In a market environment in which having a larger size home with lower taxes can be a significant marketing advantage, Realtors must be particularly cautious about overstating the size of a residence or understating the applicable taxes. Complaints are often lodged against real estate agents about such misrepresentations. Misrepresentations have significant consequences both from a regulatory perspective and from the perspective of litigation liability.
Misrepresentations
A real estate licensee is required to be honest and fair in dealing with everyone in a transaction, i.e. both clients and non-clients. When a misrepresentation is made it violates that obligation of honesty and fair dealing.
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