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Advertising that contains blatantly false or misleading information. False advertising by a seller constitutes misrepresentation and thus gives the buyer relying on it grounds for canceling his or her contract to purchase. In certain cases, false advertising may constitute fraud and would be grounds for a court to award a money judgment for any damages suffered. Generally, a real estate licensee found responsible for false advertising is subject to suspension or license revocation. A nonlicensee who makes false representations (for instance, in respect to a subdivision) may be subject to criminal prosecution.
Dearborn Real Estate Education
This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.