Agency Disclosure, “Due Diligence” Topics in 2009-10 Update Course

Discussion of “due diligence” concepts in sales transactions and agency disclosure and agreements will be the main topics of the 2009-2010 Update Course.

Exercising “due diligence” in sales transactions protects both sellers and buyers and involves careful attention to an array of matters ranging from the preparation and processing of contracts and adequate property inspections to complete and accurate closing statements.

Compliance with Commission rules relating to agency disclosure and agreements will focus on person-to-person contact versus email or telephone contact, soliciting, and forming relationships through a virtual office website (VOW).

In addition, the course will review changes in selected transactional forms and Commission rules, requirements to keep a current and active license, real estate raffles (illegal in North Carolina), and rebates to buyers.

Consideration is also being given to including some instruction on topics of particular interest to brokers involved in residential leasing and/or property management.

All licensees must complete the four-hour Update Course in each license year as part of the eight-hour continuing education requirement. Course locations and times are available at the Commission’s website, www.ncrec.state.nc.us.

This article came from the May 2009-Vol40-1 edition of the bulletin.