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Home » Articles posted by Kristin Rosan, Madison & Rosan, LLP | Hondros College Contributor (Page 2)

Posts By: Kristin Rosan, Madison & Rosan, LLP | Hondros College Contributor

E&O Policy Claim Dismissed: Statute of Limitations

Industry Articles

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

Industry Articles

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

Industry Articles

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

Industry Articles

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

IRS Ruling Cites the Uniform Standards of Professional Appraisal Practice

Industry Articles, News

According to a press release from The Appraisal Foundation, the Internal Revenue Service (IRS) has issued a new rule. The Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions rule explains how these contributions should be valued. Take note; this rule mentions the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Foundation. The Foundation’s… Read more

Ohio Commences Regulation of Appraisal Management Companies

Industry Articles

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?

Industry Articles

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

Industry Articles

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

Industry Articles

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

Industry Articles

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

Real Estate’s 12 Most Common Enforcement Issues

Industry Articles

This week the Division of Real Estate issued its first newsletter since the Winter of 2016. Of note is a list of the 12 most common enforcement issues before the Division and recommendations on avoiding them. The list will aid brokers and salespersons in identifying areas of exposure in their practice and provide an opportunity… Read more

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