Kristin Rosan, Madison & Rosan, LLP | Hondros College Contributor
Articles by Kristin Rosan, Madison & Rosan, LLP | Hondros College Contributor
Division of Real Estate Considers Regulation of Team Names
Blog
August 24, 2018 |
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
Blog
August 17, 2018 |
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
Blog
August 10, 2018 |
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
Appraisal, Blog
August 7, 2018 |
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
Blog
August 3, 2018 |
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?
Blog
July 27, 2018 |
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
Blog, Insurance
July 20, 2018 |
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
Blog
July 13, 2018 |
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
Blog
July 7, 2018 |
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
Blog
June 22, 2018 |
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
Does Your Referral Fee Violate RESPA?
Blog
June 15, 2018 |
Ohio law permits real estate licensees to pay referral fees to real estate licensees licensed in another state or country. Conversely, licensees are prohibited from paying referral fees to unlicensed entities. When paying a referral fee, care should be taken to confirm that: The referral is reduced to a written agreement The recipient of the… Read more
