Assignment: Real Estate Law Violations.
Read through the following scenario. List at least five (5) license law violations you find and in your own words, discuss WHY you think they are violations. Please follow the instructions stated after the scenario.
Scenario:
Turner is a salesperson for Premier Realty. Faye, a wealthy widow who wants to sell her home and move into a condo, is about to list her property with him. When Turner tells Faye his commission rate is 6.75%, she balks and says that the amount seems excessive. Turner explains that the rate is set by the local MLS and he’s not permitted to charge any less than that.
After signing the listing agreement, Faye instructs Turner to show her home only to potential buyers “whose background is similar to mine and my neighbors’.” She also asks Turner s not to show the home during the evening on weekends. Turner agrees to follow Faye’s instructions.
Turner also wants to sell his own home, which he has almost finished renovating. The only work left to be done is fixing the leaky roof. Knowing that the roof work will be completed in the next month or so, Turner places the following ad in the city newspaper: “Beautiful 2BD, 2BA house, fully renovated. Move-in condition! Desirable location; safe neighborhood. $318,000. Call today! (818) 555-5555.” He receives several calls about the listing and arranges to show the house to a potential buyer named Harrison. Turner informs Harrison that he is both the property seller and a licensee.
Turner picks Harrison up at the Premier Realty office and drives him back to his house. Harrison is impressed by the landscaping and the upgraded kitchen. He says, “You weren’t kidding—this house is in move-in condition!” He decides to make a full-price offer on the spot. Turner fills out a purchase agreement form for both to sign, and he accepts Harrison’s check as a good faith deposit. He doesn’t give Harrison a copy of the contract or any other documents.
Assignment Instructions:
The top right corner of each page must contain the Student’s Full Name, Date, and Assignment Name.
Your assignment must be a minimum of 3–5 full pages; word-processed using 12-point type, either Times New Roman or Arial font, double spacing between lines. Margins will be 1.0” on all four sides.
Don’t submit any papers with overly large fonts or excessive margins to try to hide insufficient volume.
You will be downgraded accordingly.
Bibliographies, illustrations, attachments, and restating the assignment’s instruction are not included in any minimum or maximum page requirement.`
