As Published by REM Magazine – June 27th, 2016
Legal Responsibilities of Real Estate Agents, Fourth Edition
Rosemary Bocska and Martin K.I. Rumack – LexisNexis
This popular textbook by research lawyer Rosemary Bocska and Toronto lawyer and frequent REM contributor Martin Rumack is now in its fourth edition.
“A particularly strong factor in deciding to publish this new edition was driven by the continuous change in terms of the standards of practice required not only of agents and brokers, but also of lawyers, mortgage brokers, lenders, financial advisors, appraisers and other involved parties,” says Rumack. “The on-going changes to the numerous real estate laws and regulations, and refinements in the law driven by court decisions, impact everyone who may be involved in providing any type of professional services to the public.”
The book is written from an Ontario perspective and includes changes to Real Estate Council of Ontario regulations.
It’s not all dry legalese. A section about commissions offers several pieces of advice, each one backed up by specific legal rulings, on how to avoid commission disputes. They include:
- Get the agreement in writing, pronto.
- Make yourself an indispensable part of the deal.
- Count on the fact that unscrupulous sellers may try to avoid paying your commission.
- Watch out for little old ladies and other trouble-makers.
- Don’t be a jerk; it will eventually cost you.