Home » Articles posted by Kristin Rosan, Madison & Rosan, LLP

Posts By: Kristin Rosan, Madison & Rosan, LLP

Flat Fee, Minimum Service, and A La Carte Brokers

Uncategorized

The same strategy that low-cost airlines utilize is also becoming more common in the real estate industry. Consumers find it attractive to only pay for what they need. If they aren’t traveling with luggage, why should they pay the same price as a passenger that does? For buyers and sellers, why not do some of… Read more

Are Your Commissions Subject to Garnishment?

Uncategorized

Many licensees believe that because they are independent contractors, their commissions cannot be garnished. This is incorrect. Ohio has several statutes that apply to a judgment creditor’s collection on its judgment from a judgment debtor. One is garnishment of personal earnings and the other is garnishment of property other than personal earnings. The former is… Read more

E&O Policy Claim Dismissed: Statute of Limitations

Uncategorized

The Ohio Supreme Court recently issued a decision clarifying when the statute of limitations starts to run for claims against insurance companies regarding professional liability insurance policies. The case stems from a real estate company’s lawsuit against their insurance agent for negligence in failing to procure an appropriate E&O policy for the brokerage and negligently… Read more

Division of Real Estate Considers Regulation of Team Names

Uncategorized

The Division of Real Estate has circulated a draft administrative rule to real estate industry stakeholders for review and comment. One such draft proposes to add restrictions on words a real estate team may include in their team name. Real estate teams have operated in Ohio for more than fifteen years, spending significant resources on… Read more

Real Estate Violations Caught on Camera

Uncategorized

We’ve all been tempted, and maybe some of us have given in, to peak into a host’s medicine cabinet or under their sink. Not to steal anything, but just to be nosey. Hidden security cameras capture both the curious and the criminals and real estate licensees are no exception. With the popularity of indoor cameras comes… Read more

Pre and Post-Closing Possession Agreements

Uncategorized

If you represent a buyer that requires immediate housing and wants possession prior to closing, consider a pre-closing possession agreement. The agreement is similar to a lease, whereby the parties agree to certain terms and conditions of the buyer moving in before the buyer actually purchases the property. As with any agreement, it is important… Read more

Ohio Commences Regulation of Appraisal Management Companies

Uncategorized

An appraisal management company is a business that manages or coordinates appraisers and their provision of appraisal services to lender clients. Although the regulation of appraisal management companies is not new nationally, it is to Ohio. In 2015, various federal financial agencies enacted a final rule to implement state requirements for the registration and supervision… Read more

Are You Using a Wire Fraud Notice?

Uncategorized

From 2000 through 2017, the FBI’s Internet Crime Complaint Center (IC3) has received more than 4 million victim complaints. IC3 is the lead federal agency for investigating cyber-attacks and also provides the public with information about criminal cyber activity. In May of 2018, the IC3 released its Internet Crime Report for 2017. The Report provides… Read more

Buyers and Exercise Due Diligence on Flood Zone Determination

Uncategorized

As part of the home buying process, lenders are required under federal law to determine whether the property is located in a flood hazard area. If it is, then the buyer will be required to purchase flood insurance. If it is not, then insurance is unnecessary. However, if it is later determined the property is… Read more

Property Managers: Adequate Notice Ruling from Supreme Court

Uncategorized

Managing property is not limited to finding tenants and collecting rent. One critical component of any property manger’s duties is to safeguard their client’s property. Thus, daily tasks like keeping up the landscaping and making repairs are necessary to keep the property in habitable condition and protect the landlord’s investment. Another responsibility is making sure… Read more

Manufactured Homes Program Moves to OH Dept of Commerce

Uncategorized

An important tip for professionals representing buyers of manufactured homes or the land upon which they sit. Starting this year, the regulation of the sale of manufactured homes has moved from the Manufactured Homes Commission (which was disbanded) to two Ohio Department of Commerce Divisions, the Division of Real Estate and the Division of Industrial… Read more

Have a question? Call us at 1-888-HONDROS or chat with us. We’re here to help!


You are now leaving Hondros.com

Cancel