As many licensees know, the Minnesota Department of Commerce requires every licensee take a specific class each licensing year. This year (remember that the license year runs July 1 to June 30), the required module will be about disclosures.
It may seem to some that it is a deep topic while others believe it to be topical. There are so many things that are required to be disclosed by real estate agents (brokers and salespeople). From first substantive contact, to scheduling showings, to writing the offer and closing the sale, there are multiple items needing disclosure.
Some will say that the class may be redundant and repetitive. (That comes from our Department of Repetition and Redundancy Department). Yet, when reviewing the violations on the Minnesota Department of Commerce’s website, it appears that the common thread throughout the violations is a lack of disclosure.
At Minnesota Realty School, we always encourage our students that there is no such thing as over-disclosure. An agent should play their cards with all the cards showing and facing up. A consumer’s faith should never be tested and by disclosing things – from beginning to end – reassures the consumer that their agent is being thorough, honest, and faithful.
When a consumer suspects something is amiss, the concern typically surrounds “they are withholding something”. The “they” referenced could be sellers, landlords, property owners, agents, tenants and/or buyers. Once the seed of doubt is planted, it can grow quickly into an ugly weed. As such, by disclosing fees, material facts, relationships, a consumer can move forward with comfort and confidence.
An issue that always garners discussion in classes covers the material fact disclosures. Even though these seller disclosure requirements have been around since 2001, there is confusion of responsibility of disclosure and what should and should not be disclosed. With ever changing laws, it is no wonder uncertainty exists.
This new course will provide in depth details on numerous real estate licensee disclosure requirement issues. Curriculum also includes the proper disclosures required by sellers, including selling property “as is” and the liability sellers can incur for non-compliance. When you attend this course, an attendee will receive detailed information on real estate licensee disclosure requirements. We also will review seller material fact disclosure requirements including waiver conditions and cautions. In addition, attendees will become informed on special disclosure requirements such as environmental, predatory offender and other disclosure considerations and learn disclosure rules related to special statutory disclosure items.
This is the only course a licensee must attend between now and June 2021. With the pandemic happening, your choices may be limited to an online event which is either recorded or live. You will earn 3.75 hours of continuing education. This class also fulfills the 1-hour broker module.
With the winter months approaching and business possibly slowing down, consider taking your credits early.
Stay well, be safe and may health follow you wherever you go.
