This case study highlights the importance of following the real estate regulations when holding earnest money deposits.

This case study highlights the importance of disclosing a licensee’s interest in the transaction, regardless of the role he or she plays in the transaction, and engaging in behavior that is honest and not deceptive to the public.

Beware of these most common Real Estate Board violations by licensees. You’ll notice one common theme: escrow funds. Violations involving escrow funds continue to be some of the most frequently violated regulations for real estate licensees. Brokers, make sure you have policies in your office policy manual and provide education to prevent you and your licensees from engaging in any of these common offenses.

Virginia RELATORS® is encouraging you to use our Legal Hotline to have your business-related COVID-19 questions answered. Submit your questions there and receive a response from a member of our Legal Team. You can see the basic guidelines for the Legal Hotline on the webpage, and in this article, you’ll find tips and advice to help make this resource work for you.

This case again looks at an escrow violation, where the agent provided the check to the brokerage but not the ratified contract, and due to firm policies, the check was not deposited in a timely manner. Further, the agent failed to inform the parties that the earnest money deposit was not deposited.