I have always heard the quote “you learn something new every day”. I think it is true that you can learn something new every day. This is what I learned today. Did you know that the police can confiscate items such as cash, single-family homes and condos from people who have never been convicted of a crime? It’s true, and it’s all because of a little-known police tactic called civil forfeiture.
From the Business Insider:
The New Yorker profiled one elderly West Philadelphia couple, Mary and Leon Adams, whose home was seized after their son allegedly sold $20 worth of pot on their porch. (They received an eviction notice but were able to stay in their home during the forfeiture proceedings because of Leon’s health conditions.) They were never even charged with a crime.
Tonight’s new episode of Law and Order: Police arrest your homes
Different types of Boston real estate agents for selling a Boston condo
When acting as a buyer’s agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms. The real estate broker is obligated to provide fiduciary duties to whomever that broker services as a client, and this agency relationship can become very confusing.
If the broker is helping both the buyer and the seller, this is referred to as a “dual agency.” Traditionally, the broker represents the seller, and his fiduciary duty is to the seller. If the broker suggests to the buyer that he will help the buyer negotiate the best price, the broker is practicing “undisclosed dual agency,” which is unethical and illegal in all states. Under a dual agency transaction, it is vital that the broker disclose to both parties whom he represents as a client and whom he represents as a customer. A real estate broker owes his client fiduciary duties, which include care, confidentiality, loyalty, obedience, accounting, and disclosure. To protect his license to practice, a real estate broker owes his customer fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement.
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Updated: January 2018
In most jurisdictions in the United States, a person must have a license before they may receive remuneration for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are usually not required to be licensed. In some states, lawyers are authorized to handle real estate sales for compensation without being licensed as brokers or agents.