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

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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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
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/Email:

Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Web: http://pages.jh.edu/jrer/about/get.htm Email:


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