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How Minnesota real estate agents can reduce risk and manage transactions effectively

An analysis of select laws and issues applicable to risk management in a Minnesota real estate brokerage

Brad Boyd

on 30 September 2010

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Transcript of How Minnesota real estate agents can reduce risk and manage transactions effectively

Chapter 82 - Licensing Law in MN
Find it: revisor.mn.gov
Read it
Apply it (learn the prohibitions and the requirements) Obtain insurance Broker supervision
Regulatory Agency
Consumer Protection
Fines up to $10,000 Risk Reduction Tools
MNAR Forms
Broker Supervision
Legal Hotline
File Documentation & Checklists
Brokerage Counsel / Attorney E&O Insurance Chap 82 requires "each broker shall be responsible for the acts of any and all of the broker's sales people [...] while acting as agents on the broker's behalf"
82.34, subd.3 Commerce Department Fraud Lender fraud

Short sale fraud

Misrepresentation/failure to identify facts on HUD-1 Know what your policy covers/excludes Evaluate and tender claims timely Disclosure Seller Material Fact Disclosure
Disclosure of material facts by agents/licensees 513.52 - 513.60 of Minnesota Statutes Disclosure of material facts that adversely affect ordinary buyer's use or enjoyment Waiver available Licensees must disclose - no waiver available Seek counsel to identify the best response Training File checklists Policies & compliance Ongoing monitoring MNAR Forms Forms Update - 2010 Forms as Risk Management Tool Right to Represent Tenant Right to List for Lease
Lease Agreement Changes to PA Other changed docs Understanding contingency risks
inspection contingency addendum
financing contingency
sale of home contingency Key Enforcement Issues for MN DOC BPOs Property Management
Agency Relationships Disclosure
Trust Account
Team Names Responding to an inquiry
Beware of
Exclusive Agency Risk Brad J. Boyd
Risk Management for
Real Estate Brokers
and Agents Foreclosure REO & Bank-owned Property
Short Sales
Minnesota Foreclosure Foreclosure by Advertisement Foreclosure by Action Redemption Deficiencies ?!? Multiple lienholders Release v. Satisfaction Disclosure issues Bank contracts
Property management Arbitration v. Court
Commerce Department Enforecment Action Ethics Complaint
Civil Lawsuit / Consumer Action Key Areas of Risk Advertising Truthful - not misleading or inaccurate Advertising in the new era Twitter
Agent of Broker
(identify status as licensee and identify broker) Thomsen & Nybeck, P.A. http://brokerageattorney.com
Full transcript