Quote:
Originally Posted by Aadesh
After reading the above posts, I have a question in mind, if you please answer:
- Is a member/broker of NAR legally protected against clients duping them?
- And if a broker under NAR takes to unethical deals whom do the clients approach?
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Dear Adesh,
As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.
The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.
Hope this covers your query