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California's Real Estate Regulations Of Broker Supervision
Broker Supervision A broker shall exercise reasonable supervision over the activities of his or her salespersons. Reasonable supervision includes, as appropriate, the establishment of policies, rules, procedures and systems to review, oversee, inspect and manage:
(a) Transactions requiring a real estate license. (b) Documents which may have a material effect upon the rights or obligations of a party to the transaction. (c) Filing, storage and maintenance of such documents. (d) The handling of trust funds. (e) Advertising of any service for which a license is required. (f) Familiarizing salespersons with the requirements of federal and state laws relating to the prohibition of discrimination. (g) Regular and consistent reports of licensed activities of salespersons.
The form and extent of such policies, rules, procedures and systems shall take into consideration the number of salespersons employed and the number and location of branch offices. A broker shall establish a system for monitoring compliance with such policies, rules, procedures and systems. A broker may use the services of brokers and salespersons to assist in administering the provisions of this section so long as the broker does not relinquish overall responsibility for supervision of the acts of salespersons licensed to the broker.
Equity skimming is a type of scam
In this type of scam, a "buyer" approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The "buyer" may suggest that you move out quickly and deed the property to him or her. The "buyer" then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose.
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News about real estate cases in Atlanta and nationwide:
Definition:
Insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will require flood insurance before approving a loan.
Freddie Mac
Definition:
Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders With funds for new homebuyers.
Lease purchase
Definition:
Assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.
If you live in the following cities and need an real estate attorney you should contact
our Real Estate Attorney as soon as possible:
Acworth
Albany
Alpharetta
Athens
Atlanta
Augusta
Columbus
Cumming
Dalton
Decatur
Douglasville
Duluth
Griffin
Hephzibah
Hinesville
Jonesboro
Kennesaw
Lawrenceville
Lilburn
Lithonia
Loganville
Marietta
Milledgeville
Moultrie
Newnan
Norcross
Powder Springs
Ringgold
Rome
Roswell
Savannah
Smyrna
Stockbridge
Stone Mountain
Suwanee
Tifton
Warner Robins
Woodstock
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general information related to real estate issues commonly encountered.
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