Welcome to the Legal Section of C.A.R. Online, where REALTORS® legal needs are met with the latest information and legal updates. Look below for the latest legal news during the last two months. You'll see Regulatory News, new Realegals®, and What's Hot announcements.
Oct 14, 2016 What's New: The operators of an alleged mortgage relief scam that preyed upon distressed homeowners are banned from the mortgage loan modification and debt relief business under a court order obtained by the Federal Trade Commission.
Oct 14, 2016 Legal Article: It is becoming more common to hear of real estate transactions being hacked. The schemes and ploys are ever changing, and new ones seem to develop as quickly as the older ones are exposed. To prevent you and your client from falling victim to the theft of thousands of dollars, common sense procedures are recommended.»
Sept. 19, 2016 (revised) legal Article: In November 1985, the Federal Home Loan Bank Board (FHLBB) issued a regulation prohibiting the practice of some lenders of calling a loan due upon a sale of the property and at the same time charging a prepayment penalty (the "Double-Whammy"). This regulation (FHLBB Regulation) clarifies that for loans secured by owner-occupied, one-to-four family residential property, the "Double-Whammy" prohibition also applies for a period of time after the lender fails to allow a qualified transferee to assume the loan at its current rate and terms.
Sept. 16, 2016 (revised) Legal Article: Many real estate salespersons work in teams under a brokerage. If a group of two or more real estate licensees working under the same broker wish to work together as a team and advertise themselves as a team using the name of one of the licensees, usually the head of the team, there are some very specific CalBRE requirements that must be followed. This Q&A goes over the details of the CalBRE rules for team names and team name advertising.
Sept. 15, 2016 (revised) Legal Article: A “fictitious business name” is the name a person uses to conduct business if not using his/her own legal name. A business using a fictitious business name can accept payments, advertise and otherwise communicate under that name. Using a fictitious business name also permits a single legal entity such as a corporation or an LLC to operate multiple businesses without creating a new legal entity for each business.
Sept. 1, 2016 (revised) Legal Article: This Legal Q&A which discusses retention of tax records and real estate transaction records has been updated to include a discussion of the pest control report and clearance. Apparently DRE auditors look for copies of these documents when conducting an audit. »
Legal Q&As -
Find answers to over 150 subjects in more than 50 categories.»