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December 19, 2008 
SCAOR OFFICE BEGINS THE MOVE
Please be understanding as the staff must relocate while still assisting members.
Go to www.thescaorstore.com to register for the classes you need, and beat the rush. Delaware REALTORS® may begin taking classes now towards their April, 2010 renewal requirements. BE ON THE LOOKOUT... SENTRILOCK CHANGE IS ON THE WAY
SentriLock is working on an improvement with lockbox ownership. Lockboxes will be owned by an office keycard, not individual broker keycards. This will alleviate issues when an office has a change in broker. More news as it becomes available! If you have questions, call Gail at 855-2300 ext 200, or email her at gail@scaor.com. PRE-LICENSING COURSE - COMING IN 2009
MULTI-FAMILY vs. DUPLEX CLARIFICATION
Multi-Family is a designated Property Type in the MLS. A property should be listed as a Multi-Family residence if the property sits on a single parcel of land, does not have separate unit numbers as part of a condominium ownership, and can only be sold together to a single entity. The property contains more than one residence and can be occupied by multiple families.
Duplex is a style of home that is found under "Coded Features" in the MLS.
Did you know that you can login to www.realtor.org and view your office roster to see who has an outstanding invoice?? Click Here for Instructions >>
Yes, the housing market. Nationally, it is struggling, but any long-term plan to boost the American economy must include the real estate markets.
ETHICALLY SPEAKING... Our Duties to Clients and Customers
Seller A and Buyer B were negotiating the sale of an apartment building, but couldn't agree on the price. Finally, they agreed that each would engage an appraiser and they would accept the average of the two appraisals as a fair price. Seller A engaged REALTOR® C as his appraiser, and Buyer B engaged REALTOR® D. Both REALTORS® were informed of the agreement of the principals. The two appraisal reports were submitted. The principals averaged the two valuations and made the transaction at the price determined. Six months later, it came to the attention of Seller A that REALTOR® C was managing the building that he had appraised. Upon making further inquiries he learned that REALTOR® C for several years had managed five other buildings owned by Buyer B, and that he had been Buyer B's property manager at the time he accepted the appraisal assignment from Seller A. At this point Seller A engaged REALTOR® E to make an appraisal of the building he had sold to Buyer B. REALTOR® E's valuation was approximately 30% higher than that arrived at six months earlier by REALTOR® C. These facts were set out in a complaint against REALTOR® C made by Seller A to the local Board of REALTORS®. The complaint charged that since REALTOR® C was an agent of Buyer B; since he managed all of Buyer B's properties; since he had become manager of the property he had appraised for Seller A in connection with a sale to Buyer B; and since he had not disclosed his relationship to Buyer B, he had acted unethically, and in the interest of his major client had placed an excessively low valuation on the property he had appraised for Seller A. At the hearing, Seller A also brought in a witness who stated that he had heard Buyer B say that he had made a good buy in purchasing Seller A's building because Seller A's appraiser was his (Buyer B's) property manager. Buyer B, appearing as a witness for REALTOR® C, disputed this and protested that he had paid a fair price. He substantiated REALTOR® C's statement that management of the building formerly owned by Seller A was never discussed between them until after it had been purchased by Buyer B. Based on your understanding of the Code of Ethics Article 5, how do you think the Professional Standards Panel ruled? Find out in next week's At a Glance!
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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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