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A Legal-Economic Analysis of Changing Liability Rules Affecting Real Estate Brokers and Appraisers

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Author Info
Donald R. Levi (Department of Finance, Real Estate and Decision Sciences Wichita State University Wichita, Kansas 67208)
Curtis D. Terflinger (Department of Finance, Real Estate and Decision Sciences Wichita State University Wichita, Kansas 67208)
Abstract

Real estate professionals operate in a legal environment characterized by new expectations. The increasing number of lawsuits reflects the arrival of the age of consumerism in the real estate industry. Liability positions being staked out are largely premised on industry professionalization. The area of greatest activity is misrepresentation litigation initiated by buyers. Buyer cases have become the crucible for developing "public policy" concepts of professional liability. This article considers the multiple premises of liability to buyers, including negligent misrepresentation, state licensing laws, and professional codes of ethics. Also consideration are applications to appraisers, liability economics, and preventive strategies.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol03n02/v03p133.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 3 (1988)
Issue (Month): 2 ()
Pages: 133-149
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Handle: RePEc:jre:issued:v:3:n:2:1988:p:133-149

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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  1. Roy T. Black & Hugh O. Nourse, 1995. "The Effect of Different Brokerage Modes on Closing Costs and House Prices," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 87-98. [Downloadable!]
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