David Saks: October 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3741

refuse

Can a real estate or buyer's agent refuse to submit an offer, and under what circumstances would they do such a thing ?

Is it ethical ? And when ?

Here are a few reasons that I've heard that agents will refuse to submit offers to purchase real estate.
(Caution: Don't try these at home)

1. The agent wonders how he or she will get paid if they submit an offer that includes no earnest money.

2. They agent doesn't understand the offer the buyer wants to make because the agent doesn't consider the buyer's decision a normal way of presenting an offer.

3. The agent considers that their buyer is attempting to buy the property with nothing down and plays 'Devil's Advocate' with some mercenary thought that they need to protect the seller and advise the seller not to accept their buyer's offer.
(Man, is this unethical or what !!!??)

4. The buyer's agent tells the buyer that the seller has already turned down more than the buyer is offering in an attempt to get the buyer to up the ante'.

5. The buyer's agent says, "Ok, I'll submit the offer but I'm going to advise the seller not to accept it".
Man is this flirting with disaster, or does the agent have an ethical responsibility to protect the financial interests of the seller as well ?

There's much to consider here, and so many ethically challenging events taking place, that all of the above appear to be in the red zone.

In the state of Tennessee the law is clear.
Under Part 4 of the Rules and Regulations of the Tennessee Real Estate Commission:

62-13-404. Duty owed to licensee's client. - Any licensee who acts as
an agent in a transaction regulated by the Tennessee Real Estate Broker
License Act of 1973 owes to such licensee's client in that transaction the
following duties, to:

(1) Obey all lawful instructions of the client when such instructions are
within the scope of the agency agreement between licensee and licensee's
client;

(2) Be loyal to the interests of the client. A licensee must place the interests
of the client before all others in negotiation of a transaction and in other
activities, except where such loyalty duty would violate licensee's duties to a
customer under § 62-13-402 or a licensee's duties to another client in a dual
agency;.....

That's why I wonder what an agents ethical responsibility would be under example 5 . Help us with this one legal eagles !!!

What are the thoughts and experiences of our great ActiveRain community ?




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • October 06 2014 12:14AM
Real Estate Practice : Lesson 3741
share
Can a real estate or buyer's agent refuse to submit an offer, and under what circumstances would they do such a thing Is it ethical And when Here are a few reasons that I've heard that agents will refuse to submit offers to… more
Real Estate Practice : Lesson 3736
share
"C" credit might equate to no credit for some in today's lending environment. The borrower is facing considerably higher interest rates, Loan-to-value numbers come in at 75% to 80% of the appraisal, and it's just a… more
Is ActiveRain a Waste of Time??
share
Not No!! But Hell No!! ===== A comment on an earlier blog suggested that, "… ActiveRain is a waste of time, and one should, … investigate, do… due diligence, and interview… " .. more
Leader of $49. 6 Million Mortgage Fraud Nets 27 Years 3 Months Prison
share
Leader and Organizer of $49. 6 Million Mortgage Fraud Scheme Sentenced to 27 Years and Three Months in Prison U. S. Department of Justice October 01, 2014 Southern District of Florida (313) 226-9100 &… more
Indictment Charges Six in Multi-Million-Dollar Mortgage Fraud Scheme
share
Indictment Charges Six in Multi-Million-Dollar Mortgage Fraud Scheme U. S. Attorney’s Office October 01, 2014 Eastern District of Pennsylvania (215) 861-8200 … more
HUD & VA TEAM UP TO HELP MORE THAN 9, 000 HOMELESS VETERANS FIND…
share
HUD NEWS U. S. Department of Housing and Urban Development – Julián Castro, Secretary Office of Public Affairs, Washington, DC 20410 HUD No. 14-119 … more
Bucks County Woman Charged with Embezzling from Levittown Business
share
Bucks County Woman Charged with Embezzling from Levittown Business U. S. Attorney’s Office September 30, 2014 Eastern District of Pennsylvania (215) 861-8200 … more
Georgia Man Nets 27 Months in Prison for Fraud - Over $800K
share
Georgia Man Sentenced to 27 Months in Prison for Defrauding Investors of More Than $800, 000 U. S. Attorney’s Office September 30, 2014 District of New Jersey (973) 645-2888 … more