carper revisited how past action by Congress had helped shore up the failing Savings and Loan Crisis and bail out Chrysler. Both of these resulted in pay back to the US. In his closing remarks, the Senator reminded REALTORS® that this country fought the largest and most powerful nation for our independence, had a civil war and overcame slavery. In the past century we fought and won two World Wars, survived the depression and won the cold war. We can overcome the current issues as well.
The MLS Committee is completing their audit of lockboxes. Missing boxes result in a replacement fee to the Participant. Please ensure you complete your audit. Questions should be referred to TracyLee at the SCAOR Office. Audit forms available in Word or PDF format.
AN EVENING OF INDULGENCE
Monday, October 13, 6 - 9 pm
Click Here to buy 1 or more of the last 12 tickets!
No parking. No driving. $135 will buy you an orchestra seat, transportation, morning pastries, snacks and beverages. Enjoy independent sight-seeing and lunch before our 2 p.m show time. See the legendary Tony and Olivier Award winner Patti LuPone, starring as Mama Rose in Gypsy!
ETHICALLY SPEAKING... Our Duties to Clients and Customers
Case #1-26: Subordination of Client's Interests to REALTORS®'s Personal Gain REALTOR® B was a sales associate with XYZ, REALTORS®. To promote XYZ's in-house listings, the firm's principals offered $1,000 bonuses to the company's sales associates at time of closing on each of XYZ's listings they sold. Dr. Z, a recent transferee to the town, entered into a buyer representation agreement with XYZ through REALTOR® B. Dr. Z explained he had specific needs, foremost of which was any home he purchased be convenient for and readily accessible by Dr. Z's spouse who was physically challenged. "Part of my wife's physical conditioning program is swimming," said Dr. Z, "so in addition to everything else, I am looking for a home with a pool or room to build a pool." REALTOR® B knew there were a number of homes for sale meeting most of Dr. Z's general specifications, several of which were listed with XYZ. Over the next few days, REALTOR® B showed Dr. Z several properties in the Blackacre subdivision, all of which were listed with XYZ, including one with an outdoor swimming pool. Not included among the properties shown to Dr. Z were several similar properties in Blackacre listed with other firms, including one with an indoor pool. After considering the properties shown to him by REALTOR® B, Dr. Z made an offer on the home with the outdoor pool. His offer was accepted and the transaction closed shortly thereafter. Several months later, REALTOR® B received notice of an ethics complaint filed against him by Dr. Z. Dr. Z had learned about the home with the indoor pool from a colleague at the hospital who lived on the same block. The complaint alleged that REALTOR® B had put his interests, and those of his firm, ahead of Dr. Z's by promoting XYZ's listings exclusively and by not telling Dr. Z about a similarly-priced property with an indoor pool, which suited his family's needs better than the property he had purchased. The complaint went on to indicate that REALTOR® B had received a bonus for selling one of XYZ's listings and that Dr. Z suspected that REALTOR® B's failure to tell him about the home with the indoor pool was motivated by the opportunity to receive a bonus. At the hearing, REALTOR® B defended his actions stating that properties rarely meet all of potential purchasers desires; that he had made Dr. Z aware of several properties that met most of his requirements, including one with an outdoor pool; and that Dr. Z must have been satisfied with REALTOR® B's service since he had purchased a home. Based upon your interpretation of Code of Ethics Article 1, what do you believe the conclusion of the Hearing Panel was? Find out in the next At a Glance! INTERNATIONAL REAL ESTATE FOR LOCAL MARKETS
Listing of September 28, 2008 through October 30, 2008
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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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The Sussex County Association of REALTORS® welcomed Senator Tom Carper on Monday, September 22 to their facilities near Georgetown. Senator Carper joined the Government Affairs Committee to discuss the current issues related to our economy and the real estate market. Committee Chair, Camilla Conlon asked Senator Carper to share with us his concerns and comments regarding the ongoing economic situation.
