New Hampshire Real Estate Happenings with Monika

Hampstead , Nebraska

This Blog is all about real world real estate, no pie in the sky, just the information needed to help you make informed decisions. Looking for information on a career in real estate? Buying or selling? Looking for market data and trends? No crystal ball here but 22 years of solid real estate experience at your disposal. Humor me as we travel around a bit and discuss everything from family to business.

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New Hampshire Real Estate Happenings with Monika

New Hamphsire Updated Dual Agency consent aggreement

Apr. 11, 2007

Categorized in: Agency Issues

Tagged with: agency, dual agency, monika mcgillicuddy, new hampshire, nh

Important information for all NH Real Estate Agents

By Monika McGillicuddy

*Updated* Dual Agency Consent Agreement.

The New Hampshire Association has made some crucial changes to their Dual Agency Consent Agreement to reflect the required Rule changes that the New Hampshire Real Estate made.

Rule change go into effect on May, 1 2007. Changes to the consent agreement are linked to a PDF form with changes highlighted courtesy of NHAR.

Dual Agency Informed Consent Agreement

Changes Include:

Addresses of parties and Agency added [per 404.04(k)(3)].

New section 4 listing disclosed dual agent’s duties [per 404.04(k)(4) – excerpted from RSA 331-A:25-d II]

Expiration date of dual agency informed consent agreement added [404.04(k)(6)] and a statement that it shall not be extended beyond the term of the buyer agency or listing agreement [404.04(k)(5)].

All forms will soon be available on True Forms.

www.monikamcgillicuddytrainer.com

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Ethics

Oct. 31, 2006

Categorized in: Ethics

Tagged with: agency, buyers, disclosure, ethics, nar, offers, realtors, terms

In January of 2006 changes to Article 1 of the REALTOR® code of Ethics became effective. I don’t know why so many REALTOR®S have such a hard time with this change. It is really a simple disclosure requirement but much like our agency disclosure was in the early 90’s, it is being met with resistance. I think REALTORS don’t know how to handle this disclosure as it brings out a little secret that they are uncomfortable with. This little secret has in some cases been practiced in the state of NH for many years. I think that some REALTOR®S feel that NAR is sanctioning or recommending the disclosure of offers…the old phrase comes to mind here “RDR” …REALTOR®S Don’t Read. NAR is not sanctioning the disclosure of the terms or conditions of buyers offers but simply requiring

REALTOR®S to give buyers the heads up…that this COULD POSSIBILY happen…not that it WILL but that it could be a POSSIBLITY.

• Standard of Practice 1-13

When entering into buyer/tenant agreements, Realtors^® must advise potential clients of:

1) the Realtor^®’s company policies regarding cooperation;

2) the amount of compensation to be paid by the client;

3) the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;

4) any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g. listing broker, subagent, landlord’s agent, etc., and

5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)

I welcome your Comments or Questions?

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