The nation’s current economic troubles have forced REALTOR® associations and multiple listing services ("MLS") to address bankruptcy issues, with both association members and vendors filing for bankruptcy protection. This Q&A will outline the basics of bankruptcy, and then address specific bankruptcy issues that a REALTOR® association may encounter.
A May 2009 report addressing cooperative compensation issues related to short sales, REO, types/levels of service provided by cooperating brokers, net sales prices, and bonuses
Vermont court rules that pre-suit mediation clause and limitation of liability provisions contained in a purchase & sale form contract created by the state association did not violate the state's consumer fraud laws.
While strong, cooperative relationships among the different entities of the REALTOR® association have long been the strength of the organization, there are times when conflicts arise and associations need a “little help from their friends” to help resolve differences.
A Louisiana court has considered whether a real estate company had a duty to inform buyer about zoning restrictions on a property, which prevented her from using the property in the way that she had intended.
Positive Software Solutions, Inc., v. New Century Mortgage Corp.: Arbitrator Had Duty to Disclose Prior Relationship
A federal appellate court has considered whether an arbitration award should be vacated because an arbitrator failed to disclose that he had served as co-counsel in a lengthy litigation matter with one of the attorneys who was now representing one of the parties in the arbitration.
A Connecticut appellate court has considered whether a seller could demand a refund from a broker because the broker received a commission based on a price which exceeded the actual sale price.
A California court has considered whether a broker could collect a commission as damages from a personal real estate purchase contract when the seller breached the contract.
A New York federal court has considered whether a disabled tenant’s request to move into a higher priced apartment within the same building at her current rental rate could constitute a reasonable request for accommodation by the tenant.
Maryland’s highest court has considered whether the evidence supported a large verdict against a real estate company, appraiser, and mortgage lender for their participation in a conspiracy where dilapidated properties would be bought and quickly resold to buyers who would not otherwise be financially qualified to purchase the properties.