| |
LEGAL: Flood Insurance & Related Disclosures
|
|
| |
By Christal Park Keegan, Esq.
 As REALTORS®, it's crucial to understand your obligations with regards to flood disclosures because flooding is considered a material fact to real estate transactions. Failure to disclose flood damage can result in liability and it's important to inform your buyers about the need and availability of flood insurance.
In general, a broker/agent must disclose the following flooding facts when they have knowledge:
- A property is in an area where flood insurance is required;
- Flood insurance was required in the past;
- The property is located in an area that has flooded in the past; and
- The property is located in an area subject to flood risk that may cause many or most owners to purchase flood insurance.
Further, the REALTORS® Code of Ethics requires its members to disclose flood damage (Article 2, Standard of Practice 2-1). Click here to read the full article. |
|
|
Top
|
| |
Legal Minute: How does an "As Is" clause work?
|
|
| |
By Tiffany Banks, NVR General Counsel
 What does it mean when a property is being sold as is? Does that mean that the buyer takes the property as it is with any defects it may have? What does that mean for the seller? Does the seller say once the property is transferred, they are free of any risks and liabilities because I sold it this way? We are seeing more properties being sold this way and wanted to break down these issues so you as a REALTOR® can understand what this means for your client.
You can click here to read the full article. To watch the latest Legal Minute video, discussing "As Is" scenarios, click here.
|
|
|
Top
|
| |
NV RPAC Trustee Applications Sought
|
|
| |
| |
 The Nevada REALTORS® Political Action Committee (NV RPAC) Trustees are now accepting applications for individuals interested in serving as trustees. Trustees are responsible for determining which candidates running for the Legislature or statewide offices in Nevada support private property rights and for allocating PSF investments to those candidates.
New terms will begin Jan. 1, 2020; the terms for these positions will be three years. Applications must be filled out and returned to NV REALTORS® no later than Monday, Nov. 11, 2019. Applicants must be available for interviews. Any questions regarding the application or for more information contact Nevada REALTORS®, Beth Morrissey Beth@nvar.org or 775.829.5911.
Applicants must meet minimum qualifications to apply for an open NV RPAC trustee position. The Trustees must:
- be a member of the Nevada REALTORS® (NVR);
- be a registered voter in Nevada;
- have served in one or more of the following positions in the past four years:
- local association political affairs committee or equivalent; or local PAC or equivalent; or NV REALTORS® RPAC, REALTORS® of Nevada Protection Trust Fund (RNPF) committee or Legislative committee.
- NAR Federal Political Coordinator
- served on a governmental affairs related committee of the National Association of REALTORS®
For Trustee Application and eligibility, click here. |
|
|
|
Top
|
| |
2019 Leadership Academy hits the home stretch
|
|
| |
Class members from across the state wrap up Program 3,
prep for December's final program
 The Nevada REALTORS® Leadership Academy recently wrapped up its third program of the year. The program, titled "Awakening the Leader Within," was hosted Sept. 10-12 at Stanford Sierra Camp on Fallen Leaf Lake, about 15 miles southwest of South Lake Tahoe, Calif.
The 14-member class worked through multiple sessions focused on personal empowerment, and spent time working on its year-long class project. Each Leadership Academy class works throughout its year to complete a leadership project. Past projects have included donating backpacks full of school supplies to Boys & Girls Club students and increasing social media awareness for the state association. Click here to continue reading. |
|
|
Top
|
|
|
