Sam Wercinski signed a new Substantive Policy Statement this month that took effect June 18, 2008. It covers the actions the Department is going to take in the event a licensed real estate agent is convicted of Residential Mortgage Fraud. Not only does the SPS cover the intended actions, it also provides recommendations to keep you out of jail. Straight from the Statement…
The Department recommends that a licensee who provides a premium, credit, or rebate in a real estate transaction disclose the premium, credit, or rebate to all parties in the transaction, including the lender and third-party service providers, such as appraisers, in the purchase agreement and the HUD-1 statement (or other writing if no HUD-1 is required).
Good advice! And strangely similar to Jim Sexton’s last post.
If he doesn’t read it, he should and you are right, it does sound strangely familiar. Is Jim Sexton the next RE Commish?
@D.Patrick- Now there’s a good question for Jim at the next Broker Meeting! But the last I heard (this morning), he was not interested in resigning from his current position to make himself an eligible candidate.