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Product Liability Issues in Real Estate Brokerage

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Abstract

The legal environment for real estate brokers is moving inexorably toward the doctrine of strict liability in a product liability context. The agency relationship model currently popular in real estate brokerage may not be able to withstand this threat. A recommendation is made that the industry move toward a market-making role which lies outside the chain of distribution of the real estate product. By moving out of the distribution channel, brokers may be able to revert to a "due care" standard performance.

Suggested Citation

  • Thomas Potter & Theron R. Nelson & Susan Logan Nelson, 1991. "Product Liability Issues in Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 6(1), pages 87-98.
    • Handle: RePEc:jre:issued:v:6:n:1:1991:p:87-98
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol06n01/v06p087.pdf
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    Cited by:

    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.
    2. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "Real Estate Brokerage and the Hosting Market: An Annotated Bibliography," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 217-278.
    3. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "What Do We Know About Real Estate Brokerage?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 5-30.
    4. Jonathan A. Wiley & Len V. Zumpano, 2008. "The Real Estate Brokerage Market and the Decision to Disclose Property Condition Defects," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(4), pages 693-716, December.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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