Ethics Corner – Answer

Oh, Susannah!

The situation from last month is that Susannah presented an offer below the listed price and, at the negotiating table, suggested that if the listing salesperson would be willing to reduce his commission, she would as well.  Sshe really wanted her buyers to be able to purchase the property. Her suggestion did not appear to go over very well with the listing salesperson. (more…)

Ethics Corner – Another Tale Retold for a Busy Spring Market: Oh Susannah!

Susannah Salesperson had buyers with whom she’d been working for months. They were all getting a little desperate – the buyers because they were buying their first home and nothing they saw that was in their price range appealed to them, and Susannah be­cause she’d shown them every house in their price range and they were just too picky. Still, she liked them and tried very hard to find their first home. She remembered what it was like when she was buying her first home and how hard it was to let go of some of the dreams. (more…)

Ethics Corner – A Tale Retold for a Busy Spring Market

Multiple Offers:  A Tale in One Part
Sonja Salesperson listed a property at a price she was sure was going to be attractive enough to generate multiple offers for her seller.  The market was hot and she wanted to take full advantage of it on behalf of her seller.  Sonja was right – the offers came in quickly and the offer presentations were scheduled for the next night. (more…)

Ethics Corner – You be the Judge

Social Media Marketer Extraordinaire?

Silas Salesperson is a social media guru to his friends and colleagues.  Silas knew right from the very beginning that social media was going to be the best thing that happened to real estate marketing since the Multiple Listing Service®.   He was marketing his properties on various social media sites long before anyone else, and he helped a few of his colleagues get the hang of it as well. (more…)

Ethics Corner – An easy test to start the year.

Question 1
When is it acceptable to give a lock box code to a home inspector or other third party who need to view a property?

a.  Once a month
b.  Whenever you aren’t available for the appointment
c.  Any time
d.  Never

Correct answer:
(d) Never

The Rules and Regulations are very clear:

With the knowledge and authority of the Listing Brokerage, keys or other entry systems may only be used by Members for the purpose of inspecting properties or showing properties…. the turning over of the key or information on the entry system to any Person not authorized by the Listing Brokerage, is an unauthorized use.

The member conducting the showing or inspection will remain on the premises during the entire period of access unless permission in writing has been obtained from the Listing Brokerage and will ensure that all security precautions are taken.

a)   Keys shall be re-deposited in a lockbox immediately upon exiting the property and the lockbox shall be properly secured.

b)   The member conducting the showing or inspection is solely responsible to ensure that all security precautions are taken prior to departing the property.

Members should not be giving lock box codes to third parties and allowing them to enter a locked property without either the listing or selling salesperson accompanying them.   The member is responsible for staying with the third party for the entire time and ensuring the property is properly secured again.

Question 2
If you and your buyer can’t get to a showing at the appointed time, what do you do?

a.  Show up whenever you can
b.  Call the listing office to let them know
c.  Call the seller
d.  Nothing

Correct answer:
(b) is correct, and (c) may also be correct if you can’t contact the listing broker.

Again, the Rules and Regulations are clear:

Section 8, Selling Procedures
8.04  If a Member is unable to keep an appointment, the Member shall:
(i)  where the appointment was made directly with the Listing Brokerage, advise the Listing Brokerage, or if direct contact with the Listing Brokerage is not possible, advise the Seller directly; or

(ii) where the appointment was made directly with Seller as permitted under these Rules, advise the Seller directly.

Ethics Corner – Verify, verify, verify!

The following case study is taken from the Professional Standards files of the REALTORS® Association of Hamilton-Burlington.  The names have been changed.

A Salesperson submitted to RAHB a property information sheet which indicated “Yes” under the item “central air conditioning”.