puffing. n. the exaggeration of the good points of a product, a business, real property and the prospects for future rise in value, profits and growth.
Is Puffing acceptable in real estate?
Puffing is usually a exaggeration made by a salesperson or found in an ad regarding the quality of the item or the service offered. It is more of an opinion than a fact, which is why it is usually not considered binding. Puffing is legal as long as the statements are not fraudulent. It’s not lying, but it’s close.
What are examples of puffing?
A different, more insidious example of puffing in real estate is that of a realtor we will call Michael. Michael has a listing that wouldn’t be difficult to sell if it weren’t for one crucial detail: the owner wants an exorbitantly high price for the property.
Is Puffing unethical in real estate?
You should not confuse puffing with fraud. Puffing involves giving an opinion or exaggerating the quality of something that no reasonable person would believe is meant to be a statement of fact. While puffing is generally not illegal, it can raise ethical concerns if taken too far.
What does proper mean in real estate?
‘Proper’ indicates a commitment to excellence and integrity. It means elevating service standards within our industry because we think our clients are worth it. We love that the word ‘proper’ leads a double life. It also exists in the world of real estate.
What is an example of puffing in real estate?
Agents offering you their services by saying they already have buyers or claiming they can sell your home at a higher price. Although such talk could make you feel inclined to go with that real estate agent, consider your agent might be real estate puffing.
Which document is the most important at closing?
The most important originals are the purchase agreement, deed, and deed of trust or mortgage. In the event originals are destroyed, you might be able to get certified copies of these documents from the lender or closing company, but you don’t want to rely on others’ recordkeeping systems unless you have to.
What is a dual agent in real estate?
Dual agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is much more common to have separate agents represent each party, as this helps avoid the conflict of interest that can happen when an agent negotiates for both sides.
What is Novation mean in real estate?
Novation is when an existing contract or legal obligation is replaced with a new one of equal or proximate value. Novation makes it possible to transfer all of the benefits and burdens on an original party in a contract to a new party who was not included in the original agreement.
What is self dealing in real estate?
Self-dealing is an illegal act that happens when a fiduciary acts in their own best interest in a transaction, rather than in the best interest of their clients.
What is the Sherman Antitrust Act in real estate?
Sherman antitrust laws prohibit price-fixing, group boycotting, the allocation of customers or markets, and tie-in agreements. Price fixing is prohibited. This means that competing brokers, real estate governing bodies, or multiple listing organizations cannot agree to set sale conditions, fees, or management rates.
Which is the best method to identify a property?
That’s why using a legal description is the most accurate way to identify real estate. A legal description can be long and look complicated, but it’s a more precise method of describing where a property is located.
What is caveat emptor in real estate?
Caveat Emptor Meaning
Caveat emptor is a Latin phrase that translates to “let the buyer beware” in English. In real estate, it’s similar to the idea of buying a house that’s sold as-is. Caveat emptor means the buyer gets what they get, even if it has major flaws.
What is the meaning of incity?
Definition of incity
: lying wholly within or serving the area within a city incity and suburban bus lines the incity edition of the paper.
How do you correctly use properly?
You use proper to describe things that you consider to be real and satisfactory rather than inadequate in some way. Two out of five people lack a proper job.
What is the meaning of city clarify?
A city proper is the geographical area contained within city limits. The term proper is not exclusive to cities; it can describe the geographical area within the boundaries of any given locality. The United Nations defines the term as “the single political jurisdiction which contains the historical city centre.”