New MRIS Policy on Short Sales
The Fredericksburg Area Association of Realtors posted an interesting article about the new MRIS policy on Short Sale Listings and the tension between the policy and your ethical obligation as realtors to keep your clients personal financial information confidential.
Michele Freemyers, of my law firm and the Fredericksburg office of Ekko Title added that she wished the posting had began and ended with the following :
"MRIS requires you to disclose this information. The Code of Ethics requires that you NOT disclose this information as it is considered confidential. Bottom line: Get written from authorization from your Seller to disclose the Short Sale status BEFORE you list it in MRIS"
http://faarforum.com/2008/07/mris-short-sales-commissions-disclosures-and-you/
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Michele Freemyers, of my law firm and the Fredericksburg office of Ekko Title added that she wished the posting had began and ended with the following :
"MRIS requires you to disclose this information. The Code of Ethics requires that you NOT disclose this information as it is considered confidential. Bottom line: Get written from authorization from your Seller to disclose the Short Sale status BEFORE you list it in MRIS"
http://faarforum.com/2008/07/mris-short-sales-commissions-disclosures-and-you/
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Click Here To Receive Updates by E-mail
Disclaimer
posted by Marcus Simon at
12:56 PM
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2 Comments:
Lem Marshall, counsel at VAR, teaches that Virginia Law states that our duties to our clients as real estate agents is to keep financial matters confidential unless you have permission from the sellers. This is in addition to our responsibilities within the Code of Ethics. Just another level of seriousness (don’t want to break the law!) to all this! Alicia
Alicia and Lem are both right. One of your duties as a real estate licensee representing Sellers is to maintain the confidentiality of all financial information received from the client during the brokerage relationship. See Section 54.1-2131 Paragraph 3 of the Code of Virginia.
http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+54.1-2131
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