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Colorado s quite progressive, I think. We adopted BA 20 years ago, we accepted transaction brokerage, we mandated broker only licensing, we instituted designated agency....
Speaking of ethics , there was a huge spread about Vegas RE in the latest issue of Time magazine. An agent working "on behalf" of an overseas client was mentioned. She made a 250K offer on a condo listed for 180K just in order to pocket the higher commission! I can't believe it's even possible... unless the client doesn't speak English... Can't she/he look up the listing on the MLS?!
Colorado s quite progressive, I think. We adopted BA 20 years ago, we accepted transaction brokerage, we mandated broker only licensing, we instituted designated agency....
I think it is interesting to see how other states do things. I didn't realize that CO did transaction brokerage. I thought you guys just had designated agents there.
I also find it interesting that an attorney can't draft a form for a real estate brokerage...I think it is interesting that essentially all agents have to agree to the same terms for their business practices because you have to use that listing agreement. I wonder what the agents that do hourly rates there do...
I think it is interesting to see how other states do things. I didn't realize that CO did transaction brokerage. I thought you guys just had designated agents there.
I also find it interesting that an attorney can't draft a form for a real estate brokerage...I think it is interesting that essentially all agents have to agree to the same terms for their business practices because you have to use that listing agreement. I wonder what the agents that do hourly rates there do...
When you need a laugh - read the short sale addendum.
An attorney can draft forms for use by brokerages (if they are a party to the contract) or they can draft a form for a client (buyer/seller)
There are some forms they have to (like a lease option or purchase) because there is no state approved form for that.
Builders are exempt from using our forms or having licensed onsite people
I find the rules and disclosure laws between states highly different. For instance, rules in NoVa were very different than in AL for disclosure. In fact, AL is a "buyer beware" state. I think people don't always understand that the realtors they are dealing with from state to state are NOT operating under the same standards and that can affect the realtor ethics as well. I found a very ethical realtor in AL, and she helped our family a lot and was very honest. But the realtor who works for the developer we bought from has had no problem using the non-disclosure laws to benefit his wallet. Why be honest about issues the developer one works for when one wants a commission? And what is even more mind-boggling in this instance is that the realtor in question LIVES in our community. We often feel we are living with a mole for the developer
While I do believe this is a state issue and the national gov't shouldn't try to "fix" this--(they'd probably make it worse), I do believe some basic guidelines and standards should be set as the norm. What are realtors thoughts about this idea?
I want to thank all of you that have responded, all with great advice! It is very helpful and a good learning lesson for them. BTW, Middle-aged Mom, the agency was not the listing agent. To all of you, Thanks again!!
While I do believe this is a state issue and the national govt shouldn't try to "fix" this--(they'd probably make it worse), I do believe some basic guidelines and standards should be set as the norm. What are Realtors thoughts about this idea?
The problem is that RE laws & practices vary so much between states especially the north (English law) and the south & west (Spanish laws).
Our national association attempts to establish code of ethics & conduct that establishes us as "Realtors" and is common through out the US. Problem is not everyone joins the National Association of Realtors or practices good ethical behavior.
The industry is large and has many facets from residential, building, investing, commercial and IMO our residential section is run pretty well. It's always the 5% in any industry or trade that makes it tough for the other 95%.
I'm with you that we don't need the Fed Govt dictating policy and just like most professions it should be regulated on the state level. Obama Real Estate offices would not be a good thing even if we got a free Chevy to drive.
Silverfall,
I don't want to engage you in this thread since I don't feel another exchange with you will be helpful to the OP.
Please re-read my post. In it I said,
"It's possible that the agent in question didn't do this - but it's also possible that your daughter and son in law didn't pay attention. It's possible that the agent in question didn't do this - but it's also possible that your daughter and son in law didn't pay attention. "
One correction to my own post - I meant to write our buyer's agency agreement is about 1/2 a dozen pages! - not 1/2 pages. Oops.
I work with many first time home buyers - they seem very able to understand the documents. I have a higher regard for first time home buyers than many brokers might. I am an excellent broker.
Nevertheless we know there are some bad real estate agents out there!
To get back on track, again I suggest the OP's daughter & son in law contact the responsible broker and be assigned to another agent.
Best wishes all.
We are in a similar situation. The first agent mispresented herself, never had a copy of the contract, etc. We pleaded with the owner to let us out of the contract he refused. In the meantime, we complied with a couple of wishes from them such as lowering the price, lockbox for easy access. If you feel that there were things that are questionable and feel strongly that they are not working with you, here is what I would do: call the local realator association and lodge a complaint. Since agents operate under a license, each state/commonwealth has a governing agency that oversees the licensure. Make a complaint with them. Since, they gave us the new agent from the same agency, we have not had one showing in four months. The listings runs out in November and we plan to rent. There are many good realators out there, and some that should not be working. Good luck.
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, there was a huge spread about Vegas RE in the latest issue of Time magazine. An agent working "on behalf" 
of an overseas client was mentioned. She made a 250K offer on a condo listed for 180K just in order to pocket the higher commission!
I can't believe it's even possible... unless the client doesn't speak English... Can't she/he look up the listing on the MLS?!
