I know that Rob Arnold over at http://activerain.com/blogs/groberto has been talking a lot about this new law, and both he and I have been diligently researching not only how this law will change the way Realtors do business, but also title companies, investors, attorneys, etc.
Well, on Monday I attended a lecture from attorney Barry Miller about this very same topic and he brought up a few MORE points (one I don't think Rob OR I had thought of! Thanks Barry!)
First let me say that Barry's suggestion was even if we MAY be exempted, you will never get in trouble for over disclosing anyway, so that's most likely how I'm going to handle it.
But here's the biggie: even if Realtors ARE exempt, your unlicensed assistants, secretaries, receptionists ARE NOT exempt! So if your assistant is actively working in your business and you are listing pre-foreclosures and they are working on the short sales, then THEY may be breaking the law!
Wow!
I agree with Rob, we've got a few months to wait it out and see what shakes down, and then if October 1 comes around an we're still unsure... DISCLOSE ANYWAY!
Andy Tolbert
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